How Market Research Surveys Helps Research New Markets

How Market Research Surveys Helps Research New Markets

December 20, 2017
Lisa Ann

This entire blog post can be summed up in six words: “Fortune is in the follow up.” Of course, I’m going to dive deeper into it but everything we discuss revolves around this powerful message.

Once you have made your first sale, the clock instantly starts ticking for that customer. How do you keep them coming back for more? The answer is we follow up with them. We find out what makes them tick through customer reviews and market surveys.

Market surveys are the most powerful form of market research at our disposal. Not only does it help us keep current customers returning for more, it also helps us learn about gaps in other markets.

A problem that businesses of all sizes in all markets face is the need to expand. Finding brand new customers requires a significant number of resources. Rather than focusing on new customers initially, you should always target your current customers first when expanding into new markets. Customers who make a purchase are more likely to buy more from your business.

With that said, customers do change their minds sometimes. The longer you wait to follow-up, the more likely they are to move on. This post is going to focus on using market research surveys to research new markets.

Expand Beyond Current Markets

Develop market research surveys that are capable of reaching beyond your current market while still targeting past customers. The internet makes this rather easy. Posting your survey on your company website gives you access to millions of potential customers. This also gives you the ability to link past customers here while also reaching out to millions of people who might have never done business with you.

Current customers are going to provide you with information regarding the improvement of current products or services. This information can actually be used to help you develop products and services for new markets.

Get Honest Answers

Face-to-face interviews just don’t cut it anymore. People are just not going to be honest. Market research surveys are the key to gaining honest feedback. Maybe you have a product that is too difficult to assemble. If so, then you really need to know that fact before designing your next product. In many cases, companies have found a new market that is based around making a popular product easier to use.

Surveys generate feedback that is going to be brutally honest. While it’s something difficult to hear brutally honest feedback, it is necessary to the long-term success of your business.

Learn About Competition

Learning about your competition is one of the most popular ways of finding new markets. As I mentioned just a moment ago, new markets are sometimes created by taking an existing product and making it easier to use. You need to pay careful attention to what your competition is doing so that you are able to find these new markets.

Market research surveys shed light on the expectations that your customers have. They give customers a chance to explain why they chose to buy from your competition rather than you.

Customer Retention

Finally, you can use surveys to learn why a customer chose to buy from your business. You are able to find new markets by learning the buying habits of customers. Loyal consumers are likely to make a future purchase from your business. So they provide a pool of highly qualified consumers for new markets.

Don’t forget to ask customers what they disliked about doing business with you as well. It’s important that you know both sides of the equation.

Surveys should always be simple for the customer to complete. Furthermore, they should also give the customer some kind of reward for completion.

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