Which market research tools are the most effective?

2014-04-04

Market research is a vital part of the company's strategy in the short and long term. With each passing day their popularity is increasing, because they allow to identify the status and trends of specific market, the demand for product group or particular product, give possibility to create new or adapt the existing plan for development of company or product promotion. There are various market research tools, which are relevant or most effective in certain cases. There are personal, street and telephone interviews or surveys, hall tests, experiments, panel studies, etc among them. But despite their diversity, the most universal is online market research.

The invention of the Internet has opened up new opportunities for business development. In today's realities online research is the most affordable, easy and flexible tool for the study of consumers opinions, market, employee satisfaction, etc. In this article we will describe how to conduct a market research with maximum efficiency, which market research tools should be used and what results will online research help to achieve in general.

One of the simplest methods of determination the supply and demand for certain products is to study the search engines for the keywords representing or describing your products. Thus you will determine whether the product is popular on the Internet. You can also learn how broadly and in what way is it presented by competitors. Another advantage, which market research tools by the keywords provide, is identification of niches that your products can take. Perhaps you don't even guess about the existence of some of them.

The next step is studying the proposals and policies of competitors. You need to know how your products can favorably differ, what are the strengths and weaknesses of product promotion campaigns. Market research tools, based on the study of competitors, can be used not only for a few days and weeks, but also much longer. One of the most effective ways of gaining experience is correcting your own mistakes, but permanent learning from the mistakes of competitors is much less painful for both business and for your company's reputation.

If your company is currently operating, the information about it can be represented by other organizations or individuals. It can be references on sites, blogs or social networks. Unsatisfied customers may share the negative views on your product with their friends and acquaintances. Competitors may also leave similar comments on behalf of other people, but it happens very rarely, if you are not a market participant of "continental" scale. Therefore, to gain maximum control over the reviews of individuals, to be able to fix them in time and not to lose the existing customers the most effective strategy is using market research tools such as online surveys, questionnaires, polls, follow-up surveys, etc.

Online surveys is the easiest in implementation and most affordable method of studying the opinions of buyers. Only your customers are familiar with the advantages and disadvantages of the product or service provided by you. Besides, you do not have to guess how to improve your own service, wasting time, money and efforts on innovation that will result unclaimed among consumers.

To get the most benefit from surveys and questionnaires, it is necessary to design right questions, to use an effective technique and relevant approach to customers. In addition, the most important is to conduct the right analysis of the obtained results, which will allow to make the right conclusions and to build a future strategy development. Online survey is not just a list of multiple-choice questions, which can be created and applied anywhere. Only the use of professional market research tools and experts' assistance will help to get the results, which will be essential for your business in the future.

Examinare AB develops market research tools and conducts online surveys since 2007. Examinare specialists have extensive experience of working with companies of various sizes that provide any kinds of products. Behind specialists are over 9 million of surveys and thousands of happy customers. If you want to succeed and conquer new horizons, contact us now by filling out the price inquiry on Consultation page. We will gladly help you to become the best on your market with the best market research tools available!

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