In today’s business world, when so many products are being launched and grown from the ground up, market research is more important than ever. But how, one may ask. When brands want to create something that people would find useful in their daily lives, they solicit their input before beginning mass production. That’s where online forums, survey community, and market research come in handy. While market research provides firms with an insight into customer behaviour, research surveys through survey communities are a powerful tool used to get valuable insights straight from the consumer. Survey communities are also useful for determining the optimal target audience for a product or service. Based on the result of these surveys and research, businesses can innovate the products or services which are in demand for their target consumers and cater to the greater good. So, how exactly is this market research conducted? Let’s get to know a bit more about it.
What is market research and how is it conducted?
By definition, market research is the systematic gathering, recording, and analysis of qualitative and quantitative data regarding consumers’ needs and wants in relation to any product or service. Be it a billion-dollar company or a small business, launching anything new in the market requires a lot of market understanding. From ideation to designing to production to execution to launch of the product or the service, many things must be taken care of to make the business successful.
Market research intends to assist business owners in predicting how customers will react to the product or service they offer. The data can be of use to the company in a variety of different ways, such as by assisting in the process of finding the appropriate target audience, determining the geographical regions in which the product or service is most likely to be successful, discovering new market opportunities, and, if necessary, refining strategies. Therefore, conducting market research is an essential step that companies must take into consideration to evaluate customers’ behaviour and make decisions based on accurate information.
Market research can be done in a number of different methods. Community surveys, individual interviews, focus groups, and direct observation are all frequently employed. Most sectors make use of research communities since they benefit both businesses and participants. So, what are survey communities or research communities?
What is a survey community?
A survey community is a group of users who take online paid surveys, give their feedback, and earn some rewards in the process. The rewards can be in the form of cash, points, or vouchers, and they can be redeemed at the customer’s convenience to make a purchase. Identifying and targeting the right community becomes key, and once that is done, brands can get the insights.
Surveys communities play a huge role in driving the right business outcomes, benefitting brands and individual participants equally. Brands are always looking to get insights through survey communities. As a panelist, anyone can start sharing their voice on verified platforms that take their valuable feedback to different brands. People will be offered questionnaires tailored to their profiles, which they are free to fill out and return whenever it is most convenient for them. It really is that easy!
Let’s break it down to examine how survey communities provide a win-win situation for both brands and consumers.
How can market research benefit brands and entrepreneurs?
Surveys communities play a huge role in getting the desired result. Here’s how:
- They can help identify new market opportunities, evaluate the product-market fit and recognise how it is perceived differently from competition.
- It helps brands understand their audiences and target them with an effective marketing strategy.
- Market research can help mitigate risks by offering data and insights that are important for decision making around product launches, entering new geographies or making changes to existing products.
How market research benefits the end consumer like you?
In the end, it is the consumers who stand to benefit from the new products that the brands produce. It is only fair to take into account what the consumers have to say. In a way, consumers shape the narrative of brands. New ideas must go through an intense process of research to make the product impactful. And therefore, the end result of a research study is improved products and services for customers, who in turn, have a better quality of life. It is done by businesses to benefit the consumers. And sometimes the consumers are paid for participating in such market research activities and surveys.
How can you be part of a survey community?
You can sign up for surveys and become part of survey communities which will then keep giving you opportunities to take surveys and even help you earn from it sometimes. Let’s take the example of The Panel Station. Anyone can sign up to be a part of The Panel Station survey community. All you need to do is to fill in the necessary information like your age group, profession and interest to be assigned the right online paid surveys. Once the account is set up, you will receive research surveys relevant to you based on your profile information. After completion of the surveys, you will get rewards deposited into your accounts as points. The more research surveys you take part in, the more rewards you collect. These points can be redeemed as vouchers or cash. Panel members also have the opportunity to earn more rewards by inviting their friends to take part in the platform. The most interesting part is that you can take these surveys from anywhere and submit them at your convenience. It is the simplest way to earn money from home!
What will panelists get after being a panel member?
Being a panel member comes with a lot of perks. Once an account is set up, panelists can get started on with online paid surveys. Based on their responses, points are added to their accounts. They can redeem these points for cash or vouchers. There are many merchants available, both local and global, where they can redeem their vouchers. Being a panel member, you also get a chance to have a say in what brands/ products in the marketplaces.
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7 Comments
Market research and surveys play a major role in Businesses and also benefitial to individual participants.
Companies who carry out Market research and surveys care alot about their consumers.
The consumer who shares his opinion about a new brand or product gives the company a clue and delivery strategy on how to make the product impactful and at the same time get a profitable return
Market research and surveys are one of the best ways of getting people’s honest feedbacks, opinions and responses to improve operations that can be used to make important decisions regarding increase sales, reduce cost, design implementation and any other necessary adjustments .
Market research is available as a service to help any company, service provider, individual or organisation make better, more informed decisions. The more research is embedded in the strategic plans of a firm, the better equipped it is to deal with the changing environment within which it operates. Here is a list outlining the main benefits of investing in marketing research:
It helps businesses strengthen their position. Knowledge is power. Use market research to gain a better perspective and understanding of your market or target audience and ensure that your firm stays ahead of the competition.
It minimises any investment risk. This is a simple but vitally important and often business critical consideration. Spending what is often only a small proportion of your investment on researching and testing the market, product, concept or idea makes sound business sense.
It identifies potential threats and opportunities. Both primary research (fieldwork) and secondary research (desk research) can be utilised as an insurance policy against both obvious dangers on the road ahead. Coupling this with some qualitative research for deeper probing can highlight certain opportunities or warning signs that may otherwise have been missed.
It helps to discover your’s and your competitor’s strengths and weaknesses. It’s vitally important to adopt an ‘eye’s wide open’ approach to any market research project which is why it’s often advised to work with a market research agency to ensure completely unbiased reporting. Use research findings to adapt and learn from your own weaknesses whilst capitalising on your new-found knowledge from competitor analysis to take advantage and forge ahead of the pack.
It facilitates strategic planning. What is the foundation of your business strategy? If it’s evidence based and you’ve taken the time to invest in your own (and hopefully ongoing) research, you can be confident that you’ve given yourself the best chance to achieve your business goals.
It helps in spotting emerging trends. Staying ahead in business is often about being the first, being the best or doing something that no-one else has thought about. Regularly taking the ‘pulse’ of what’s hot and what’s not in your industry is a key discipline. Speak to your research agency or research consultant about the range of techniques you can employ to spot and exploit these trends.
It assists businesses to stay ahead of the competition. Being the best demands a relentlessness to keep getting the basics right combined with a curiosity and willingness to innovate. Knowing how to leverage the findings and insights you extract from market research, audience research and data research are the keys to both getting ahead and staying ahead.
It provides revenue projections. A market forecast is a core component of a market analysis projecting the future numbers, characteristics, and trends in your target market. Potential customers can then be divided into segments. You want to focus on the best market – which is not necessarily the largest one or the market with the highest growth – it will be the one that matches your own company profile.
It focuses on customer needs and demands. There are so many important reasons to keep your customers at the centre of all that you do in business and the same goes for research. With so many ways to reach customers using online panels, web communities, telephone survey’s, depth interviews and focus groups, market research keeps you attentive to where you can improve your proposition, customer service or product offering.
It helps to evaluate the success of a business against benchmarks. A PWC survey found that companies that benchmark achieve 69% faster growth and 45% greater productivity than those that don’t. Use market research for competitor research, employee engagement surveys, and to highlight performance or knowledge gaps and areas for potential growth. This will open your company up to thinking about new methods, ideas and tools to improve your business effectiveness
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Good words
Explicação muito importante sobre a importância das pesquisas, como cliente sempre antes das compras gosto de saber as pesquisas do produto.
Great insight about role of surveys and market research.
A survey community takes an online survey, gives their feedback, and earns some rewards in the process for market research.