What Type of Market Research is a Survey?
One of the main market research techniques that may be applied to both quantitative research and qualitative research is a survey. It is a method of gathering first-hand feedback from a target audience by use of questionnaires to know their needs, habits, preferences, and opinions.
The type of research is surveys, which entail primary research, implying that you harness the data by yourself, as opposed to relying on secondary sources of research.
What Does a Survey Mean in Market Research?
A survey is one of the research instruments that can be used in survey market research, where the researcher can collect insights, information, and data from the target audience. With the implementation of customized surveys, organizations are able to obtain long-term insights on a massive level and transform the outcomes of surveys into measures that can be taken to enhance products, services, and the level of customer experience in general.
A survey research study is also quantitative in nature and involves the measurement of data on a magnitude. However, recent surveys also extend the use of qualitative aspects, like questions of an open-ended nature, to bring out more background regarding the figures.
If you are a startup founder, a venture capitalist considering the opportunities of a new market, or a decision-maker at a mid-sized company, the types of market research surveys are key to making well-founded, evidence-based decisions.
Primary Research: Surveys Gather Primary Data
The primary market research survey methodologies include surveys, since surveys produce new data that has not previously been gathered. This is in contrast to secondary research, which is based on a pre-existing report, government data, or published work.
This is the benefit of having a primary market research survey:
- Instant feedback from your target audience.
- Questions are customizable according to your business needs.
- Control and ownership of research insights.
Research firms such as Nexus Expert Research also focus on developing and implementing primary research surveys to assist companies in discovering a market that can be acted upon, as well as minimizing the chances of making bad business decisions.
Quantitative vs. Qualitative: Two Echelon Survey Research
Knowledge of the distinction between quantitative market research surveys and qualitative survey research is critical to making the correct choice on what approach to use in relation to your business goals.
| Research Type | Purpose | Question Format | Data Output | Best Use Case |
| Quantitative Market Research Survey | Gather measurable, numerical data through closed-ended questions like multiple-choice or rating scales | Structured, standardized questions | Statistical data, trends, percentages | Analyzing trends and statistics on a large scale, measuring customer satisfaction scores |
| Qualitative Survey Research | Collect in-depth, descriptive insights through open-ended questions | Exploratory, flexible questions | Contextual insights, opinions, emotions | Understanding motivations, gathering context behind customer behavior |
The use of quantitative market research surveys and qualitative survey research in combination can enable the business to have a comprehensive view of the market situation around it.
The Market Research Surveys: Types and an Overview
Market research surveys differ according to various business objectives. The most efficient types of surveys adopted by successful enterprises are as follows:
- Market Segmentation Surveys: Assist in identifying and classifying customers into smaller segments with similar characteristics, whether in terms of demographics, lifestyle, or purchasing patterns.
- Competitor Analysis Surveys: Investigate the perception of your products or services by your target market relative to competitors, enabling you to know which aspect to improve on.
- Customer Loyalty Surveys: Determine why customers stay loyal to your brand and the level of loyalty they have to your organization.
- Price Assessment Surveys: Establish fair prices with new products or services via measurement of acceptable price and demand elasticity.
- Surveys on Brand Awareness: Assess what real and potential customers know of your company and how they feel about your brand compared to that of competitors.
- Concept Product Testing: The concept testing survey is the testing of a new feature or product concept to determine demand by the market before launching, ensuring compliance and minimizing risks at launch.
Survey Research Methods: Selecting the Appropriate Distribution Channel
The survey research method is the topic with which you decide to do your research; it affects the rates of responses, the quality of the data, and the success of the study. The main channels of distribution include:
- Online Surveys: Affordable, scalable, and best when real-time data collection is required within a short period to reach a large audience.
- Telephone Surveys: Personal and can be followed up, but demand a greater expenditure of time and budget.
- Face-to-Face Interviews: Offer quality and in-depth responses, but are costly and demanding to scale.
- Profiles in Panel Surveys: Outsourced with pre-identified respondents, already programmed to hit your target demographics with balance in the key variables.
The online survey tools are becoming more popular with modern businesses as they provide a certain level of flexibility, are accessible, and have the capacity to reach a wide range of populations.
Advantages of Survey Market Research to the Decision-Maker
To VCs, startups, and SMBs, survey market research provides a concrete advantage to the bottom-line outcomes:
- Minimize Business Risk: Decision-making that is well-informed and supported by actual customer information as opposed to assumptions.
- Know Customer Requirements: Find out what your target market requires and present it to fulfill.
- Test Product Ideas: Check out new ideas and get a sample taken before pouring resources into development and market release.
- Follow Market Trends: Recognize the change in customer preference and competitive forces over time.
Nexus Expert Research assists companies in taking advantage of these benefits by creating scientifically rigorous surveys, which will provide credible, actionable market intelligence.
Best Practices to Conduct Effective Market Research Surveys
The most effective way to conduct your survey research is by using the following evidence-based best practices:
- Determine a clear set of objectives before asking other questions in your survey.
- Select an appropriate survey process depending on your target market, financial constraints, and schedule.
- Write clear, straightforward questions that are in straightforward language without jargon and double-barreled questions.
- Pilot your survey to a limited group before full implementation to ensure that it does not have poor phrasing or logical fallacies.
- Have balanced response categories, which are mutually exclusive and span the entire spectrum of potential responses.
Turn Market Intelligence into Strategy
Knowledge of what a survey represents within the context of market research enables business executives to comprehend information through primary data collection, identify the difference between the quantitative market research survey and the qualitative survey research method, and use the most suitable types of market research surveys to achieve their strategic goals.
Through properly structured survey market research programs, organizations are able to minimize the chances of not knowing, test or prove their business conjectures, and develop customer-centric products and services that will lead to sustainable growth.
Are You Prepared to Unravel Strong Market Intelligence? Contact Nexus Expert Research to develop and conduct research-based surveys that will turn the raw data into business action strategies.
