For a business to learn and grow, it is necessary to make good use of market research, without which it is almost impossible to know what we are doing right and wrong. Unfortunately, too many companies avoid conducting research because of budgetary restraints and have rather investing in new technologies than in research, which is obviously a mistake as, without feedback, we can’t guess what are our customers’ expectations, and we have good chances investing in wrong technologies.
Too many companies push off conducting research
According to a study led by a market research firm, approximately a quarter of surveyed businesses said they don’t gauge the market before launching a new product, more than 15% claimed conducting surveys is too time-consuming, 35% said market research was irrelevant to their activities and more than 20% think it is too expensive.
On the other hand, only 11% of surveyed businesses said they were doing well without conducting research, which shows the importance of such an action before launching new products or services. Indeed, without knowing what we did right and wrong in the past, and without awareness of customers’ expectations, there are only a few chances we’ll end up launching the right product.
Why online surveys are so important
When trying to gather data, online surveys have become the most popular way, and this for good reasons. As phone interviews and focus groups end up being much expensive and time-consuming, online surveys are become very practical, especially given the wide popularity of mobile phones. It has made all other market research conducting ways outdated.
Thanks to online surveys, it is now possible and easy to survey panellists in a different part of the country, and even get feedback on your products from people all around the world. Even traditional hard-to-reach audiences can now get targeted and reached promptly thanks to the internet’s wide reach. It has made globalisation easier and has given chances to many small businesses to grow, and this for a small investment, as results of an online survey can be easily monitored and analysed within a few hours of completion only. Have a look here to see how easy it can be.
An example of success: Apple
As an example of a successful company using market research on a daily basis: Apple. Why are new Apple products so successful? Because the company won’t rest until it understand each and every detail of their customers’ expectations. What did they do wrong developing their last model? What was good and must absolutely not change? What would their product users expect in the next device?
Led by the « Apple Customer Pulse », the company research market branch shows how effective it can be to always stay in tune with their clients. It uses online surveys to compile and analyse data faster, but also manage a real community where customers can share their views and feedback.
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