Assess Your Market and Take Advantage of It.
Are you interested in gaining the inside track on your competition? Market Research Surveys might be the right choice for your organization. These types of surveys provide targeted insights into consumer perspectives and can be used to guide an organizational strategy that helps your organization develop or maintain a competitive advantage.
Market Research Surveys help your organization access critical key information and features, such as desirable product/service attributes, likelihood of using a specific product/service, intended frequency of use, effectiveness of marketing or advertising strategies, and the extent to which a product/service adequately meets the needs of a target group. The information gathered during this process allows you to better assess market size, market needs, and the strategy your organization should adopt to meet customer needs. Market Research has other uses as well, such as to clarify or communicate product or service offerings to a target market.
The correct administration of a survey can build a solid foundation for decision-making that provides business executives with the information they need to develop sound organizational strategy. The data gathered by NBRI’s market research surveys has proved invaluable to a diverse group of organizations with many different product offerings and objectives. When developing a market research survey, some of the key issues that could be addressed include:
- What are the identifying features of a target market?
- What product/service features are most appealing to the target market?
- What are the purchasing intentions of the target market?
- Why is a product or service important to the customer group?
- Are we effectively communicating the value of the product/service to consumers?
- Will consumers use our products in the quantity and manner we anticipate?
- Where is the target market most densely populated?
NBRI can help you answer all of these questions and more, by ensuring you ask the right questions to get the data you need. Our methodological rigor will give you the confidence you need to know your data is accurate and truly reflects the opinions and beliefs of your target market. The information gathered during this process can help you:
- Accurately assess market need.Market research surveys tap into consumer opinions and perspectives. The feedback obtained allows companies to more accurately identify the probability of purchase across a given population. Ultimately, this leads to greater reliability when estimating the size of the market and overall demand. As a result, an organization can anticipate a greater precision in market forecasting due to valuable information gathered from market research surveys.
- Quantify the market size.To build an appropriate business strategy, it is crucial to understand the anticipated year-to-year growth of a business. By quantifying the market size, an organization can better anticipate revenues, and use this information to guide a strategy for organizational growth.
- Quantify current and future competition.On occasion, a market analysis can reveal hard truths that are difficult for a company to acknowledge. For example, it can confirm that a competitor already dominates a new market, or it can reveal fundamental flaws in an organization’s target market strategy. Although this information may not paint a rosy outlook, it can prevent a company from making critical errors, such as spending excessive amounts of money in an attempt to woo a hostile market that is unlikely to provide a return on investment.
- Assess economic factors.A research study can help an organization identify key customer concerns. For example, a shift in market conditions may have a significant impact on an organization’s bottom line by rendering a marketing strategy or expansion plan obsolete. A research study can surface these possible problems in marketing strategies, or identify conflicts with current marketing programs. Ultimately, this can help organizations understand all the factors that should be considered before expanding or altering product/service offerings.
- Discern the perfect price point between volume and profitability.When introducing new products and services, accurately gauging the price point can be difficult. A market research survey helps you more precisely determine demand, so you can better decide exactly how much to charge for a new product or service.
- Position your brand.Market research can help you understand how your brand compares to others, as well as consumer responses to your brand. This enables your organization to develop a better awareness of how your brand should be positioned, as well as its unique selling points. For example, a survey could reveal that your organization is seen as a leader in “value”, rather than “price.” Information gathered in a market research survey allows you to adopt a marketing strategy that is in alignment with consumer perspectives.
- Test product names.Market research can help you understand how your brand compares to others, as well as consumer responses to your brand. This enables your organization to develop a better awareness of how your brand should be positioned, as well as its unique selling points. For example, a survey could reveal that your organization is seen as a leader in “value”, rather than “price.” Information gathered in a market research survey allows you to adopt a marketing strategy that is in alignment with consumer perspectives.
- Test product names.Market research surveys uncover customer attitudes and feelings about prototypes and the naming of those prototypes. As a result, you can be assured of a positive response to your organizations’ offerings that can prevent costly rebranding campaigns in the future.
- Differentiate your products’ or services’ unique selling propositions.While your organization may have a clear sense of its differentiation from competitors, customers may not be able to distinguish among brands in the same way. A market survey allows you to understand how your customers and prospective customers differentiate you from competitors.
- Identify the best advertising medium.By identifying the key market you would like to target, you can gain important insights into the best way to communicate your brand message to potential customers. By identifying and selecting the most appropriate advertising medium, you can be certain your message reaches your target market in an effective, yet cost-efficient, manner.
- Identify a creative strategy to market your product or service.The data you gather in your survey will give you access to a wide range of diverse consumer opinions and unique ideas. Ultimately, you can leverage this information to develop a more creative way to market your product or service to consumers.
Market research surveys can help drive development of your company’s products and services, facilitate strategic development, improve profit margins, and help guide organizational change. To ensure you maximize your returns on this type of survey, it is critical that you first develop an appropriate question set and analyze the results in a way that allow you to identify key differences and preferences in your target market. By helping you make sense of the information that is gathered during the survey process, NBRI’s ClearPath Analytics make it easy for your organization to confidently address consumer needs and preferences.
NBRI also assists you in understanding how to move forward with the data once you receive it. After your data has been analyzed by an Organizational Psychologist, ClearPath Action can be used to help you implement key findings and recommendations. We help you quantify your current and future competition and assist you in identifying the best ways of positioning your brand. We help you understand how to adjust your organizational strategy to accommodate consumer perspectives.
Whether you are a start-up or an established business, market research is a critical component to your long-term success. Well-designed and thorough market research surveys give you the information you need to both implement and execute the most appropriate organizational strategy. By working with NBRI, you obtain unique insights that empower future success.
When you hire NBRI, you’re hiring more than a company to conduct survey research. You’re hiring a business partner with a sincere interest in the health and success of your company.
Give us a call. We’re confident that you’ll find us a valuable partner capable of fulfilling your survey research needs, and exceeding your expectations.
Market Research Survey Case Study
A large nationally known farming equipment manufacturer who had engaged NBRI for over a decade to conduct their employee and customer surveys wanted to know if they could leverage their brand image to related products that were manufactured by other suppliers. Could they buy, rebrand, and then resell these products at a premium? Would consumers equate brand trust and their existing support infrastructure with higher value? If so, how much higher value?
NBRI recommended its Standard Market Research Survey, customized for the Client. The survey was deployed world-wide in 10 languages via an online methodology. Enough responses were collected to insure a 99% confidence level in the results. NBRI psychologists and statisticians then analyzed and reported on the research study.
The results of the study indicated that the Client could leverage the trust of their brand and their existing support infrastructure to resell other products at a significant premium. But, that this marketing strategy would only be effective in the United States. Per NBRI recommendations, the Client scratched their world-wide marketing plan, concentrated only on the United States and the revenue began to flow. The Client’s new marketing plan was successful and potentially poor financial results in the rest of the world were avoided.
Standard Market Research Survey Topics
- Brand Awareness
- Brand Image
- Price Point
- Product Features
- Target Market
Market Research Survey Related White Papers
Research is in our blood. It’s who we are. It’s what we do. Our white papers highlight our philosophy on areas of business impacted by survey research.
See for yourself:
Questionnaire Context, Order, and Meaning – When designing questionnaires, the order of items on the questionnaire creates a context, or meaning, for the entire questionnaire. Items placed early on in the questionnaire affect the way in which people respond to later questions.
Please You, Please Me – Most of us like to be liked. We tend to present ourselves in a favorable light; we do not like to appear ill-informed or ill-prepared. So, when we are asked to participate in an online questionnaire, we are eager to please, to provide useful information.
View all Customer Survey White Papers by NBRI.
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Appropriate amount of follow-up. Hands-on approach when needed. Steps are well thought out and the process runs very smoothly.
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The people are friendly and responsive, always very professional.
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An employee survey offers insight into widely shared employee views. This includes a full range of workplace issues.
A customer survey identifies the factors that enhance customer relationships, customer loyalty, and increase sales.
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