Why carry out market research?

Market research is carried out by thousands of companies around the globe in order to provide evidence that supports their decision making and planning. Companies use market research to test their ideas, which minimises the risk of any business decisions. Companies also market research for marketing purposes, using it to support their claims and business values.

There are many different reasons to carry out free market research, and it’s a question you need to ask yourself when designing your questionnaire.

For example, you may have thought of a great design for a watering can that prevents any water spillage, but if most people don’t need a watering can or are happy with their current one, your potential market may be limited. Sending out a quick survey that measures how many people own or use a watering can, whether they’re happy with it, what sort of problems they have with it, and what sort of price they might be prepared to pay for the ‘perfect’ watering can, will go a long way to seeing if your design is likely to attract interest.

The most important and fundamental part of a business plan is market research. Banks, and other potential investors, will want to know that you have researched your market. Sometimes, research carried out locally by you, or via search engines on the internet, will be enough to convince potential investors or customers that you know what you are talking about. But being able to show the results of nationally (or internationally) conducted research looks far more impressive, especially when you present the results in a data report or presentation that has been built by a market research professional.

A good way of holding the attention of your website's visitors is to regularly publish blog posts, news, or comments. This helps visitors know that you’re a real human being, capable of engaging with your customers and commenting on the latest hot topics in your industry. But it can be easy to run out of material, and if website visitors have become used to reading your updates on a regular basis, an unusually long period of no activity can lead to a drop in website visitors that is hard to correct at a later time. A short survey with a few topical questions can make writing a blog post or article easy: get the free market research, and then comment on it. You can also use the data in marketing materials to help back up any claims that you make.

Student projects often require an element of market research. Usually the student sends an online survey to friends and family, which does the job but can lead to bias. An unbiased alternative is to interview random people on the street, but this is time consuming. But using Numbuzz gives you the best of both worlds: the convenience of online research and the anonymity of your respondents.

Writing questionnaires

For tips on how to write questionnaires, click below.

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Example questionnaires

To view questionnaire examples, click below.

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Analysing your data

For tips on how to analyse your data, click below.

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