How To Use A Market Research Survey 3

Market Research Planning and Product Development

You might have done some market research planning and decided you are sitting on one of the best ideas ever for a your new business product; However if you don’t make sure to survey your market’s landscape your idea might be flying the way of the Dodo bird. You must look at several key indicators in your niche which will give you a much better place from which to evaluate if your plan is well thought out. Take it from me I have gone into several markets blindly and not had an easy time of things.

Firstly you must evaluate your competition. Secondly you need to identify if there is a reachable group of buyers for your product. Thirdly you need to know how much your product will cost and why. Fourthly study other similar products in your marketplace and decide the best method for selling it. Lastly you need to know how many prospects you can reach with various traffic types and then test if it will sell.

In order to know the answers to these things you must start with a market research plan. You can design one yourself or have a professional make one for you. A good market research plan should include a complete evaluation of how well your product or service will do in a specific market. Make sure it includes:

1. A study of today’s marketplace competition
2. Proof of the want of your product or service in your niche
3. Demographic and other information on prospective customers
4. Marketing Project steps to be taken for a year or the immediate future
5. Short, mid-term and long term goals to meet during that project
6. Budgeting for Marketing and not Over spending
7. Pricing amount prospects will pay for your wanted product
8. Multiple resources of information or one which proves your estimates

You might be asking “how will I know how to price my product”? Marketplace research will give you pricing information and allow you to tap into what customers expect to spend in your niche and how high they will go to purchase a product or service like yours. I will go into how to use price survey research later. For now try and determine it based on current supply and demand prices in your marketplace.

How do you know if your market wants your product?

We discussed previously that you can either go into a market with your own product ready in hand or you can just use one which is already in demand. The best products however are usually ones which take the advice directly from the market as to what it wants. Give people what they are asking for and you will be successful. There are two ways to do this then and you don’t have to create a totally new product from scratch all the time.

So the first way is to take something which you know is selling and sell it or sell your existing product. You know that the existing product is selling so sell it, but figure out a way to improve it and figure out where it is selling. What is the demographic of the buyer for that product? This is where the various research methods I pointed in earlier articles will help. How do we improve the product? We don’t guess we look at what the buyers are saying in reviews about products. Secondly we survey them to find out how to improve an idea or already successful product.

The second way is to create a completely unique product by researching a marketplace and coming up with ideas yourself as well as surveying people who have purchased something in or are interested in your market. So what kind of survey can we make to obtain this information?

Market Research Survey for Product Creation and Improvement

Since we present our survey to the public with the objective of product development our question should be related to that. There are different forms of questions you can ask. Mainly questions can be in the form of “Problem Solving”, “Solution Asking” and “Direct Questioning”

• What is the main Problem you are facing in training your dog?
• What is the one thing you need to know most about training your dog? Solution
• What is the single most important Question you have about training a dog?

You can formulate your first survey question with any of these patterns. Your second question should be: Why is that question important to you? This allows you to do something really important which is to find out what disposition your prospects have and what emotional benefits they are looking to gain. If you get a ton of one type of disposition than another in this answer it will change how you want to market your product or the actual strategy for marketing it.

If your prospects had a huge number of people saying the main problem they had with training their dog was getting them to obey orders that will allow you to target your marketing. The second question allows you to further target your marketing strategy because you can use psychological triggers and the actual reasons they give as to why it is important to them in your ad copy and approach to selling the final product.

This is huge because it gives you a way to connect with what they are feeling specifically and they will feel like you know them. They may reveal something to you like I want my dog to be obedient but there are not enough hours in the day to train him. This will empower your approach to them. Also you can use some of their own words exactly and speak to them in their own tone.

The third and final question you want to ask is: “How difficult has it been for you to find an answer to your question?” This question helps to really identify the value of your product. Most marketers simply market to the highest common response. This means there are a lot of marketing messages in your field that sound the same. This is totally ineffective. You want your message to stand out and speak to the prospect and play their heart strings. Your true value comes from solving the problem other companies haven’t solved for the prospect. This then becomes what makes you different and better for that matter. This becomes your Unique Selling Proposition.

The above questions were formulated by Doctor Glen Livingston who is an authority on Survey Market Research. We need to give full credit to him for these methods. If you are interested in learning more about market surveying methods he is in my opinion the best to learn from. I will be presenting some information on a product I suggest you look at in my next article.

A Market Research Survey Can Make Sense

Author: Scott Holden – TrafficEraBlog