Week #7- The Importance of Market Surveys

Anyone in the business of marketing know that they have to constantly develop new and exciting strategies for their company. Whether its to market a new product or service entering the market, they need to have a clear demographic of who they are going to cater that product or service along with getting feedback. There is no way of being sure of how successful a marketing plan could be, but there are certain steps that can be taken in order to get information on the target population, like creating a market survey.

A market survey is research done in the market for a particular product or service in order to be able to identify a need in the current in the market. These surveys are tools to directly collect feedback from the target audience in order to be able to understand characteristics, expectations, and requirements the potential customers have for a particular product or service. They also serve as a way to collect data on how to improve existing products or services that are active since there is generally room for improvements. What might be practical for one customer may be impractical for another, so as a company it is necessary to adapt to their everyday needs. This also leads  a final yet vital part of market surveys and that is that these surveys allow businesses to make decisions that will allow them to reduce the degree of risk when it comes to funding company projects.

One example that proves how crucial surveys can be for a company is through a simple survey that was created in order to prove the influence of ads and promotions on social media. Although the questionnaire only contained four simple questions and received a total of eight responses, it was able to prove that all the money invested into ads and marketing on social media can definitely have a strong impact on the viewer. The short survey created was to measure how social media influences a person's purchase when it comes to cosmetics.

From these results, it can be concluded that the majority of the people that filled out the simple surveyed tend to use social media to keep themselves updated on new cosmetics that launch. That does not necessarily mean that they are constantly being influences by the ads they see, but they do play a large part in the purchasing power of the customers. From here a company could implement a new strategy to market goods or services or evaluate the possible flaws their marketing techniques may have.

Although surveys are a way to get instant feedback from both current and potential customers, there are flaws that happen in the research such as biased questions or questioning the wrong demographic. Regardless, market surveys simply as act as a guide for a business to learn about their consumer's needs so that they could use their input at their advantage.

Source: https://www.questionpro.com/blog/market-survey/