Are you going to launch your product? Are you wondering whether it is worth doing marketing surveys beforehand? – you will find out after reading this article.
Marketing surveys – how does it work?
Marketing surveys are a process of collecting, analysing and interpreting data connected with the market, customers, competition and other factors related to marketing. Such surveys may cover various aspects: customers’ preferences surveys, market analysis, product rating, marketing action rating and many others.
Furthermore, survey methods may vary quite a lot, for instance:
- qualitative surveys: group focus and in-depth interviews,
- qualitative surveys: questionnaires and panel surveys.
It is important to select proper survey methods depending on the survey objectives and market characteristics.
Marketing surveys are an exceptionally important and helpful tool for companies because they help understand better the market, customers and competition, which is reflected in more accurate business decisions, thus making our marketing strategies more effective.
What is good to know before product launching?
Launching a new product is a big challenge, that is why we have to be sure that our product is prepared well and that it will reach our customers. Good preparation before launching will contribute to its better matching with customers’ needs, increasing opportunities for a success and minimising a failure risk.
Therefore, before launching your product, it is good to know the answers to a few questions:
- What is the target group of our product? – specifying a target group and understanding its needs is really important to us in the event of introducing a new product to the market. What are consumers’ problems? What advantages do they expect from a product? Exploring your target group will allow you to adapt your product and marketing strategy to your needs.
- How does our competition look like? – analysing the entire market and competition will make it possible to find out about products which are already existing on the market, to discover what new we can propose and how to be distinctive compared to our competition.
- What makes our product different from others? – identify the unique features and values which can by introduced by your product to the market. What new things can you offer to your customers – something what has not been offered by your competition?
- What is our marketing plan? – preparing a detailed marketing plan, our way of acting on the market and promoting our product is yet another important thing. Determining its distribution channels, advertising types, points of sale in order to reach our target group, we will use different advertising channels for the youth and different for adults.
- Initially familiarise with the opinions on the product – before launching your product, it is worth conducting its tests in order to obtain a preliminary customers’ opinion. Obtaining such information may help us clarify any doubts concerning the product, put the finishing touch to our product and marketing strategy in order to suit the market needs.
- How much will our product cost? – good establishing of a price strategy for our product, matching the price to our offer value and getting to know the competitive prices, production costs, etc. – it will reduce a risk of determining an improper price – thus our product may fail to meet our financial assumptions and bring in a loss.
- Are we satisfying all the standards and legal requirements? – analysing legal provisions, safety and quality requirements – will enable us to avoid problems and costly mistakes after releasing our product.
Is it worth investing into marketing surveys?
By investing into marketing surveys before product launching:
We get to know the target group of our product.
Marketing surveys enable the identification and understanding of the needs of a target group, that is people who are our prospective customers. Owing to such marketing surveys you are able to find out who your customers are, what their preferences are, what problems they would like to solve and what advantages they expect from the product. This is key information which will help you adapt the products to their needs.
We get to know our competition.
Marketing surveys may provide information concerning your competition and the market on which you intend to operate. You can find out about your competitors’ products, their prices and gaps existent on the market. This will allow you to identify your unique features and competitive advantages, as well as to adapt your marketing strategy in order to introduce your product more effectively to the market.
We can test our product.
By conducting marketing surveys you can study the responses of your prospective customers to the concept of your product or prototype. Thus, you will discover their opinions, whether your product meets their expectations and whether there are any areas to improve. This will enable you to introduce a product with a better finishing touch which satisfies more your customers’ needs.
This will be helpful in adapting your marketing strategy.
Marketing surveys provide data based on which it is possible to devise an effective marketing strategy. They will help you reach your target group, choose the most effective communication channels, decide on the most convincing motto. Owing to marketing surveys you will be able to adapt your marketing actions better and improve your chances for a success on the market.
A disadvantage of marketing surveys is that they are very time-consuming and difficult to design and implement, that is why it is advisable to find a professional company to which we can entrust this task. In addition, everything depends on our product or service – marketing surveys will not necessarily be an investment which will be returned – this may happen in the event of a product without a proper finishing touch or a low quality product.
Marketing surveys before product launching allow to understand better the market and consumers’ needs, as well as to get to know your competition. They will help you avoid costly mistakes, adapt your product and marketing strategy to your customers’ expectations and also increase the chances of your product succeeding on the market.