You can certainly read lots about market surveys on blogs and all over the regular media. Marketing research consulting professionals like New Perspectives have long known the benefits that can be derived from accurate and competent market surveys. Here are three surprising pieces of the market survey puzzle you may not already know.
Surveys Provide A Mirror Image
It is easy to try to do market research by looking on the web or using secondary research. However, you need to see the mirror image to be aware of improvements that can be made internally and surveys can do just that. It has been said that you can be your worst enemy. We must first have the self-awareness to move forward. A business can use market surveys to find how to improve inwardly. If you can determine the strengths and weaknesses of your own business, then you will be able to expand your business and market presence.
Market surveys can be used for multiple purposes. Many times we think surveys are just to determine what consumers already appeal to or what consumers want with what is already existing. However, surveys can provide an open door to new business concepts altogether. Surveys can also completely transform an industry and by using the surveys, you could be the pioneer of that transformation. According to an article from Market Watch, health insurance recently gained some insights that allowed the market to make some much-needed changes.
“The health insurance landscape is undergoing a period of unprecedented transformation,” said Jonathan Rickert, CEO of Array Health. “New consumer engagement models and expectations have created a mandate for insurers to make the process of selecting and enrolling in health insurance easier and more efficient. The data clearly shows that private exchanges play an important role in helping insurers meet this new business imperative and thrive in the market.”
Learn The Competition
Is your competition the store next door or the business that operates online? You may not know your strongest competitor until you have the data collected from a survey. Once you can understand who your competition is, you can know how to compete best. Entrepreneur Magazine had this to say about collecting data:
“No small business can succeed without understanding its customers, its products and services, and the market in general. Competition is often fierce, and operating without conducting research may give your competitors an advantage over you.”
These three reasons are not the only benefits of market surveys, but the are often overlooked when thinking about surveys for market research purposes. If you would like to talk to someone about these three things or anything else related, contact New Perspectives today.