2007 Q3 Market Surveys Create Strategic Advantage
A market survey is a comprehensive (360 degree) look at the marketplace by anonymously surveying a representative sample of purchasers (current or prospective) of your products or services in the desired market area. It is broader than a customer survey in that it assesses not only the perceptions of your company but also that of your competitors. Since it is done anonymously by a 3rd party research firm, the results are based on candid and objective feedback with the elimination of bias.
Market surveys provide the following insights and can be useful as input into the strategic planning process undertaken by most businesses.
- Identify strengths and weaknesses of your company and competitors
- Understand vendor selection process
- Analyze the price/value relationship
- Create opportunities to increase sales
- Determine market shares of your company and competitors
- Calculate Net Promoter Score – a key indicator of customer loyalty
- Assess brand image
- Detect shifts in product usage
- Determine product or service features considered most important
A contact list is compiled consisting of known purchasers/users of the type of products and services that are sold by the client company and its competitors. A random survey is conducted, usually by telephone, until the desired number of interviews is completed. Client anonymity is protected – no reference is made to the name of the client in order to eliminate bias