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Running a survey or conducting market research is a great way to find out what customers and prospective customers want.<\/p>\n
By gathering some useable data, you can tailor your products and services to your clients\u2019 needs.<\/p>\n
It\u2019s also a great way to monitor the marketplace and find out how you are perceived.<\/p>\n
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This guide contains the following topics:<\/p>\n
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Market research is a term given to any exercise where you are collecting information from the marketplace.<\/p>\n
Market research is generally conducted for:<\/p>\n
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Surveys are a type of quantitative primary research.<\/p>\n
This is a very common method of conducting market research. Questions can be tailored to discover the necessary information just as the participants can be targeted to a particular demographic.<\/p>\n
Surveys are quick and easy to set up and the results are generally easy to collate and analyse.<\/p>\n
The main drawback for a survey is that they generally do not provide in-depth information. Surveys are great for collecting statistical data.<\/p>\n
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Customer advisory boards are qualitative primary research.<\/p>\n
A customer advisory board is an exercise where a business chooses a selection of customers to participate in a frank discussion about the company.<\/p>\n
Customer advisory boards involve much planning and organisation, however the outcome is very specific and in-depth business development advice which can be relevant for years to come.<\/p>\n
These work well for service providers.<\/p>\n
Your accountant can facilitate a customer advisory board for you.<\/p>\n
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Focus groups are much the same as customer advisory boards, but are not necessarily made up of existing customers.<\/p>\n
Focus groups test products and respond to ideas. These work well for product-oriented businesses.<\/p>\n
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Concept testing is when you test an idea before developing the product or service. Both quantitative and qualitative research methods are often used.<\/p>\n
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Product testing is when a select group of people are given pre-market products or services and rate their experiences. Both quantitative and qualitative research methods are also used in product testing.<\/p>\n
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This is an old fashioned survey where a person is approached, often on the street, and asked a series of questions.<\/p>\n
This is most suitable for market research which canvasses clients and non-clients. Questions are generally yes\/no or on a scale.<\/p>\n
Data is then keyed in and analysed back in the office.<\/p>\n
Pro: Great variety of people involved<\/p>\n
Con: Much paperwork involved<\/p>\n
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This is a typical type of market research which can be aimed at the customer database or a wider demographic.<\/p>\n
These are often run by specialist companies and the data is provided in various forms.<\/p>\n
Pro: Easy to outsource<\/p>\n
Con: Stigma attached to phone surveys<\/p>\n
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These types of surveys are put together using online software and can be sent out by viral marketing or social networking or emailed directly to a customer database.<\/p>\n
Results are automatically collated and generally have built-in tools for analysis.<\/p>\n
Pro: Cheap and easy to use<\/p>\n
Con: Need email addresses for all customers for targeted surveys<\/p>\n
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There are plenty of online survey builder tools available at minimal cost. Two tools stand out as the most widely used:<\/p>\n
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The Market Research Society of New Zealand has member information on its website www.mrsnz.org.nz.<\/p>\n
There are many market research companies in New Zealand including:<\/p>\n
Most market research companies can put together a package combining surveys and focus groups.<\/p>\n
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Your accountant is perfectly placed as an impartial contact to facilitate your customer advisory board.<\/p>\n
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Former Apple Inc. CEO Steve Jobs has famously scorned market research and focus groups:<\/p>\n
\u201cIt\u2019s not about pop culture, and it\u2019s not about fooling people, and it\u2019s not about convincing people that they want something they don\u2019t.<\/em><\/p>\n