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After a company launches a new product in market or a new lineup of products, its carries out market research survey to gather consumer feedback. This is applicable for companies belonging to various niches including FMCG, IT, Telecommunication, food, healthcare etc.

Companies with limited presence and MNCs operating in many countries execute such research surveys after product launch. These surveys help the companies understand overall customer response to the product/lineup. They can also understand where improvements can be made from the feedbacks of customers obtained from such surveys.

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There are also hundreds of market research tools available such as –

Questback

This tool lets you analyze your target audience by figuring out the connection between your company and your target market.

eBay & Amazon Product Market Research Tool

Do you want to analyze the future market trends? Do you want to get a clear picture of the probable cost of shipping a product and the profit margin for a product after making all kinds of deductions? If that is that case, Algopix is your best bet out there.

KeySurvey

If you are thinking of creating your own set of online questionnaires, this is the tool that you need to have at your repository.

Google Analytics

Without having Google Analytics, there is no way you can understand your visitors and their behavior on your website. It gives valuable insights for free and there are trillions of way to analyze data and make important marketing decisions.

Content Promotion

If you are planning to reach out to your target audience but no idea how to start, you need to find out a content marketing professional who is well versed with different marketing strategies so that your brand can get connected with your targeted audience.

Steps to execute a market research survey for a new product

  1. First of all, you have to zero in on the survey method. You can carry out the survey online or through mobile devices. Earlier, most companies resorted to face to face surveys and phone based surveys. Social media sites can also be used for this purpose. While the mobile and online surveys can be quite cost effective, you have to think of the nature and lifestyle of target audience in mind. If a section of target respondents do not use smartphones or cannot access computers, carrying out digital surveys will not be fruitful.
  2. A through discussion should be done in the company management level and more than one meeting can be necessary in this regard at times. Insight can be taken from department managers and their inputs can be used to develop the questionnaire.
  3. In case, you do not have enough knowledge or required in-house resources to carry out market research survey in the proper way, think of hiring third party agencies for the purpose.
  4. At the beginning of the market research survey you can keep several closed-ended questions. These can include rating scale questions as well as multiple choice questions. At the end of survey, open-ended questions can be kept. These are useful in getting user suggestions and learn about their choices etc. However, do not keep the survey too long as it will lead to respondents leaving it incomplete. This is more applicable for online surveys.
  5. After a draft is made for the survey, review it and take ideas from others in the management panel.
  6. In the target respondent list, mix current as well as the potential consumers. This will help you get a broader view.
  7. After this, you can carry out the survey and gather the results. If you use online survey method, it will be possible to avail features of advanced online survey software. There are advanced survey software and using those the survey results can be published and shared in any formats. You need to check if the software is easy to use and comes with customization features.
  8. At the end, you have to process and analyze the obtained results. Again, this can be done without hassles using sophisticated survey software solutions. These software have inbuilt analysis capabilities. You may also go through review of such software to ensure you choose the apt one.

Michael Evans is a passionate blogger and social media enthusiastic. You can connect with him at Google. He often contributes to 3Leaps Content Marketing Agency.

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