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Market Research Software: Overview
What's a Market Research Software?
Market research is the process of collecting data to determine whether a particular product/service satisfies the needs of customers. With an effective market research software, it is possible to gain inestimable insights about the current market trends, competitors, spending traits of your customers, economic climate, and demographics.
Before launching a product, it is crucial to find out how well it can perform. A product launched straight out of incubation, without knowing the current economic state of the market, consumer trends, or about a competitor is bound to stumble and tumble.
Numerous brands have opted the market research way on their road to immense success. A product launched at the right time, with the right needs to meet consumer requirements can even replace an existing monopoly easily. Therefore, the capability of proper market research cannot and must not be underestimated. A market research software is a proficient data collection tool that fetches accurate data about customers, competitors, and the target market.
Why is Market Research Software essential for businesses?
Having a well-planned market research is great! But to have flawless execution, you need a great market research software. Market research involves targeting the right audience, asking them relevant questions, and gathering insights from the data collected, and taking actionable measures.
A market research software is one which can aid you in every one of those crucial touchpoints. Elaborating a little more, here’s why you must have a great market research software in your pack!
1. Understand the need for your product
Is there a need for such a product in the market currently? If yes, what makes your product stand out from the existing ones. Would your customers switch from competitors to your product? These are the few questions which a market research software would help you get regarding your product.
2. Identify your target audience
Releasing your product at the wrong place for the wrong audience is bad news which can get a lot worse! Have a clear idea about who needs your product and why & if would they purchase it. A market research software that's capable of bringing you the right audience for your market research is like a generous icing on the cake.
3. Assess competition
When you launch your product, you would possibly be locking horns with the well-known names in the market. But don’t let your product be engulfed in the overwhelming competition which can be tough to beat. Instead, a market research software will help you analyze who is your biggest competition, how to tackle them, and even beat them in the future.
4. Gauge customer trends
How can you understand what customers want from you? Simple, ask them. Easier said than done. Most often, it is a round of interrogation which happens in the form of online surveys. A great market research software helps you converse with your customers effectively and collect valuable customer feedback. This feedback is crucial for your company. You will discover what’s amiss and what needs to be done for improvement. Know the pulse of your customers by using a customer feedback survey or a customer satisfaction survey. Therefore, a market research software steps in as an effective voice of customer tool to know your customers better.
5. Innovate with impact
Having data in hand is good. Having information drawn from that data is excellent. But this is not an easy task. A good market research software helps you gain in-depth views of the data you have collected as a part of the research. A feature-rich market research software can provide you the length and breadth of the entire process. Employing it well can turn things around for your brand in a blink.
What features make a great Market Research Software?
1. Identify your target audience
Every step in market research is significant. But it wouldn’t be wrong to say identifying and employing the target audience has an additional supporting role as well. If you get the wrong audience, all the following steps would be affected, and this has accompanying repercussions. Market research software capable of fetching you the right audience is a win-win any day. Such a market research software would provide you with an online panel of audience who will answer the questionnaire you send out for them.
2. Create market research questionnaires
Once you know your target audience, the next step is to draft questionnaires that capture answers you wish to find out. Understand what customers expect from the product and what are their requirements. When you know what they want, it is easier to tweak your product to fit the bill. While drafting questions, keep in mind the following tips:
Make surveys engaging: Survey fatigue is real. People have an aversion towards taking surveys, and this is what reflects as the low completion rates. Therefore, ensure that the market research questionnaire you create engages the audience. Personalize the surveys to get this result.
Keep surveys short & relevant: Nobody looks forward to answering a survey that stretches for pages. Get the objective of the research clear and draft questions which will help to ask what’s important. This also helps to avoid wandering off into different territories and over-stuffing the survey.
Ask the right questions: Ensure that you have the right balance of both open-ended and closed-ended questions. Include diverse question types and get pertinent data.
3. Share market research questionnaires
Share your surveys across different channels- both online & offline to boost their visibility. As a result, respondents can opt for the channel that’s most convenient to them; be it emails, social media, web links, SMS share, to name a few. You can also employ an offline survey app to collect data even when there’s no internet.
4. Collect data, create information
A great market research software helps you convert the raw data collected into quality information. This is pivotal in gathering views which is the entire purpose of the market research. A market research software should, therefore, be capable of rendering you such invaluable information. A software which comes with a robust reporting system, which analyzes the data at a granular level, must be at the top of your priority list. Get, set, go! Now all that remains is to take measures based on the information and insights you have in hand.
What makes Askfield the best Market Research Software?
1. Online panel audience
Our online audience panel, spread across 80 countries, can easily fetch you the apt audience for your market research. Get access to pre-screened and qualified members who can give you the best feedback you were looking for. Therefore, SurveySparrow solves your problem of finding the right audience for your market research.
2. Dual Survey Experience
We are happy to inform you that you have reached the right spot looking for market research software. Want to know why? SurveySparrow comes with two survey experiences. We have chat-like surveys and conversational forms that help you to engage with your audience better. You might wonder what’s it with chats and conversations. With a conversational interface, you can achieve up to 40% higher survey completion rates. Therefore, with SurveySparrow, you have in hand a market research software that fetches you an increased number of responses from your audience.
3. Create personalized surveys
Strike the right chord with your audience with the very first question of your market research survey. SurveySparrow helps you achieve this effortlessly using a broad spectrum of diverse question types to choose from. We have features like Jump logic which will enable your audience to see only questions relevant to them. Why ask a vegan their favorite type of cheese!
4. Share abundantly
More the reach for your surveys, better are the chances of fetching a higher number of quality responses. SurveySparrow's market research software leaves no stone unturned in ensuring that this is implemented. Be it email survey, web links, social media, embedded survey or SMS share, we have ensured your surveys reach the right audience always!
5. Get the big picture
SurveySparrow is one such market research software which helps you get the big picture in totality. We have a rich dashboard which presents you with detailed analysis and reports of your research work. Charts, histograms, pie-charts; are just a few mentions we have in store for you.
Free survey templates
SurveySparrow has a rich collection of diverse survey templates that you can use to create a survey instantly. Be it NPS surveys, 360 feedback survey, or voice of customer survey, we've it for you. Now you know the whats, whys, and hows about everything related to market research and market research software. Why don’t you hop along and become part of SurveySparrow? Happy researching!