Nothing is constant. Nothing ever was. Now with technology and innovation sweeping across our lives, the shift is accelerating and transforming everything it touches.
It is impacting preferences and choices, sometimes, without us realizing it!
Mobiles phones are the primary source of information, action, and communication today. The average individuals check their mobile devices from 150 to 300 times a day.
Much more than those using a desktop!
So, when you target people for market surveys or polls, via email, social media, or a web-based survey, you can be assured that you’re going to catch them mostly on their androids!
Market Research Tools: Then and Now
Apart from market research surveys, there are four other traditional market research tools used to collect data on consumer behavior and market potential. These include Focus Groups, Observation Methods, Personal Interviews and Field Trials. Each technique has its own set of specialties and purposes.
The need for market research strategies was realized when advertising began gaining importance as a marketing tool and with the emergence of radio. Peter Drucker, Marketing Guru soon labeled market research as being the essential component of all marketing, not just advertising.
As a business in today’s technology-driven market, a range of Google tools such as Google Keywords, Analytics, and Trends also assist well by giving insight into consumer nuances. Even tools such as Questback, KeySurvey or data captured via Social Media are known to do the job.
Organizations have been utilizing traditional market research strategies for almost 50 years. They are tried, tested and re-tested. Traditional market surveys and polls are easier to control, understand and implement. They also create better benchmarks and are dependable.
Today, we are able to combine the best of traditional and modern techniques using market research surveys via mobile applications for real-time analytics.
Purpose of a Market Survey
One can conduct a market survey in person, over phone, emails or online.
That’s the flexibility of this tool.
In an attempt to know the best time to conduct market surveys, let us first look at why researchers use market surveys and the purpose of market surveys
- To create fresh or alter existing brand and positioning
- For deeper details on customer demographics and specifics
- To check on current product quality and price points
- To continually gauge customer awareness, expectations, and satisfaction
- To know how to improve on any given aspect, towards boosting sales
The Right Time to Conduct Market Surveys
Now that we have a suitable context, it’ll be easier to understand the apt timings and opportunities to conduct market research surveys.
Here are 2 aspects of the matter in question:
A) The Right Time to Send Survey Emails
There’s enough research available to assist us in conducting email based market research surveys.
Results show us that email market surveys are best suited for the B2C category, especially when they take less than 15 minutes to fill in.
Regarding day and timing, for B2B products, Monday mornings or between 3 PM and 6 PM are ideal. Even on Thursdays and Fridays. For B2C surveys, every weekday, except Monday is favorable between 6 PM and 9 PM.
Features such as partial form completion allow a respondent to save an incomplete form online and return to it at a more convenient time. This can help overcome the problem of an ill-timed market survey.
B) Occasions on Which Market Surveys Can Be Conducted
Naturally, the right timing to conduct a market survey is dictated directly by the purpose of the activity. Hence, referring to those points and building further, here are some common occasions on which market surveys can be conducted:
- Before entering a market
Rather than a reactive market research survey, a proactive one prior to market entry proves to be beneficial. Market surveys about potential customers give an accurate insight into their current needs, demands, and preferences.
- Unreasonable drop in sales
Certain market conditions are out of our control. It can be difficult to predict or identify specific reasons for changes in consumer behavior. New competition, altered customer preferences, drop in product quality or gaps in distribution can all be reasons for unknown drops in sales. Market surveys are ideal ways to uncover the truth straight from the horse’s mouth! In this case, your customer’s.
- The testing phase for a brand identity or product
Market research surveys are brilliant devices to know how your new brand name, logo or identity is resonating with your target audiences. Mention all aspects of your design, tag line, positioning and image in the surveys to know what’s clicking and what isn’t.
Dynamics to Consider When Conducting Market Research Surveys
Keep in mind the following dynamics when conducting market surveys:
A) Which sector are you tapping?
This point is especially relevant for B2B employees. For a lifestyle or clothing company, festival times are extremely busy. Surveys targeted at these workers would not yield a desired number of responses.
B) Who’s your consumer?
Consider the fact that even for the average consumer, all times of the year are not suitable to engage in a market survey. For example, Academicians would rather take some time off and travel or spend time with family rather than take a survey during the summer vacations.
C) Is the right time of the year?
Time your market survey at a logical point in the year like for example, at the beginning of the calendar year or at the start of a particular quarter. This helps to stay in tune with yearly or quarterly trends.
D) Your budget
How much time and financial resources can you spare to conduct a market survey? Budget your resources well so that they don’t run out halfway through the survey.
E) Regional variations
Take into consideration that certain appropriate timings to conduct market surveys for one state may not suit another. Even language phrasing or questions in a market survey may need to be altered depending on the region. Special filters or segmentation management allow data to be collected from different locations at the same time.
Why Regular and Timely Market Research Surveys Are Important?
Due to the dynamic nature of consumer preferences, fueled by technology and innovation, it is necessary to conduct a market survey, regularly at appropriate timings. They will assist you in resolving business issues and staying in the loop with changing consumer and market trends. Regular market research surveys are also helpful in identifying areas of diversification and boosting growth.
Naturally, with so many benefits, every market research survey needs to be done right and timed perfectly, to be able to get the best out of it.