Why do we need market research in our online business

Today’s companies need to make decisions, from what trending in the market and which product to sell, to what technique works best. They need to make that decision fast. However, they can’t make critical business decisions if they don’t have the information they need.  Without the right information, business owners are unable to address issues and pinpoint lagging parts of their eCommerce business. This is where market research comes in. 

For those still not familiar with the word, market research is the process of collecting valuable information about the consumer trends, logistical demands, market weather, target audience, competition, products, and customers’ feedback. The goal is to know everything about your business so that you can minimize the risk involved in running your online business. 

Data collected from market research can be used to improve your products or services, explore the target market, and even pinpoint the areas that need immediate attention. If successfully done, market research can give you an in-depth understanding of your customers’ needs. It tells you what’s trending in the markets, who are your customers, what’s influencing their decision to buy, and how can you meet their needs and exceed their expectations. More important, it will guide you and even assist you in building a profitable online business.

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Market research is all about getting the right information at the right place, at the right time. Accurate and well-researched research works will help you with the next process. Without market research, it’s impossible to understand your target audience and market. Sure, you might have a general idea of your customers, and what they need. But that's not enough to win to grow your online business and win the market competition. You need to dig deeper if you want to win your customers’ loyalty. Today’s successful companies conduct market research on a continual basis to keep up with the fast-changing trends and to stay competitive in the highly volatile market. 

By reading data collected from market research, you can learn demographic information about your target audience. These include gender, age, occupation, and economic status. You can even learn what products or services they are currently using and what they like and dislike about those products and services. 

How to start your market research

To do market research you need highly effective feedback-gathering tools. Online survey tools offer an easier, faster, and cheaper way to get in touch with the targeted audience and collect valuable information about them. 

You can use online survey tools, like SurveySparrow and Google Form, to target a specific group of individuals to find out what your customers really want and how they feel about certain products of your business. Many business owners use these online survey applications to "crowdsource" new product and service ideas, and feedback during the new product and service development process. 

If you’re looking for some additional features and functionalities, you can step-up or sign up subscription service from online survey tool providers. Signing up with a subscription service will allow you to send out monthly surveys to target audiences obtained from the service provider's database, using customized templates and the service provider's server. 

SurveySparrow, as your next tool for your market research 

So what makes online surveys so popular to businesses and companies? The online survey application is the most commonly-used and cheaper way to discover opinions about your business. You can use online survey applications in any number of ways, including finding trending topics, consumer behaviors, and more. It fast, effective, and highly affordable- cost a fraction of what they used to, placing them within reach of any small business. Regardless of the size of your online business, you can grow and prosper by using affordable online survey tools to develop strategies that bring new customers and retain the ones you have.

SurveySparrow, a powerful online survey, and feedback management platform, allows businesses and organizations to create and administer highly engaging surveys for determining the pulse of their customers and employees. The online survey platform allows users to build and share surveys as natural as they can be, resulting in faster response and higher completion rates.

SurveySparrow’s easy-to-use web-based application includes tools for creation, distribution, and analysis of online surveys, polls, forms, and quizzes. The survey platform also provides advanced features to completely customize the survey experience, resulting in a higher engagement rate. Best of all, our customer support team is available 24-hrs a day to guarantee your market research is a big success! 

With SurveySparrow, you can start and manage market research studies in a manner that is fast, efficient, and highly accurate, yet with user-friendly features.

Here are some of the main features and highlights:

1. Built-in email share and audience management

2. Built-in survey automation

3. Easy-to-navigate dashboard and super easy-to-use online survey tools( forms, quizzes, polls, etc.)

4. Chat-like surveys enabling highly engaging conversational surveys

5. Display logic feature. This allows the users to control the behavior of online surveys as well as improving the quality of the collected data

6. A wide range of question templates to choose from, and custom CSS to add some personal touch to every survey you create. 

7. Data analytics and highly advanced report filters for generating insightful reports. This allows users to closely monitor surveys and get in-depth analysis to make a quick decision.

Finally, the online survey application also brings multi-device capability, which means that the audience can engage and answer from anywhere in the world with just simple clicks from their preferred devices (desktop or mobile).

In addition to features, the web-based survey application also offers an offline survey tool, which will help you collect valuable information even from the remotest of places.  You can learn more about those big features and pricing plans when you visit the SurveySparrow's official website.

In terms of pricing and availability, SurveySparrow offers flexible pricing plans. These include the very popular starter plan ($19 a month), a basic plan ($29 a month), a premium plan ($49 a month), and the business plan ($199 a month). There’s also a free trial if you're looking to explore the survey platform.