Understanding your target market of prospective customers is vital to starting a successful business. And making assumptions about what those potential customers want is a dangerous game to play, so it’s important to do some digging and learn straight from the horse’s mouth what their interests and needs are through market research. You might be surprised what you’ll learn!
Here are some of the key things you need to learn about your target market:
The primary means of gathering invaluable, specific information about your target audience are by conducting online surveys. And thankfully, this costs much less than you think.
You can spend a lot of money to get professional help in the area of market research surveys, but if you don’t have the cash, don’t worry. It’s easier than ever to design surveys yourself.
TidySurveys allows you to set-up a small-scale survey of 100 or fewer respondents for only $1 monthly fee (or $12 annually). If you want to run a larger survey, or run multiple surveys, you can upgrade your account, or select one of the higher packages. For the best value, we recommend the Pro Account as it comes with the most features, the most amount of responses and a higher survey quantity. At most, unless you requested some Enterprise-level integration or functionalities, you’d spend $79 monthly or $948 for the year. When comparing this to other survey companies, the pricing is quite competitive — and affordable.
It’s up to you to decide what you’re trying to find out, so start by defining what you already know — get really clear with this — by considering the following: Are people (potential customers) dissatisfied with current solutions to the specific problem you’re trying to solve? And of course, is there market demand (or potential) for your product or service?
When designing a survey it is important to think about the format of each question. For example, open-ended questions lead to subjective or anecdotal answers. You won’t be able to glean much value or actionable data from the feedback. Alternatively, properly honed questions can provide very specific, quantitative answers.
Some general rules of thumb to help you create an effective survey:
Every entrepreneur needs to fully understand their potential customer base in order to build a successful business. Surveys are one of the best means to obtain market research, and best of all, surveys don’t have to max out your budget, especially with the availability of online survey software tools like TidySurveys.
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