Major multinational companies spend millions of pounds every year on Market Research. Be it qualitative or quantitative, there is a constant quest to understand consumers better and rightly so. Every business needs to understand its’ consumers and customers so that they can communicate with them effectively. If you know your target audience commute to work by bus, then there is no point spending money advertising on the tube. If you are about to invest £10 million in an advertising campaign then you want to be sure the right message is coming across.
Many smaller businesses say they do not have money to spend on research, but they may not realise that there are free tools such as Survey Monkey which can help. Want to know what your previous customers liked about your service, or what they think of your new business idea? Everybody wants their ‘9 out of 10 cats’ statement to put on advertising or use for a PR campaign. Sign up for a Survey Monkey account (at www.surveymonkey.com) and you can create your own questionnaire. Alright, the free design themes are not super whizzy but you can create something that looks acceptable and professional with up to 10 questions and with a good range of answer types including multiple choice, free entry, mandatory answer etc. You can email it out to your contacts and view the first 100 responses free. Yes you have to pay if you want to see more than the first 100, but those first 100 will give you a good indication of the general feeling of your respondents and sufficient evidence with which to make decisions. After all, how many times have we seen Beauty adverts which say ’89 out of 118 women agreed’. Even huge multinational companies with multimillion pound budgets still rely on modest research samples when needed. So get an account today if you haven’t got one already, and start utilising it to inform your decisions and make better use of your money in your business.