Product market research surveys are conducted to gather consumer feedback and insights about a particular product or a service product. A product survey is one of the most efficient tools in collecting information about customer preferences and determining the satisfaction with an existing product. It can tell you if the product attributes are meeting the needs of the market and how you stack up against the features and benefits offered by your competition. Companies regularly use product research surveys to help make decisions about product development, product features and product marketing.
Product Survey Definition
Product survey is defined as an examination of consumers’ needs, opinions and expectations of a product in a particular product category. A product survey delivers insights collected by asking a targeted group of people a set of questions about product attributes, characteristics and use.
Definition of Product in Business
To understand the components of a product survey, we must first be clear about where the product fits into the business model. In marketing, a product is anything offered to a market that satisfies a want or need. In retailing, products are called merchandise. In manufacturing, products are bought as raw materials and sold as finished goods. A service, such as a survey creation service offered by 24Surveys, is also classified as a product. In fact, online stores offer products which incorporate many of the characteristics of both a physical product and a service process.
Use of Product Marketing
Product marketing has evolved quickly over the last few decades with the majority of marketing now occupying the online space rather than the traditional communication channels. Traditionally the definition of product marketing focuses on the product category, product type, customer needs (functional needs), customer segment, and geographic targeting. With the advent of online marketing, we also need to add customer experience as a component of product marketing and to tie all the pieces together.
Product Survey Questionnaire
Listening to your customer feedback and preferences can be done through well-structured product survey questionnaires. A product survey questionnaire is the best way to ascertain if people know your product exists and what they think about your product. An expertly designed product survey questionnaire can discover ways to improve your product and identify characteristics of customer advocates, who love your product and targeted for word of mouth campaigns. The best thing about conducting a product survey through questionnaire is that you can acquire actionable insights quickly on just about anything related to your product.
Benefits of Product Surveys
The following are some of the advantages in conducting a well-structured product survey:
- Improve customer service: customer service can have a significant impact on business profits – and in some instances, can even determine the success or failure of a new product. Customers are the lifeline of your business, and the service you offer is an important attribute of both a physical and service delivered product.
- Improve overall product performance: customers are a wealth of information. By conducting a product survey, a business has a tool with which to capture accurate and honest feedback that can be used to improve the product offer and its delivery.
- Turn customers into brand ambassadors: you want your customers to help you with the referral marketing of your product. Transforming customers into brand ambassadors may be achieved by conducting product surveys to understand who they are and the best time to engage them in conversation to build the relationship. Establishing a mutually beneficial brand relationship is a key factor when nurturing your brand ambassadors. The more you know about the way your customers use your products, the better you will be in developing brand ambassador relationships.
- Discover competitive advantages: the best way to find a competitive edge in your product category is to identify your customer’s preferences through a professionally designed product survey. You can test your product against those offered by your competitors creating a benchmark with which to keep track of the changes and innovation in the product category.
Need to be More Agile with Your Product Survey Insights?
Having a recognisable and quality product has always been important for any business. To help you develop and improve your product, it’s important that you get feedback from customers. Our expert product survey services can help you identify opportunities, understand your audience, find out what you are doing wrong, what do people want, where are you failing and many more questions can answer.