Are you planning to launch a new product on the market? If so, it’s important to approximate the potential sales opportunity and the market size to launch a successful new product. This will ensure that it will be successfully embraced by the market.
To do so, it is imperative to refine your target market and determine why, who, and how people will use your product. By doing so, you can easily evaluate the potential impact on the market.
So, how can you efficiently estimate the market size? With the help of surveys, you can easily estimate the market size as it is an invaluable and extremely efficient research tool. With its help, it is easy to get feedback from people about your product.
Just have a look at some of the best practices to determine market size with the help of surveys:
Prefer quantitative data than qualitative data
To get impactful insight to estimate the market size, quantitative data can be more impactful. Ask questions in the survey that are formulated for quantitative feedback.
While creating survey questions for your survey, make sure you include questions that provide you with the hard data that will help determine the market size. Avoid open-ended questions and ask binary questions by including “yes” and “no” answer options. You can also include a scale score to ask questions related to preferences, behaviors, and emotions.
Distribute your survey properly
You need to be clear of what you want to ask from the respondents. Put thorough and careful consideration in the survey questions.
Make sure your survey is not too long to avoid causing survey fatigue if your respondents. Ask simple questions in the survey so that respondents can easily understand what type of answer you are seeking. To do so, shape the question type and wording properly.
If you are looking for information about gender, income, education, age, city or state, and more, you should include demographic and population segmentation questions. This will help to estimate your target market size as these factors affect the purchasing decision of the respondents.
Avoid leading questions in the survey
When your goal is to determine the market size from the survey insights, make sure to avoid leading questions. A leading question encourages or prompts the respondents to answer in a specific way. Avoid including leading questions in the survey to gather right and genuine insight.
The above-mentioned tips will help to eliminate survey or market research bias. These effective tips will help you conduct surveys clearly without being vague and ending up with useless data.
Overall, a well-designed custom survey is the most important step towards determining market size and customer engagement. Do you need help to create perfect surveys? There are many online survey tools available in the market that can help you to create surveys online. You simply need to explore the market to find which survey tool is best for you.
It’s best to conduct surveys regularly and consistently. The frequency at which you conduct these services depends on your organization and its unique needs. However, it is best to administer these surveys at least annually.