Making Informed New Product Decisions with Survey Analysis

Market research and survey analysis provide businesses with the information they need to ensure new products are developed and positioned to satisfy their target audience. The results of researching, surveying and analyzing the market are extremely important in developing products that fill a need and capture the attention of your consumers. When conducting customer research, there are several important steps to include in your survey process:

  • Identifying and choosing prospective sample individuals,
  • Contacting the sampled individuals and gathering data from them,
  • Evaluating and testing questions,
  • Selecting the best methods for posting questions and generating responses,
  • Training and supervising your interviewers,
  • Reviewing the data files to determine their internal consistency and accuracy
  • Correcting detected errors.

A successful process will allow you to collect accurate data that is useful in producing the best products for your target market.

Different Market Research Methods to Help Guide New Product Development

1. Focus Groups. This market research method requires a reliable moderator who is capable of utilizing a scripted set of topics or questions that can open up a discussion within a group. Focus group sessions are usually carried out at neutral locations such as observation rooms that come with one-way mirrors and facilities that have videotaping equipment. The sessions should last for around 1 -2 hours. You will need at least three focus groups in order to get the most accurate and balanced results.

2. Personal Interviews. You can directly analyze your target market by conducting personal interviews that consist of open-ended and unstructured questions. The interviews last around one hour and should be recorded in order for you to generate the best results. Personal interviews are a reliable market research method, capable of yielding valuable insights into the attitudes of customers and uncovering vital issues linked to the development of new products and services.

3. Surveys. If your aim is to analyze sample groups that represent your target market, then create surveys with straightforward and concise questions. Often, a larger sample group size is capable of generating better and more reliable results. You can conduct surveys in a variety of ways including: In-person Surveys, Telephone Surveys, Mail Surveys, or Online Surveys

Regardless of the research methods you use, you have to make sure that you have a reliable sample group and survey analysis system. Your survey analysis tools will help you identify attributes that will make a new product successful.

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