November 7th, 2023, Hoang Nguyen
"The market has changed.” This statement has been — and likely will continue to be — the main challenge for businesses and advertisers year in and year out.
And while the reasons that determine market and economic fluctuations each year are likely to be different, what this emphasizes is the need for market research to help address the size and impact of these changes and to reevaluate investments and strategy.
There are several types of market research that businesses can benefit from and one of the easiest primary research methods is conducting an online market research survey yourself. A market research survey allows us to decipher the feelings, motivations and concerns of those who hold the key to an organization's success — your customers and prospects.
Online surveys play a pivotal role in revealing the spectrum of consumer perspectives and perceptions toward brands, providing detailed feedback at scale, and getting answers quickly. Let’s look at some of the reasons why conducting market research surveys at the moment is so critical for any forward-thinking business.
Gain perspectives into the world we all live in
Your customers are the lifeblood of your business. Listening to them and comprehending their needs as they relate to your business may be obvious but there’s also a strategic imperative in understanding how they live and behave out in the world to deliver campaigns and services that match the scope of consumers’ behaviors and expectations.
Through online surveys, you gain invaluable insights into people's daily lives as they're impacted by unfolding events and the biggest challenges of our time. This year, for example, we kept a constant pulse on perceptions around cost-of-living increases to find out how many consumers are holding off on big purchases and which are still willing to spend money on little luxuries and treats despite being held to budget. The acute focus on personal finance even appears to have had an effect on romance in today’s world!
Speed, speed, speed: Taking advantage of the now
Timing is crucial when it comes to harnessing and leveraging insights to gain a competitive advantage. For many brands, the most opportune moment is now.
We established a research platform enabling brands to answer questions with exceptional speed while interlocking one of YouGov’s core offerings - data connectedness. This means on top of your survey results, you get access to the attitudinal and consumer behavioral data of respondents so that you can also provide context to consumer’s responses your questions.
With YouGov Surveys: Self-serve, customers can build their own surveys and get rapid consumer feedback in as quickly as an hour to their questions. The swiftness and richness of data available through this type of market research survey can help brands secure a distinctive competitive edge.
Targeting an audience can be virtually as granular as needed
A one-size-fits-all approach to marketing rarely succeeds. Effective campaigns require a nuanced understanding of different customer segments. Surveys allow you to categorize your audience based on demographics, interests and behaviors.
Audience segmentation enables you to tailor your messaging and products to not only resonate with your customers, but niche groups within that overall customer base. The result? A more personalized and impactful customer experience.
And while market research is ultimately about understanding a target audience, it can go beyond that. YouGov’s panel, for instance, allows anyone to join and take a survey, giving you access to groups from potential customers of a brand to media professionals to parents of school-aged children to football fans. We can even look at cat-loving, Ford-owning, Tik-Tok-using Gen Zs, if that’s your bag.
Stay current and connected to brand perceptions
Brand recognition is the cornerstone of a successful business. Market research surveys offer a comprehensive view of how your audience perceives your brand. Surveys reveal the level of familiarity and affinity an audience has with your company, products, and marketing efforts.
At YouGov, we interview thousands of people online every single day through our own proprietary panel to help companies keep pace with consumers of competitors. This allows us to build a picture of how different brands are perceived by the public (or groups of it) from the moment we begin tracking them up until as recently as yesterday.
From measuring conversations leading up to and after a major announcement by Apple, through gauging excitement around a new Nintendo gaming system, to evaluating the impact of brand sponsorship of the FIFA Women’s World Cup, there are myriad ways market research surveys can help brands assess their positioning in the short and long-term.
Online surveys can be customized to your budget
We've emphasized the significance of online surveys in extracting insights from the people that businesses value most. While this data can be pivotal for decision-making, it doesn't need to come with a hefty price tag or be inaccessible.
With YouGov Surveys: Self-serve, market research surveys can be a budget-friendly solution giving our clients the power to set their own and ensure every online survey aligns with their budget, timeline and specific research needs.
Moreover, our team of survey experts are at your disposal to review survey logic, language and overall consistency — all at no additional cost.
Discover real answers for yourself
Whether you’re looking to understand more about an audience, segment for a niche or elusive group of consumers, test an idea, or measure brand awareness, investing in a market research survey can provide you with the critical insights needed to make informed decisions and drive business growth.
With YouGov Surveys, we offer a range of market research surveys to help businesses get the answers they need when they need them most.