When it comes to understanding your own position in the marketplace, and identifying new areas of growth, surveys are almost always a good way to start. Surveys are a key way to understand your market potential, as well as your current position. It provides an objective way for you to get to know your client base better, while simultaneously improving your business.
However, many businesses shy away from sending these out at all, but this method can provide valuable insights for your business. If it seems all too manual, consider automating the process by using tools such as SurveyMonkey or SurveyGizmo.
Ideally, a good survey will:
- Range from 5-6 questions
- Have mostly multiple choice questions
- Have 1 open-ended question at the end
- And should not take more than a minute to complete.
Some questions to include:
- How do they use your products & services?
- Who else do / can they buy from?
- In what ways are competitors’ products better?
- How would they change the products & services if they were you?
- What new products & services do they think you should introduce?
- Do they see your market going up/down in the next 3 years?
- What changes are happening in your market?
This should provide a comprehensive idea of what your current market position your business is in.
Aim to get a different questionnaire out every quarter. The objective here is to condition your customers into providing regular feedback about the way you meet (or not) their needs and what ideas they have to better meet them.
In our next post, we will delve into some of the other key elements needed to undertake a thorough research and analysis of your market, so stay tuned!
This is only one of 200 methods extracted from Runagood® AI Business Advisor. We aim to make business advice affordable and sustainable for small businesses everywhere. To learn more, please contact us.