So, you have a great start-up business idea but you aren’t sure if it’s going to work? There’s one thing that you need to do to assess its full potential – a marketing survey.
It’s all very well asking your family and friends if they think your idea is a good one, but the only way to really know for sure is to ask random individuals who are willing to listen to your ideas and then tell you precisely what they think of them. You can’t just guess whether or not your business is likely to be a success. You can’t make effective business decisions if you don’t have any data about your target market. But, how do you get started with drawing up and running a suitable marketing survey for your start-up business idea?
Outlining Your Project
The first step in creating your market research survey is to outline the basics of your project. Identify your target market and then find out whether your idea is something that they’d be interested in. Not only that, but how much would they be prepared to pay for what you have to offer.
You will almost certainly already have some ideas about the market that you’ll be targeting. However, you need some official data to prove your suspicions. After all, investors won’t give you the funds you seek on the basis of even an educated guess. This is why you need demographic questions at the start of your survey. You need to know more about the respondent’s income, age, gender and region. You’ll also need behavioural questions to uncover information about the target audience’s lifestyle. These questions let you filter the data once the survey is complete.
You’ll need to find out whether there’s an actual demand for your business idea. You can do this by asking about similar or competing products and whether the respondents use them, what they like about them and where they learned about them. This is the first step before asking for their first impressions of your own business concept. Present your idea in a few, easy to understand words and then ask them whether they’d be interested in buying it and how much they’d think it is worth.
How to Craft a Survey
You can use online platforms to program a marketing research survey for your business start-up idea. Panel providers can launch the survey, sending web traffic to the survey at an affordable price and then the survey data can be analysed using the tools built into your chosen platform. This data can then be turned into PowerPoints to show to potential investors.
It isn’t always easy to craft and hone the ideal marketing research survey for your new business idea, but it’s a vital step in getting your new enterprise off the ground. Sometimes, discussing your strategy with a skilled professional is the best way forward.
In my free Facebook Group, you get the opportunity to ask me and the other members about your research. You are welcome to join us here: https://www.facebook.com/groups/womenindigitalbusiness/