Market Survey is another most widely used sales forecasting method which is used to gather information related to the market that cannot be collected from the company’s internal records or the external published sources of data.
The market survey method is typically employed in the situations where the primary data or first-hand data is required to forecast the demand. Such situation exists when the company wants to introduce a new product or a new variant into the market; then it resorts to the primary data.
Similarly, the company entering into a new business relies on the market survey to forecast its demand or sales. Since, there are no past records available with the firm, so it has to collect information from the market or from the customers directly to forecast the sales. Usually, the companies conduct the survey among the sample of consumers to understand their purchasing capacity, attitudes and purchasing habits.
Sometimes, the channel partners are also surveyed to know their attitudes, likely purchases, and the overall industry trend. Often the market survey is used as a synonym of market research or market analysis, but this is not correct. In fact, the market survey is one of the techniques being used in the market research.
The main advantage of the market survey method is that it helps in gathering the original or primary data specific to the problem concerned. But however, a collection of primary data could be time-consuming as well as expensive.
A market survey allows you to ask your target virtually any question, giving you valuable feedback about your product, service or marketing strategy.
It is important to make a detailed questionnaire for the consumers in a survey so as to obtain maximum inputs and insights. Most of the key features involved at Simpligrab are the following:
Objectives of a market survey
Conduct on field survey
Market Survey Questionnaire
Current Market Needs
Is the product solving the current market needs
Identify Market Trends
Identify Market/Product/Brand Acceptance
Collect Data
Competitive Analysis
Focus Groups
Consumer Attractions
Buying Power
Online Survey
Concept Testing
Group Discussions
Personal Interviews
Public Places there and then itself
Sample Size
Market Needs
Product Testing
Interviews
Observations
Reactions
Online Surveys
Customer Satisfaction
Consumer Need
Consumer Product Desires
Places of Survey
Background of Consumer
Identify Consumer Habits
Interesting Facts
Consumer Connect
Identify closeness of brand/product to the consumer
All of the above is done in detail as per the objective assigned. Common objectives are the following:
Auditing
New Product of an existing brand
New Brand Market Entry
Perception Analysis
Review and Trend Analysis