Questions

How do I conduct market surveys that narrow down my targeted customer?

3answers

Hi, I been looking around for some options for some startups business planning.

I found an interesting free platform called SurveyMonkey.com, where you can create customized questions and you can spread to your friends and to public, using the results to understand your target market, and more such as branding to concept testing, know what your consumers want with surveys.

Check it out, and if you need any help, let me know.

Cheers,
MM


Answered 3 years ago

The top-down approach is where many businesses start in determining the size of the market. With this technique, you’ll begin by researching the addressable or total market for your product or service.

Then you’ll need to form a reasonable estimate of your portion of that market, which becomes your available market. Thorough research of the market, your industry and competitors is the key to accurate estimation.

Most industries have reports that talk about market size held by existing leaders in the space. For example, Ibisworld and Gartner are two great places to start. They publish regular reports on consumer and business markets and they’re extremely accurate.

Here are more ways to figure out your market size so you can better define your targeted customer: http://www.fieldboom.com/blog/market-size/.


Answered 3 years ago

Market surveys are a great idea for engaging with existing customers and also exposing your business to potential new customers in the process of narrowing down your target market. If you currently have an email provider such as Aweber or Mailchimp, you may already have access to a survey tool as part of your package. If not, Survey Monkey is a great free option.

To conduct market surveys to non-customers, advertising your survey link on Facebook is a great place to start because you can target a broader audience based on what you do know about your target customer. Then, by asking the right questions and analyzing who is engaging with your survey on Facebook, you can drill down to identify a more targetted market.

If your market is B2B, consider taking the same approach but doing so on Linkedin. If time and resources permit, you could also do the surveys over the phone. You're essentially doing cold-calling at the same time.

I'm happy to discuss on the phone if you have any follow-up questions. I'm a big believer in conducting surveys in business and I hope you get the data you need from the process.


Answered 3 years ago

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