4 free resources for conducting online market research survey
A majority of small businesses conducting business would already have an established online market research platform for its entity. Some of them would be engaged in the conduct of online market research survey without being aware of it. Whatever may be the scenario, having thorough knowledge about conducting online market research survey or taking advantage of the online tools, portals and information platforms available would smoothen the process of online market research survey thus having a positive impact on the overall performance and growth of business.
Reasons why organizations undertake market research
Market research as everyone knows is a continuous and evolving process undertaken by an organization to understand the needs and requirements of the consumers along with channelizing its efforts to meet this demand of consumers by constantly upgrading the products and services offered.
To meet the consumer needs by undertaking market research, an organization needs to engage in a planned and systematic collection of data about competitors, industry trends, market scenario, and economic data including the likes, dislikes, behavior, attitude of consumers and various other information. The assimilation of all these data aids a company to strategize its operational policies to be in lieu with the current market scenario thus enabling it to make the needed changes in the launch of the new product or service.
The arrival of the internet has proved to be a boon in disguise for small entrepreneurs and business houses as they can now look forward to undertake market research either free of cost or almost at negligible cost using the online market research survey tools.
Listed below are some of the freely available resources or platforms which a small or medium sized business can engage in for the conduct of market research:
Search for Secondary Data
Secondary data refers to searching information that is already available on the internet. The information collected by different research organizations such as government agencies or other non-profit organizations and research groups available on the internet provides a wealth of information to small and medium business houses, only waiting to be searched upon.
Search for data about competitor’s company and other competitor links
The internet acts as the best source for companies to determine where their competitors are heading including the consumer response for the competitor’s products. By making use of the online market research survey tools, a business can easily ascertain all key information about its competitor’s right from company centric details to employee related information including investor portfolio and detailed investment study.
Search for Keywords
The role of keyword research in tracking a website and in obtaining loads of information pertaining to consumer’s opinion, needs and wants cannot be denied. In an online market research survey, keyword search occupies a prime place.
Adopt web traffic analysis
Web traffic analysis, quantification of traffic to a website can be easily measured. A business engaging in web traffic analysis can have a clear idea about the existing number of consumers, the potential consumers including various other visitors who use or visit the website. A concise picture of demographic classification can be obtained at finger-tips.
Crowd-funding for market research and conduct of online surveys using questionnaires or creation of online focus groups are other ways a business can engage in to conduct online market research survey. Using the above resources or platforms for conducting online surveys can help any business organization collect crucial market research information available at disposal.