As a business owner, market research is essential to your success. You need to know who your target market is, what they want, and how best to reach them. One of the most important aspects of market research is asking the right questions. If you ask the wrong questions, or if you don't ask enough questions, you will not get the information you need to make informed decisions about product development and marketing.
In this blog post, we will discuss the types of questions you should be asking when conducting market research. We will also provide tips for making sure that your research is as accurate and reliable as possible, and that it's directed at the right target audience.
What do you want to learn from the market research?
Before you start asking questions, you need to take a step back and define what it is that you want to learn. Having a clear understanding of your goals will help you to create better questions and to more easily analyze your data
Some common goals for market research include: Identifying potential customers, determining customer needs and wants, measuring customer satisfaction, assessing market trends, and evaluating the competition.
When determining a goal for your market research project, it is important to be specific and realistic. Start by asking yourself what you hope to achieve with the research. Then, narrow your focus down to one or two specific objectives. For example, if your goal is to "determine customer needs and wants," you might refine that to "determine what features customers want in a new product."
Competitive analysis may need to be conducted on a regular but discreet basis to ensure that your product or service is keeping up with the latest market trends and maintaining a competitive advantage.
Once you know what it is you want to learn, you can start drafting your questions.
Draft your questions
Once you know what information you need, it's time to start drafting your questions. There are a few things to keep in mind when crafting market research questions:
- Make sure your questions are specific and focused. Vague or open-ended questions will not give you the detailed information you need.
- Avoid leading or biased questions. Leading questions can lead respondents to answer in a certain way that is not accurate or representative of their true feelings. Biased questions can be unintentionally slanted towards a particular product, brand, or idea.
- Be clear and concise. The wording of your question should be easy to understand and should not be confusing.
- Ask only one question at a time. Asking multiple questions in one survey question can be confusing and will make it difficult to analyze your data.
- Be sure to ask both open-ended and closed-ended questions. Open-ended questions will give you qualitative data that can be used to generate new ideas and understand customer sentiment. Closed-ended questions will provide you with quantitative data that can be used to measure customer satisfaction or market trends. Open-ended questions are those that cannot be answered with a yes or no response. These questions allow respondents to provide detailed feedback about a particular topic. They are often used to gather qualitative data about customer opinions and perceptions. Closed-ended questions can be answered with a yes or no response, or they may require the respondent to choose from a pre-determined list of options. These questions are typically used to gather quantitative data.
- Demographic questions should be part of the screening process. These questions will help you to determine if the respondent is part of your target market, and will ensure that your questionnaire is not wasted on people that are never going to be prospective customers of yours.
Test your market research questions on a small group of people
Once you have drafted your questions for your market research project, it's important to test them out on a small group of people before you start collecting data from your target market. This will help you identify any problems with your questions and to make sure that they are clear and concise.
When testing your questions, try to find people who are representative of your target market and who are willing to give you honest customer feedback. Look through your existing customer base, or reach out to friends, family, and acquaintances. Ask them to take your survey and give you honest feedback about the questions.
Ask them to read through your questions and then answer them as if they were participating in your research.
Once you have collected their responses, take a close look at the feedback to see if there are any patterns or areas that need clarification. This process will help ensure that you get the most accurate and helpful information from your market research.
Make sure to thank your respondents for their time and feedback!
Finalize your market research questionnaire and begin collecting data
After you have tested your market research questions and made any necessary revisions, it's time to start collecting meaningful data from your target market. There are a number of ways to collect general market research data, including surveys, interviews, focus groups, and observation.
Once you have collected your data, it's important to take the time to analyze it carefully. Look for any trends or patterns in the responses. This will help you better understand your findings and draw conclusions about the market. For instance, if you find that a large majority of respondents are interested in a new product feature, this could be used to inform your marketing strategy.
Similarly, if you notice that a particular demographic is particularly underrepresented in your results, this could indicate a need for further market research.
Draw conclusions from your findings
Once you have analyzed your data, it's time to draw conclusions from your findings. Start by looking at your objectives for the research project and determining whether or not you were able to answer them. Then, take a close look at your data to see if there are any areas that need further exploration.
Do these new customer insights and key consumer trends invalidate your value proposition? Are there any market segments that you need to target differently? What are the next steps for your business or product development?
Finally, use your findings to make decisions about your product or marketing strategy. Use your findings to create a plan of action for moving forward. market research is an important tool that can be used to inform business decisions. By asking the right questions and analyzing the data carefully, you can gain valuable insights into your target market.
Writing up your market research findings is an important part of the market research process. This step will help you communicate your findings to others and to make sure that your research is used effectively.
When writing up your market research report, be sure to include a summary of your findings, as well as any recommendations for further action. Be sure to proofread your report carefully before sending it out.
How to choose which market research questions to ask?
In just one second we can start researching the market and how can I find the right one? The questions to look for are dependent largely on the stage of the business. You can start introducing surveys in a way that helps you to find the best solution. You might want to ask your current and prospective clients about ways to improve their customer experience.
You can also look at ways to improve your product. In this case, you might want to focus on surveys that ask about what features they would most like to see in a product.
If you’re just starting out, market research questions tend to fall into one of two categories:
- Who is my target market?
- What do they want?
Asking the right market research questions is essential to getting accurate and useful data that you can use to make informed decisions about your business. By taking the time to craft thoughtful and well-targeted questions, you can ensure that your market research will be successful.
Example Questions Based on Pain Points
These questions focus on the difficulties customers may face, are presently facing, or might confront in the future. These sorts of inquiries are fantastic in that they are designed to avoid pain points from occurring in the first place when it comes to preventing them.
Here are some examples of customer experience (CX) and customer journey friction points market research questions.
- What is the most difficult aspect of [action related to your product]? This question is insightful because it allows you to understand what might be causing customers difficulty and how you can improve the process or steps involved.
- What stopped you from [completing an action related to your product]? This market research question is important as it uncovers customer roadblocks that are preventing them from fully utilizing your product or service.
- What bothers you the most about [product, service, or aspect related to either of the two]? This market research question is important as it allows you to understand what might be causing customers dissatisfaction and how you can improve the product or service.
- What do you think we could do better? An open-ended market research question, this inquiry invites customers to provide candid feedback about your product, service, or company. While this question may not always result in actionable data, it can be helpful in uncovering areas for improvement.
- What issues do you typically run into on our website? This market research question is important as it allows you to understand what might be causing customers difficulty and how you can improve the website experience.
- How can we better support your needs when shopping for…? This market research question is important as it allows you to understand what might be causing customers difficulty and how you can improve the shopping experience.
- What frustrates you the most about [product, service or action related to either on]? Getting an insight into the frustrations of your customers is important as it allows you to understand what might be causing them difficulty and how you can improve the product or service.
Pain-based questions are fantastic market research questions to ask as they allow you to avoid or fix customer complaints before they happen. By being proactive and addressing customer pain points, you can improve the customer experience (CX) and overall satisfaction with your product or service.
Questions Based on Goals
Goals-oriented questions aid in the answer to "what do your consumers want?" They are specifically concerned with what customers are searching for and what they hope to obtain from a product or service. These questions don't always have to be limited to a specific product/service; however, they should in some cases. Rather, they can concentrate on honing particular activities/actions in your field. This will not only show you how your customers feel about your industry but will also allow you to innovate more and faster.
Here you’ll find some examples of market research questions on customer goals.
- What do you look for in a [product, service or action related to the particular market]? This question is important as it allows you to understand specifically what customers are searching for and how you can improve the product or service.
- What do you think [product, service, action related to either one] can do to improve its usefulness? To improve a product or service, it is important to understand what customers think would make it more useful. This market research question allows you to do just that.
- What can [product, service, action related to either one] do to help improve your overall user experience? Asking customers how you can improve their overall experience allows you to understand what might be causing difficulty and how you can improve the product or service.
- What aspects would you like to see in new [products or services]? This question is great for uncovering new and perhaps unexpected product or service ideas.
- What needs do you have that are not currently being met by [product, service or action related to market]? This market research question is important as it allows you to understand what might be causing customers' dissatisfaction (either with your product, or your competition) and how you can improve the product or service.
- What do you hope to gain when taking on [problem or goal within a market]? Understanding the customer's gain helps you understand how to market the product or service.
Goal-based questions are important market research questions to ask as they allow you to understand what your target audience is looking for and how you can improve the product or service.
Questions Based on Pricing
Pricing is always (and will continue to be) a major factor in the decision-making process. Even customers in the luxury market are concerned about pricing. Nobody wants to be taken advantage of; even businesses strive to save money.
As a result, it's critical to offer reasonably priced goods or services. However, you won't know what constitutes a reasonable price until you ask your target market what they consider a fair price. This can't be done by relying only on internet research.
Here are a few examples of market research questions to ask about pricing.
- What is a reasonable price range for [product or service]? Your target customers are the only ones who can accurately answer this market research question.
- What would you be willing to pay for [product or service]? This market research question allows you to understand how much your target market is willing to spend on a product or service.
- How do you feel about the current price of [product or service]? This market research question allows you to understand whether customers think your product or service is currently priced too high, too low, or just right. Customers perceive value differently, so it's important to ask this market research question.
- Are there any conditions in which you’d be willing to buy [product or service] at a higher range? This market research question allows you to understand whether potential customers would be willing to pay more for a product or service under certain conditions (e.g., if it were made of higher quality materials, or if it came with a warranty).
- What do you think is the ideal price for [product or service]? If your target customers don't think your product or service is currently priced appropriately, they're very likely not going to buy.
- What would be the maximum amount you’d be willing to pay for [product or service]? Even loyal customers with a high monthly income range have a limit to what they're willing to spend. If the price of your product or service is too high, they're likely to walk away.
- How would you rate the prices within [industry, niche, or specific market]? (These can be answered within a gradient of too high/too low answers) This question can unveil valuable insights into how your target market perceives the prices of goods and services within your industry. If they rate all prices as being too high, it might be difficult to penetrate the market. On the other hand, if they rate all prices as being too low, it could mean that there's room for a luxury option.
- What are some words you would use to describe our pricing? This market research question allows you to understand how customers perceive the value of your product or service. If they use words like "expensive" or "unfair," you'll know that you need to work on your pricing strategy.
- Is [price point] too high, low or a fair ask for [product, service or completion of an action]? This market research question allows you to understand whether customers think your product or service is priced too high, too low, or just right.
- What would it take for us to increase our prices by [x amount or percentage]? If your target market is happy with your product or service but thinks it's priced a little too low, this market research question can give you valuable insights into how to increase prices without losing business. This will likely provide feedback on how you can improve your service or product to increase its value.
By asking market research questions about pricing, you can ensure that you're offering a fair price that meets the needs of both your business and your target market.
Questions Based On Psychographic Traits
The deeper you dig into your target audience, the more personalized your messages become. This is a crucial element of marketing analytics: learning about the psychological characteristics that exist within your target market or among all respondents. The sentiments, hobbies, and opinions held by your client base are part of this sort of methodology to market research questions.
The ability to reach consumers on an intimate level, as well as better understand them and their opinions on any subject are one of the advantages that data-driven marketing has given marketers. You may use these to focus on your product/service or the act of buying.
Here are a few examples of questions based on psychographic traits.
- Which of the following is most important to you? (Give respondents a list of choices that are important to your product, service or industry) This market research question allows you to understand what's most important to your target market. This can help you focus your marketing messages on the things that matter most to them.
- What are your thoughts on [brand]? This open question allows you to understand how customers feel about your brand. If they have positive sentiment, you know you're doing something right. If they have negative sentiment, you'll know what areas need improvement.
- What are your thoughts on [industry, niche or specific market]? This market research question allows you to understand how customers feel about the industry, niche or specific market in which you operate. If there's negative sentiment, you'll know what areas need improvement.
- What are your thoughts on [product or service]? This market research question allows you to understand how customers feel about your product or service. If there's negative sentiment, this could be a new niche in the market that you could carve out for yourself in solving the problem that the market has.
- How do you like to spend your free time? This open question allows you to understand the hobbies and interests of your target market. This can help you segment your market and create targeted marketing messages that speak to their interests.
- If you had more time, which of the following would you do? (Give respondents a list of choices that are important to your product, service or industry) This market research question allows you to understand what's most important to your target market. This can help you focus your marketing messages on the things that matter most to them.
- If you had more time, what would you spend more money on? This market research question allows you to understand what the priorities are for your target market. This can help you focus your marketing messages on the things that matter most to them.
- How do you favour making purchases? How potential and existing customers favour making purchases will give you a good indication of how to market your product or service. If they favour convenience, you'll want to make sure your product is easily accessible. If they favour quality, you'll want to focus on the features and benefits that make your product the best.
- What interests you? This market research question allows you to understand the interests are for your target market. This can help you segment your market and create targeted marketing messages that speak to their interests. For example, if you sell sports equipment, and your target market is interested in dog walking, you could create a targeted marketing message about how your product can make dog walking more enjoyable.
- What draws you to one brand over another in the [niche, industry, space, etc.]? Knowing the preferred brand, and why, in the market will give you a good indication of where to position your product or service. If customers prefer a certain brand because of its reputation, you'll want to focus on building your brand's reputation. If customers prefer a certain brand because of its price, you'll want to focus on positioning your product as a more affordable option.
Questions Based on Product Development
Product development questions are important market research questions to ask as they allow you to understand what features existing customers want and don't want, as well as any unmet needs.
Here are a few examples of questions you could use in a market research survey to gather feedback on product development:
- What do you think of the current [product or service]? An open question that invites feedback on the current product or service. Customers may mention things they like and don't like, as well as any unmet needs.
- What feature would you most like to see added to the product? This market research question allows you to understand what features customers want. You can then prioritize these features in your product development roadmap.
- What do you think of the current [feature]? Current features can always be improved. This market research question allows you to gather feedback on how customers feel about a specific feature and what could be done to improve it.
- Do you have any suggestions on how we could improve the product? This is an open-ended market research question that allows customers to share any thoughts or ideas they have on improving the product.
- What feature would you most like to see removed from the product? It's invaluable to understand what existing features annoy or frustrate customers. This market research question allows you to gather this feedback and make improvements accordingly.
- What need does this product not address yet? Valuable information can be gathered by understanding what needs your product doesn't address.
Questions Based On Behaviour
Behaviour market research questions are important as they allow you to understand the behaviour of your target market. This can help you develop targeted marketing messages and product features that address their needs.
The following market research questions are a few examples that you could use in a market research survey to gather feedback on behaviour:
- How often do you [use the product or service]? This question allows you to understand how often customers use your product or service. If they don't use it very often, you'll want to add a subsequent, more open-ended question to find out why and see if there's anything you can do to increase usage.
- What are the main reasons you [use the product or service]? There are many reasons why customers may use (or not use) your product or service. This question allows you to understand the main reasons so you can focus your marketing messages and product development efforts accordingly.
- What are the main reasons you [don't use the product or service]? As with the previous question, this question allows you to understand why customers may not be using your product or service. This information can help you make changes to increase usage.
- When was the last time you [used the product or service]? If customers haven't used your product or service recently, you'll want to find out why. This question can help you uncover any potential issues and make changes accordingly.
- What are the main reasons you [would/wouldn't recommend the product or service to others]? Customer recommendations are important for business growth; they are hard to come by and should be taken seriously. This question allows you to understand the reasons behind customer recommendations (or lack thereof) so you can take appropriate action.
Market research can help you understand your target market, gather feedback on product development, and uncover customer needs. Asking the right questions is essential to conducting effective market research. The insights you gain from market research are only as strong as the questions you ask.
The strengths of all of the question types discussed in this post are essential for tapping into the brains of your current and potential consumers. What's more, these sorts of questions can assist you in broadening your target market while also appealing to a broader audience. They may help you create marketing campaigns, content, and product/service innovation.
However, you must keep in mind that these comprehensive questions DO NOT cover demographics. Instead, they are for individuals who have already completed the survey's screening question stage.
Screening questions, which determine whether or not a person is eligible to participate in a survey, ask demographic information about the respondents. While they are critical to recognising who your participants are, they do not always allow you to draw conclusions regarding your clients' behaviours, needs, and attitudes (although a few of them might).
For a comprehensive market research data collection, a strong survey should include both sets of questions.
What are the 4 common market research methods?
Market research methods typically are conducted using surveys, interviews, customer interviews, focus groups, or surveys.
- Surveys are the most common market research method. They can be conducted in person, by phone, or online.
- Interviews are another market research method where you gather information from a potential customer or client through conversation.
- Customer interviews are market research interviews that are conducted with current customers of a business.
- Focus groups are small groups of people who are brought together to discuss a product or service.
These are the four common market research methods. Each has its own strengths and weaknesses, so it's important to choose the right method for your needs. We'll cover these pros and cons in a separate post.
I hope you found this market research introduction helpful. As always, please feel free to contact us if you have any questions. We're happy to help!