Quantitative market data provides measurable information about your market. They answer the “what, who, how much and how many” questions and complement the “why” questions of the qualitative data. The best and most used way to get such data is by conducting surveys. Chances are you’ve conducted customer surveys in various forms in the past. With the ability to conduct simple and scalable online surveys today , there really is no excuse not to. If you already have a solid customer base, email list, or social media followers, it’s easy to spread surveys. There are three things to keep in mind when creating a survey Make sure you either hand them out to prospects or add questions to help identify people. Make sure you have a representative sample from which to draw your conclusions.
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You can get an idea of the sample size you need by Hong Kong Email List plugging. Your numbers into a sample size calculator . Even if I include the entire US population, it only takes 600 respondents to say with 95 confidence that the data is accurate to within ±4 . You’ll probably only need a much smaller sample. Ask the right questions. I will elaborate on this further. You should always know why you are asking a specific question in the survey. In general, here’s what you want to know about the market Demographic data such as age or income Attitude data, such as whether or not they agree or disagree with certain statements relevant to your industry. An example of this would be the following Likert scale question Behavioral data on consumer preferences and satisfaction.
However You Will Often Find That It Is
If you have the budget, you can hire an agency to conduct a survey on your behalf, or buy consumer studies from research and consulting firms like Forrester. If not, it’s worth spending a little time Googling for market research studies, as some may be available for free. c Market Segmentation Your goal here is to create a grid that divides the entire market into customer segments that share behavioral traits such as product requirements. If those segments also share demographics like age or income bracket, all the better, but that doesn’t happen very often. It is already an application of the data collected in the previous steps. Here’s what proper market segmentation might.