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Why market research tool?
The times are gone when consumers used to buy what sellers had to sell. In today’s time, with multiple options to choose from and vast amounts of competition persisting among sellers, consumers hold the power to choose what they want to buy and from whom they want to buy it. In order to be in line with your customer, understanding the market becomes very important. This is where a market research tool comes into play.
A market research tool is essentially focused on ways to collect data in particular from the consumers. The survey tool is designed in such a way that gives you a varied ready-to-use survey focused on collecting information from consumers based on your product. Apart from data collection, a market research tool gives you the perfect presentation for your data analysis from the data collected through market surveys.
Importance of Market Research in the business world
Market Research is nothing but a way of collecting data and generating crucial insights about your business from your target audience. In order to get the right message to the right audience market research can come handy in the following ways:
Know your audience
Market research helps you understand the impact of your product on consumers and their opinion about the same. This helps you understand your audience’s needs and expectations.
Helps improve your product
On conducting market research about your product, you will come across the likes and dislikes of consumers about your product. This insight helps you improve your product based on consumers’ demand.
Gives insight on expansion
When planning to expand a business, market research becomes the foremost crucial thing to do. It gives you a clear insight into the various aspects of the segment you are planning to expand your business.
Helps understand your position
There is a vast amount of competition for each and every product persisting in the market. Market research helps you understand the position of your business and product among all the pertaining competitors.
Helps analyse the risk
Be it launching a new product or expanding your business or running an experiment with the product or market, it is very important to understand the level of risk attached to it as it may cost you and your business heavily or it may make you a lifetime fortune. But in order to understand what’s in there for you, you need to have complete knowledge of all kinds of risks associated and in such a case market research becomes very handy. It not only gives you insight into your own plans for your business but will also help you understand the position of competitors in the domain.
Helps create demand
Running a business in today’s world is difficult- you can either beat the competition by mass production or by innovative creation of products. For a small business, innovative creation seems to be a better option but for that, you have to be sure that there is enough demand for the product that your business is planning to launch. This is where market research helps you analyze whether the business will be able to generate demand for the product or not by conducting surveys and collecting data from ultimate consumers.
Fynzo Market Research Tool for businesses
Collecting data from the target market and analyzing it seems to be a simple task to be done in market research but in the practical form, it is much more than what meets the naked eye. For a fruitful outcome from market research, it is necessary to conduct it the right way, using the right tool. This is where Fynzo market research tool comes in handy for businesses.
1. Provide templates as per the business
There are a variety of businesses running across the globe. Each business has its own target audience and needs to understand various different aspects of the market. Fynzo market research tool provides various ready-to-use survey templates for different business purposes and their needs.
2. Provide templates as per the target audience
Approaching the target audience in the right manner is very important as it can impact the quality of data collected from them. Fynzo market research tool provides templates based on the target audience as well. For instance, the target audience comprising the old age group is likely to be more responsive to formal surveys rather than informal ones.
3. Gives customization option
Apart from providing ready-to-use survey designs, the Fynzo market research tool gives you the option to customize the survey as per your requirement or create an entirely new survey with the help of all the survey customization options available.
4. Varied survey floating options
Fynzo market research tool lets you share your survey across multiple platforms and in the desired formats like QR code, link, and many others. This makes your work easy as you do not need to make a different survey for different platforms and formats.
5. Provide detailed survey reports
Fynzo market research tool saves your time and effort by generating real-time reports from the data collected from the audience. You can generate reports in various forms like bar graphs or pie charts and others based on how you want your information. It also allows you to download the response collected in order to generate your own report.
Useful products offered by Fynzo Market Research software
Enhance your market research experience with Fynzo market research software’s unique offerings.
Brand Awareness Survey
This survey is designed in specific ways which focus majorly on the areas impacting the brand image of the product or business as a whole.
Customer Experience Survey
This survey is designed to know more about the consumer experience in various aspects like product usage or service offered by the business.
Product Research
This survey design helps to collect information about the product specifically be it for launching a new product or understanding the performance of existing product.
Buyer Persona Research
This survey design in the market research software helps users understand the nature of the customers and help identify the target audience.
Competitor Analysis
This survey design collects and give information about the existing or potential competitors in the market, giving a comparative analysis for the same based on the information collected from the people.
Product Pricing Survey
This survey collects information which better helps in understanding the pricing of the product based on the demand for the product and the consumer preference for the same.
Ad Testing Survey
This survey is done by sharing the ad with a sample audience and getting feedback using the market research software. It helps companies in customizing their ad to suit their customers.
Market Segmentation Research
This survey helps understand the various segments of the market. Analysing the data collected from market segmentation research helps to penetrate deeper into the market in the right direction.
NPS Survey
Net Promoter Score (NPS) is a great tool to measure customer loyalty. NPS software can help in the growth of the company by leveraging your loyal customers into promoters for your products or services.
Create surveys using Fynzo app for market research
Easily create surveys of your own, distribute them, collect responses and analyze them in rich graphical formats, all on Fynzo online survey app for market research.
Frequently Asked Questions on Market Research Tool
For any business- big or small, market research is very important. It helps you understand the various aspects related to the market be it your target audience, product price, competitors, market segment and many other things.
Market research can be broadly divided into two types – primary and secondary research.
- Primary research comprises both qualitative and quantitative market research and is done by going directly to the existing and prospective customers in the target market to gather information.
- Secondary Research comprises data already existing in the market and comes from various public sources like government reports, education sectors etc.
Conducting market research is an easy task given you keep certain crucial things in mind:
- You should be very clear about the objective for which the research is being conducted.
- Formulate your questions keeping your objective and target audience in mind.
- Fix the level of quantity and quality you want your research to conduct with.
- Float the survey and gather insight.
Doing correct market research before launching a new product is a very necessary step as it decides your chances of success and failure for the same.
- Be thorough with the competitors before launching the new products.
- Know your customers, their needs and their expectations they will have with your product.
- Test your product in different market segment and geographies along with all the marketing strategies you have in mind for the product as this will help you understand what is working and what is not and increase your chances of profit and help manage the cost.
- Once the testing of segment and marketing campaign is done, release your product among the most responsive market segment with the highest responsive marketing campaign.
The are various ways in which you can understand the market and its elements. Some most common ways are floating surveys, conducting interviews, customer observation and target groups. One can have a combination of the ways in order to collect the most refined data. Also, conducting market research can be time consuming and costly so one should always have a budget and based on that should choose one or combination of ways in order to conduct market research.
A market research tool can be understood as a combination of tools that not only helps users to make surveys but also collects and saves data. It generates real time data collected reports for the users to interrupt in one go.
Fynzo market research tool is the best market research software tool available. It provides users with ready-to-use surveys which users can directly use or customize as per their needs. It saves users time and efforts by generating basic reports from the real time data collected through surveys. It lets users time their survey and is compatible with various platforms like SPSS.
Just follow these simple steps:
1. Login to your very own Fynzo account.
2. Click on “Create New Survey” on the dashboard.
3. Enter a Form Name of your choice and press submit.
4. Click on “Add New Questions” to add a question to the survey.
5. Mix and match the type of questions like MCQ, NPS ranking, text, etc. according to your needs.
6. Flip over the “Required” button if the question is compulsory.
7. Submit your form to save the question.
8. Add more questions on the subsequent page.
9. After you are done adding questions, share your survey on social media channels, by email, SMS, or through QR codes.
Fynzo market research software offers a 14-day free trial where no credit card information is required. Apart from that, its paid plans, (when billed yearly) are:
Starter plan- $19/month
Standard plan- $32/month
Premium- $79/month
View full pricing here.
Yes, you need to have an account for creating surveys here. Sign up with your Gmail, Facebook or via email to enjoy the advanced market research software tools offered by Fynzo.
Many customization options are available with Fynzo software for market research. Pictures and videos can be added to the question along with text.
Yes, of course. After you finish creating your survey, you can preview it by opening the survey URL in browser. You can then make changes to your surveys on this software for market research if you don’t like what you are seeing.
Tips and Tricks on Market Research Tool
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