Market research should be your first step before launching your business
Before starting your next business, it’s always a good idea to test it first before spending money on designing and marketing the product. This includes learning whether, or not people actually want to buy it. This process is called market research.
Companies spend lots of money on market research every year
From focus groups and product testing to interviews and surveys, American companies spend billions of dollars every year on market research to understand consumer preference. This is how businesses discover which logo is the catchiest, what flavor of potato chips is most consumed, and which pop song will be the next top hit.
Why Companies prefer online market research
To save as much time and money as possible, companies now opt for online market research rather than phone surveys, which could cost you up to $15,000. One of the easiest ways to do this is through online surveys, or surveys via email. The cost of a 200-person, e-mail survey will be between $2,500 and $5,000. However, the same amount of participants from a snail mail survey would cost you between $5,000 to $7,000. To help you figure out what you would like to ask in a survey, it’s always helpful to download a survey template from online, or to make your own from scratch.
How to get more participants for an online survey
As a way to encourage consumers to fill out online surveys, companies usually offer them rewards, like money or points for every survey they complete. These points can be redeemed for rewards like product discounts, airline miles, or even gasoline gift cards. Although it does not offer rewards just yet, 360 Angles is the first platform in the Arab region that conducts online surveys. It provides informative articles and useful information that targets the importance of online surveys and how they can help you shape your new business successfully.
Online surveys that offer rewards
This way, not only do companies benefit from valuable market research, but consumers also get rewarded for their time with discounts and freebies on products.
However, rewarding survey participants encourages them to cheat
The more surveys consumers fill out, the more they get points. This, in return encourages participants to fill out online surveys as quickly as possible with little to no thought. Not only that, but many of them also make more than one email address to answer the same survey questions multiple times. Some also lie about their demographics so they can participate in surveys they aren’t qualified for.