market research find your right target market

Imagine the scenario: you have developed a new product or a new version of an existing product, but you are not sure who to sell it to. The answer, of course, is to engage in some market research. A market research survey is ideal in situations where you cannot identify the optimal target market for the product. In other words, you need to know who will like the product best, and who will have the most use for it. Most importantly, you need to identify who is most likely to buy the product. As with children’s toys, which are usually bought by adults, your target market may not be the final user of the product.

Designing the form

In order to gather the necessary information, you will first need to describe your new product. What are its features? Try to make the description as neutral as possible. Make it clear what the product can do, but also leave space for your customers to suggest new uses.

When designing your questions, you should also be aware of the difference between closed questions (where customers have to choose from a list of answers you provide) and open questions (where customers have space to write their own text). Closed questions have the advantage of providing more uniform results and being easier to process. However, open questions are often better suited for market research because they allow the respondent’s space to provide answers or opinions that you might not have thought of. This extra information can be critical in defining your target market or niche for the product.

Once you have a form that you are happy with, you can send it out to your existing customers. Be sure to include questions about the age, gender and other demographical information of the respondents. It is essential for the purpose of your market research to know what demographic your respondents fit into but also useful generally to have an overview of existing customers.

If you are a new company without an existing customer base, there are plenty of online survey companies who can provide respondents for your survey. Using an online service ensures that you get the chosen level of responses. The data you receive back is easy to process and compare.

Find out how Netigate can help you with your market research efforts. Check out our various market research solutions to find the best option for you.