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What is market survey and what are the steps to be carried out while doing a market survey?

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For any enterprise established at the local level or at the national level, it is essential to understand the market and the customers. To discover potential customers and understand the needs of existing customers set achievable targets for business growth and latest product developments, a market survey is a tool to make well-informed market decisions about one's services and develop effective strategies. It not only helps one to determine the size of business but also a simple component of what should the location be for one’s enterprise. The market survey also enables the entrepreneur to identify problem areas in business and work on it. 

The objectives of any market survey should encapsulate the following:

1. To understand the capture size of their product/ service and list out products and services beneficial for the community

2. To be able to target the audience better of knowing the preferences

3. To be able to cycle of market survey and challenges and opportunities in each segment

4. To be able to understand the channel for distribution of product/ service

Market survey is important as it helps discover potential customers and their needs, which can be incorporated in one’s service; sets achievable targets for business growth and latest product development, makes well-informed market decisions about one’s services and develop effective strategies and identification of problem areas in business. 

Steps to conduct an effective Market Survey:

  1. Setting the objective of the Survey
  2. Understanding the target market
  3. Data collection, exploring the tools and techniques for data collection
  4. Drafting the market survey questionnaire
  5. Conducting the market survey
  6. Analyzing the findings/ information
  7. Test Marketing
  8. Implementation