Unlocking Market Insights: How to Conduct a Survey
Surveys are a powerful tool for businesses to gather valuable insights into customer preferences, market trends, and other vital data that can help guide business decisions. However, conducting a survey can be a complex process that requires careful planning and execution to ensure accurate results. In this post, we'll provide a comprehensive guide to conducting a survey that will help you gather the data you need to make informed business decisions.
If you want to see how surveys fit into a business's market research plan, check out my article How to do Market Research for your Business after reading this post.
What is a survey?
A survey is a market research method that involves asking a set of questions to a sample of people to gather information about their opinions, behaviors, experiences, or attitudes toward a particular topic or issue. Surveys can be conducted online, in person, by phone, or by mail. The survey data is then analyzed to gain insights into the target audience and inform business decisions.
What are the benefits of surveys?
There are several benefits of surveys as a market research method, including the following:
- Quick and efficient: You can quickly distribute and easily analyze surveys to large groups of people.
- Cost-effective: Surveys are a relatively low-cost method of gathering data compared to other market research methods, such as focus groups.
- Versatile: Surveys can gather information about various topics, from customer satisfaction to market research to employee feedback.
- Anonymity: Respondents can remain anonymous when completing surveys, encouraging them to be more honest and forthcoming with their answers.
- Standardization: Surveys allow for standardized questions and response options, making comparing and analyzing data easier.
- Quantitative data: Surveys produce quantitative data, which can be easily analyzed and used to identify trends and patterns.
- Large sample sizes: Surveys can be distributed to large sample sizes, providing a representative snapshot of the population being surveyed.
- Remote data collection: Surveys are accessible to people at different locations and times.
Common use cases for surveys
Here are six use cases for businesses using surveys:
- Validate an idea: Businesses can use surveys to determine if there is a viable market for their business idea.
- Customer satisfaction: Businesses can use surveys to gather customer feedback about their satisfaction with a product or service.
- Employee feedback: Businesses can use surveys to gather employee feedback about their job satisfaction, workplace culture, and areas for improvement.
- Market research: Businesses can use surveys to gather data about market trends, customer demographics, and competitors.
- Product development: Businesses can use surveys to gather feedback from potential customers about new product ideas, features, or improvements.
- Brand awareness: Businesses can use surveys to measure brand awareness and perception among potential customers.
- Website usability: Businesses can use surveys to gather feedback from website visitors about their website's usability and identify improvement areas.
What are the steps to conduct a survey?
Step 1: Define the objectives
Determine what you want to achieve with the survey, such as gathering feedback on a product or service, measuring customer satisfaction, or identifying market trends.
Step 2: Identify your target audience
Determine who you want to survey, such as current or potential customers, employees, or a specific demographic group.
Step 3: Pick a survey provider
Determine a survey provider that you can use to host your questions. I recommend using Typeform (the best overall tool) or Google Forms (the best free tool).
Step 4: Create the survey questions
Develop straightforward and concise questions relevant to your objectives and target audience. Be mindful of bias and avoid leading questions.
Step 5: Test the survey yourself
Before distributing the survey, test it as if you were taking it to ensure the questions work as expected and the question flow makes sense.
Step 6: Decide how you will distribute the survey
Think about the best way to reach your target audience. For example, you could send your survey via email, newsletter, landing page, text, etc.
Step 7: Test with a small group
Test your survey with a small group to ensure the questions are understandable and the survey works appropriately.
Step 8: Send your survey to participants
Choose the appropriate distribution method and send your survey out. Be sure to provide clear instructions and a deadline for completion.
Step 9: Gather your responses
Track and organize the responses as they come in. You should send follow-ups out as you approach the deadline for completion.
Step 10: Analyze the data
Use software or manual methods to analyze the data and identify patterns and trends.
Step 11: Draw conclusions and take action
Use the insights from the survey to inform your decision-making process and take action to address any issues or opportunities.
Step 12: Thank your participants
Thank everyone who participated in the survey and, if appropriate, share some insights with them.
How do you find people to survey?
Here are some standard methods for finding survey participants:
- Existing customer databases: Businesses can survey their existing customer databases to gather information about their products or services and to collect feedback about their customer experiences.
- Online panels: Businesses can use survey panels to reach a wider audience. Online panels are groups of individuals who have signed up to participate in surveys in exchange for rewards or incentives. SurveyMonkey is a great cost-effective solution to get started.
- Social media: Businesses can use social media platforms to recruit survey participants. They can post surveys on their social media pages and encourage followers to share them with friends and family.
- Market research firms: Market research firms specialize in recruiting survey participants and can provide access to a diverse pool of participants. Make sure you request data from these market research firms to understand who they have access to. Some firms specialize in a business type (healthcare, insurance, etc.), a transaction type (B2B vs. B2C), or a region (North America, Asia, etc.).
How to design survey questions
The questions you should ask in a survey will depend on your research objectives and the target population. Here are some general tips and types of questions to consider when creating a survey:
- Keep it focused: Focus on a specific topic or set of issues to keep the survey concise and easy to complete.
- Use demographic questions: Use demographic questions (such as age and gender) to gather data about the characteristics of the respondents. Put this at the front of your survey.
- Use a mix of question types: Use a variety of question types to keep the survey interesting and to gather quantitative and qualitative data.
- Use clear language: Use simple language to ensure respondents understand the questions.
- Avoid leading questions: Avoid asking questions that lead respondents to a particular answer.
What's the recommended size of a survey?
The recommended size of a survey depends on the purpose and scope of the survey. The larger the sample size, the more accurate the results will be. However, a larger sample size also means higher costs and more time to collect and analyze data. Here are some general guidelines for survey sample sizes:
- For exploratory research: A sample size of 30-50 respondents may be sufficient to provide insights and identify potential patterns or trends.
- For descriptive research: For descriptive research, which aims to describe a population or phenomenon, a sample size of 100-200 respondents may be sufficient.
- For segmentation analysis: When conducting segmentation analysis, which aims to identify groups of consumers with similar characteristics and behaviors, a larger sample size is needed to ensure that the segments are statistically significant. As a rule, try to sample at least 100 people for each segment.
- For inferential research: A larger sample size is needed for conducting inferential research, which aims to make generalizations about a population based on a sample. For example, a sample size of at least a couple thousand respondents is recommended for New York City (population of ~19 million).
What tools should you use to conduct surveys?
Here are my recommendations:
- Typeform: best overall tool.
- Google Forms: best free tool.
What biases do you need to control for surveys?
Surveys are subject to several biases that can affect the accuracy and representativeness of the data obtained. Here are some common biases that businesses should control when designing surveys:
- Selection bias occurs when the sample of respondents is not representative of the target population. To control for this bias, use random sampling techniques to select participants from the population. In this way, each member of the population has an equal chance of being selected, which helps to ensure that the sample is representative.
- Response bias occurs when the way a question is worded or the way a survey is conducted influences the participants' responses. For example, wording a survey question in a leading or biased way can affect the responses. Avoid loaded language or phrasing that suggests a particular answer to control for this bias.
- Social desirability bias occurs when respondents provide answers they believe are socially acceptable rather than their actual opinions or behaviors. For example, respondents may overestimate their participation in environmentally friendly behaviors if they think it's socially desirable to do so. To control this bias, you could acknowledge that it exists and is a common issue in surveys and encourage respondents to answer honestly.
- Confirmation bias occurs when researchers only look for information that confirms their pre-existing beliefs or hypotheses rather than considering all available information. To control for this bias, involve individuals with diverse perspectives and experiences in the survey design process. This can ensure that multiple viewpoints are considered and reduce the impact of confirmation bias.
Tips to get the most value from surveys
- Test the survey before launching: Testing the survey with a small group can help identify any issues with the survey design or questions. This can help to ensure that the survey is effective and provides valuable insights.
- Use skip logic and branching: Skip logic and branching can help to customize the survey for each participant, making it more engaging and relevant. This can also help to reduce survey fatigue and improve response rates.
- Consider the survey timing: The timing of the survey can impact response rates and the quality of the data. For example, sending the survey during peak work hours may result in lower response rates, while sending it during off hours may result in more thoughtful responses.
Common mistakes with administering surveys
- Surveying the wrong audience: Surveying the wrong people can skew the data, leading to bad business decisions.
- Poorly designed questions: Poorly worded or confusing questions can lead to inaccurate responses.
- Lengthy surveys: Surveys that are too long can lead to respondent fatigue, resulting in incomplete or inaccurate responses.
Example companies that have used insights from surveys to drive business success
1. Wealth
Wealth, a company trying to modernize estate planning, surveyed 10,000 people aged 30-55 to validate their business idea. They found that 70% of people would be more likely to set up an estate plan if their employer offered it. As a result of the progress they have made based on the insights of their survey, the company has attracted $16 million in funding and grown its team to over 70 employees.
2. Project Oxygen at Google
In a study called Project Oxygen at Google, they administered a survey to collect upward feedback from employees and measure that against performance ratings. They found patterns in the data, which Google used to define the company's top 8 management behaviors. This data helps Google when interviewing candidates for management-level positions, identifying existing employees for promotions to become managers, and training new managers to be successful.
3. Ford
Ford uses surveys yearly to gather feedback from car buyers and understand consumer trends, which they use to make informed business decisions and drive growth. The company publishes some of its findings here for the public to see.
Conclusion
In conclusion, conducting a survey is a powerful tool businesses can use to gather valuable insights about their customers and target market. Businesses can uncover valuable data that can inform their decision-making processes and ultimately drive success by designing practical survey questions and administering the survey to the right audience.
