How to Use Surveys to Predict Market Share Growth

by:

Business Buzz

As a business owner, you want to attract a group of core customers who are loyal to your brand and whom you can count on to buy from you repeatedly. These are your bread-and-butter buyers, and the relationship you have forged with them is worth keeping. The last thing you want to do is rest on your sales laurels, though, and not look to attract new business to your enterprise. Using surveys to predict market share growth is an effective tool that you will want to use to identify potential customers who may become a part of your core buyers’ group.

Positive Neutral and Negative

Image Credit

 Why You Should Conduct a Survey with Existing Customers

 Surveys should not just be considered a means to find more customers for your business. They are also a way to check in with your current customer base. Your relationship with your core customers doesn’t finish as soon as the customer pays for the product and takes delivery.

 There should be a means in place where you provide some type of follow-up to find out whether the customer was satisfied with the product, the price paid, availability, etc. A survey is one way to gather feedback and find out what your company is doing right, as well as whether there are any areas that need improvement. Only then can your business grow.

How to Use Surveys to Predict Market Share Growth

 Before you can start using the data from surveys to predict your market share growth, you need to ensure that you have a large enough sample of people to complete them. You can start gathering data from sending online product feedback surveys with orders or conducting surveys among your social media followers. If you want to gain access to a larger group of respondents, providers like Survey Monkey International can help you gain access to the precise target market in a specific location once your survey is created.

Once the data has been gathered, use statistics software to classify the respondents into distinct groups. For example, you may want to determine how many respondents like a certain group of products. The respondents who already use your products would be classified as core customers.

The software would be able to use survey responses to calculate the top brands used by your sample. Based on the data collected, it would then be able to predict market share growth for your brand, as well as your competition’s products.

Based on this information, your marketing staff will be able to focus its efforts on developing a strategy to obtain results to get the best possible results for your product in the current market conditions. This approach will also help you to regain your current core customer group, since it is much easier to keep a base of loyal customers than to find new ones and start a new relationship with them if they aren’t familiar with your products. Keeping your existing customer base strong should always be a prime consideration.