What is market research? It’s the process of collecting information about consumers, competitors, a target market or a whole industry, analyzing this information and then interpreting it. Companies use market research to launch products and businesses more successfully, to make more rational business decisions, produce more effective marketing strategies and ultimately take the guesswork out of daily operations.
Companies can do market research in one of two ways: primary or secondary research. Primary research includes collecting information from direct sources like customers. One way to do this is through market research surveys. These surveys ask a series of questions about particular topics – anything from opinions about a product to brand awareness. The company will study the answers they obtain to gain insight.
Since finding a large number of participants to take a survey is the hard part, big companies hire us at Branded Surveys to collect survey responses from our members. We then reward our members with points for every survey they take, which they can exchange for rewards like cash or gift cards.
Before someone even considers launching a new product, service or company, it’s important to know what’s trending in the market and how it would potentially perform. If a company were to launch a new product blindly, they’ll likely end up failing, which can result in a loss in profit, reputation and even trust among consumers. Marketing research is also important for companies to understand their audience better. Once you get to know your audience, it’s easier to create effective marketing strategies and make adjustments to products and services.
Market research surveys also help companies better understand their competitors and the products or services they offer. With a market research survey, companies can collect the information they need to make their company more successful down the line.
At Branded Surveys, we act as the middleman between the big companies that need answers and our members who fill out surveys. With our Survey Matching Engine, we’re able to pair the right candidates with the right surveys. We’re then happy to reward our members with points for every survey they take.
Once our members reach at least 1,000 points on their account, they can exchange their points for rewards like cash or gift cards. There's no limit to how many surveys our members can take; in fact, we reward members who take more surveys by offering them greater bonus points as they advance through our loyalty program.