To build a successful business, it is important to gather useful insights through market research. More than anything else, carrying out market research helps you to collect necessary information and make the right business decisions with regard to market segmentation and product differentiation. 

In this article, we will share sample questionnaires for different types of market research; specifically product, client, and customer market research. We will also show you how to use Formplus to create a simple online research questionnaire in no time. 

What is Market Research? 

Market research is the process of gathering valuable information about the needs of your target market, consumer behaviors, and market challenges. Conducting market research helps you to determine the feasibility of a product or service before its introduction to the market. 

During market research, an organization can collect primary and/or secondary data. Primary data refers to information that is collected directly from the research participants and target markets while secondary data refers to already-processed information about the research context and subject(s). 

Importance of Market Research

• Improves Sales

Market research provides unique insights into the expectations of your customers and clients, which helps you tailor your product to meet their specific needs. This would ultimately help to increase your sales.

• Identifying New Business Opportunities

With market research, you’d be able to spot untapped business opportunities in your industry and work on building a product in line with this. You can discover new geographical concentrations for your target market, for instance. 

• Reduces Business Risks

As a business owner, your priority should be taking calculated risks and this can be achieved when you have forehand knowledge of the dynamics of your industry. Conducting market research arms you with useful insights that will help you make the right business decisions.

• Advertising

Market research also improves your advertising by helping you to identify the best channels to reach your customers. You’d better understand market demographics and also know the channels that can yield the best returns in terms of lead generation and sales. 

• Competitive Advantage

With better knowledge of market needs and consumers’ preferences, you’d stay ahead of your competition. For instance, you can identify neglected market segments and focus on penetrating them. 

Market Research Questionnaire Examples for Product 

Product market research questions trigger responses that reveal how well-suited your product is for the target market. The right product-market research questions provide useful insight into the feasibility of the product before it is launched. Here are 11 question samples for your product market research questionnaire. 

• What is your deciding factor for product patronage?

This question would help you focus your product’s unique selling point on what the target market considers valuable. For instance, if the deciding factor for your target market is affordability, you would want to work on a fair pricing rate for your product.

• How likely are you to purchase groceries online?

Since you want to create a product that satisfies a specific need, you need to be sure your target market would be willing to buy into your idea. If the market has no need for an online grocery store, there’s little or no reason for you to launch one.

• Which product features are most valuable to you?

You can tweak this question in line with your specific product. Data gathered via responses would help you identify the product features you need to invest in.

• Would you be willing to subscribe to a weekly business newsletter?

Questions like this would help you decide whether you need to go ahead with a specific development plan for your business. If you want to launch a newsletter, it helps to know if you have a willing audience for it.

• Would you like to process orders and payments in a single form?

This type of question would help you identify the need(s) of the market and you can work on creating a product or developing a feature to meet this need.

• Who is your trusted internet service provider?

If you’re looking to penetrate a new market, it is important for you to identify the existing competition; that is, organizations that provide similar services in your industry. Asking prospective customers to identify the brands they trust is an essential part of your competitive analysis.

• What challenges do you face with 3rd party logistics companies?

This question would help you to identify the specific needs of your target market. You can focus your product on providing solutions to the challenges highlighted.

• Would you find this product useful?

This is a straightforward question to determine whether your product fills a specific need in the market.

• Would you be willing to pay in installments for this service?

Questions like this would help you identify product features that your target market considers to be valuable.

• How much are you willing to pay for this product?

This question would help you fix a reasonable price for your product. While your product may be excellent, ensuring its affordability is key to penetrating the market effectively.

• How much do you spend on groceries every month?

This question would provide insights into the purchasing power of your target market.

Read: Research Questions: Definition, Types, +[Examples]

Market Research Questionnaire Examples for Customer

To better under your customers’ perceptions of your product, you can create and administer a market research questionnaire. A market research questionnaire for your customers should include questions that focus on the usefulness of different aspects of your product delivered to your customers. 

You’d also want to centralize questions that bother on customer demographics, challenges, specific needs of your customers, and how your product meets these needs. Here are 11 specific questions you can include in your market research questionnaire for customers: 

Demographic Questions

These questions will help you better understand who your customers are and also help you create an accurate buyer persona.  Knowing who your customers are and what appeals to them means that you would be able to focus your product on what appeals to them. 

• What is your monthly income range?

Knowing how much your customers earn gives you a hint of their purchasing power and how much they can typically spend on your product. This will inform the pricing of your product so that you do not price yourself out of business.

• How much do you spend on shopping every month?

Just like you, customers work with a budget and are more likely to purchase products whose costs fit into this. Responses to this question will help you fix an appropriate fee on your product.

• Where do you prefer to shop?

1. Online
2. Physically

Catering to customer preferences is one way of securing repeated patronage. Responses to this question will inform your business expansion plan. For example, if your customers prefer shopping online, you can set up a Formplus online order form to allow them to place orders for items and make payments conveniently. 

• How old are you?

This question will help you identify the age group that your product appeals to the most. Knowing this would help you craft marketing and advertising campaigns that appeal to the members of this group.

Feedback Questions

These questions help you to collect insightful information about customer experience; that is, how customers perceive your product and overall delivery. Responses to these questions would let you know why your customers buy from you and how well your product meets their needs. 

• What specific needs does our product meet for you?

This question helps you to identify the unique selling point of your product. You would know why customers patronize your brand and you can leverage this information for better marketing and advertising.

• How would you rate our product delivery?

Responses to this question are a direct reflection of your customer’s perceptions of your product delivery. For better insight, you can ask them to provide reasons for their ratings.

• What challenges did you encounter while using our product?

These questions help you to identify business weaknesses from the point of view of the end user. If left unattended to, competitors can capitalize on these weaknesses to increase their customer base.

• How likely are you to recommend our product?

Happy customers are one of the most effective marketing tools as customers will only recommend a product they are satisfied with. If more people are eager to recommend your product, it means that your business and brand is on the right track.

Other market research question samples are:

• How would you rate our customer experience?

Feedback on customer experience is important because it helps you improve your brand’s relations with its customers across different business touchpoints.

• What do you think about product pricing?

This question would help you adjust your product pricing appropriately. If customers think your product is too expensive, they may stop buying from you.

• How often do you use our product?

This question would help you track repeated patronage and to know how your product fits into your customers’ everyday lives.

Market Research Questionnaire Examples for Client 

Clients are individuals and organizations that you provide specific services for. Just like with customer market research questions, market research questions for clients help you assess your service delivery, identify clients’ unique needs, and gather useful insights via feedback. Here are 11 sample questions for you: 

• How would you rate our service delivery?

This is a feedback question that will help you understand how well your service meets your client’s needs.

• What challenges are you experiencing with our services?

Responses to this question would highlight areas needing improvement in your overall service delivery.

• Would you be willing to recommend us to your network?

If the answers to this question are in the affirmative, then you can be sure that your clients are quite impressed with the service you provide.

• What specific needs do our services meet for you?

To clearly map out the value of your product from the clients’ perspectives, ask them to identify the specific needs your services meet for them.

• How can our service delivery be better?

This is another feedback question that would help you improve your services to better cater to the needs of your clients.

• For how long have you been a client?

This question helps you to gather meaningful data to improve your client retention strategies.

• What do you like the most about our services?

This question would help you identify the unique selling point of your services.

• How would you rate your last experience with us?

With this question, you’d be able to gather valuable information about a client’s experience with your services.

• What do you dislike about our service delivery?

This question allows clients to highlight areas needing improvement in your service delivery. The data gathered would help you improve your services for the benefit of your clients.

• Are our services helpful?

This is a simple question that requires clients to highlight the value of your services.

• Why did you choose us?

How to Create an Online Research Questionnaire 

With Formplus, it is easier for you to create and administer an online questionnaire for market research. In the drag-and-drop form builder, you can add preferred form fields and edit them to suit specific research needs. Here’s a step-by-step guide on how to go about it: 

• Sign in to your Formplus account. In your dashboard, click on “create new form” to get started on your online research questionnaire.

• Drag and drop preferred fields into your online questionnaire. You can edit form fields to include market research questions. You can also make some fields hidden or read-only depending on your research needs.

• Use the form customization options to tweak the appearance of the online research questionnaire. You can add preferred background images, add your organization’s logo or tweak the form font.

• Finally, copy the form link and share it with form respondents. You can use one or more of the multiple sharing options including the social media direct sharing buttons and the email invitation option.

Conclusion 

While creating your market research questionnaire, it is important for you to tailor its questions to specific contexts. For instance, if you are conducting product market research, you should ask questions that would provide useful information on product feasibility among other things. 

Conducting market research yields multiple benefits for your business. To make the process seamless and easy to coordinate, you can set up an online research questionnaire with Formplus and share this with your customers, clients, and target market(s).