Harnessing Market Research Surveys to Launch New Products

May 17, 2024

ViB Editorial Team

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As a B2B marketer, you want your B2B company products or solutions to be unique problem-solvers that your target market wants to use! 

But how can you determine if your product solves pain points for your target market?  That’s where market research surveys for new products come in!

For high-tech marketers, surveys are the secret tools that help them peek into the minds of their future customers.

For example, market research surveys can help you understand your target market’s problems with technology. It helps you discover people’s tech frustrations and how to solve them.

By uncovering these issues, you can create products that solve real problems.

Just imagine a product with loads of features! But your target customers don’t use most of them. Surveys can help you figure out which features are most important to your clients.

And the best part?

Market research surveys for new products also help you find out how much people are willing to pay for a product setting a fair price that makes sense to everyone! 👍

In short, market research surveys can assist in creating the right products for people who need them the most. This requirement begins from researching new products to creating an effective launch strategy for new products. 

This gives you a roadmap to success, which means happy customers and a successful tech company! 📈

B2B organizations must have a solid awareness of their industry space and the current market trends to stay relevant in an ever-competitive digital landscape.

How to create a market research survey for new products

Crafting a powerful market research survey is key to launching a winning product. I’ll show you some of the key steps to conduct a thorough market research survey:

Graph of how to do market research in house in 4 steps

Step 1: Crafting questions that matter

The key to a great survey is asking the right questions. But make sure you use clear, simple language that’s easy to understand. Let me show you some tips on how to create questions for your survey:

  • One question at a time: Each question should focus on a single concept. Avoid double-barreled questions that ask about two things at once, as this can lead to confusing responses.
  • Choose question types: When crafting a survey, choose the question type wisely to gather specific data effectively. Consider using a Likert scale to gauge agreement/disagreement or a semantic differential to assess between opposing adjectives are both viable options. To enhance depth, consider appending an open-ended question following a multiple-choice query for additional insights.
  • Ask relevant questions: Make sure your questions directly relate to the information you’re trying to gather for your research goals.
  • Avoid leading questions: Don’t phrase questions in a way that sways respondents towards a particular answer.
 

Step 2: Picking the right people

Imagine a group of people who perfectly represent your ideal customer. That’s who you want to survey! Don’t just ask everyone – target the right group to get the most relevant answers.

Step 3: Gather and analyze the data

Once you are ready with the questions, you can use online tools like Survey Monkey, Typeform, or Google Forms to get responses to your questions. If, however, you’re crunching numbers, I believe some good platforms for that kind of quantitative data are Excel or Qualtrics. 

You need to analyze the data to get actionable insights regarding a problem. It’s important to look at interesting trends and patterns that pop up that can help you to further refine your marketing campaign.

Step 4: Share, apply and refine

Once you’ve got the results, it’s time to show it to the stakeholders — department heads, consumers, or investors. Apply your findings to guide your product roadmap.

Don’t be afraid to recapitulate. Keep refining your approach based on what you find. It’s a good idea to keep testing until you have the data you need to succeed.

A single original research report is the “gift that keeps on giving”. Yet, traditional market research providers come with 6-digit price tags. Is there a way to do it all, without breaking the bank?

How market research for new product surveys can benefit B2B marketers

As I mentioned before in this blog, running B2B marketing research surveys for new products can shed light on what customers value most. By using this research, you can improve your products, services, launch strategy, and marketing efforts without the bias of personal opinions from yourself or your team.

Let me show you how market research can benefit you when launching new products:

  • Showing pain points: You can consider market research surveys as a direct line to your customer’s frustrations. By asking about their problems with current technology, you can find out what B2B customers really need and curate solutions aligning the problem.
 
  • Prioritizing features: With market surveys, you can help find out which features matter the most to your target market. This means you don’t waste resources on features that nobody wants.
 
  • Finding out preferences: Surveys are great tools for asking about preferred interfaces, functionalities, and even pricing models. This can help you perfectly align your product to your customer preferences. 
 
  • Assessing product and service quality: You can use surveys to help collect product feedback from clients to find out their concerns.  This also helps you identify areas for improvement, which means an enhanced offering to their customers.
 
  • Predicting buying behavior: Understanding what makes customers think of your product is vital for your marketing success. Market research surveys can help you find out what affects customer buying decisions, like brand trust if they care about prices, or where they like to shop. With this information, you can create campaigns that speak to your customers and give them the best pricing for the product. 🙌

How to turn raw data into actionable insights

So now you have a pile of data about your customer preferences –  that’s great! 

But how can you turn this raw data into actionable insights that can aid in product development?

Let me help you understand the steps to analyzing data from surveys:

1. Data clean up

Before you jump in, make sure your data is 100% accurate and free from errors. This could mean removing incomplete surveys, redundant data, or fixing typos.

2. Quantitative analysis

It’s important to categorize the answers based on the type of questions asked. This can help you find patterns you might miss at first glance.

Numbers can be your ally! Use simple math like averages to find out which features your target customer likes the most.

3. Qualitative analysis

Don’t forget to analyze the details in open-ended questions! These can give you even more ideas about what people want and don’t want. 

By doing qualitative analysis, you can listen to your customer’s stories and get a fuller picture of what they need.

4. Finding patterns

Look for correlations between different data points. For instance, do customers in a specific demographic like certain types of products or follow any particular pricing model? 

By connecting the dots, you can make smart decisions about product features, pricing, and marketing strategies.

5. Prioritizing insights

Not everything you find in the market research survey will be of value. It will be up to you to figure out which insights are the most impactful and can directly influence product development decisions.

You can do that by focusing on the most pressing customer needs and interests and factors favoring you to curate products.

Following these simple steps can create a roadmap for success! 📈

How competitive analysis through market research surveys helps B2B marketers gain an edge

Market research surveys for new products aren’t just for understanding your customers – they also offer data for competitive analysis! B2B market research surveys keep tech companies updated on market trends, providing valuable data for a competitive edge.

Here are some ways market survey research can help you differentiate:

1 – Understanding perceptions about the competitor

Market surveys can help companies pinpoint their direct and indirect competitors in the tech marketplace. This includes both well-established players and emerging startups.

Surveys can also help you understand how your target market perceives existing products in the market. They help you ask questions about competitor features, strengths, and weaknesses. 

Through targeted questions, surveys can reveal competitor strengths and weaknesses compared to your own company’s offerings. This includes pricing, features, user experience, and brand perception.

This way you can find out areas in which you can differentiate yourself and give your customers a solution that hits the bulls-eye!

2 – Benchmarking feature popularity

Surveys reveal favored features of competitors’ tech products by the target audience, aiding in benchmarking your feature development against market offerings. Focus on valued functionalities to meet customer needs.

 

 

3 – Identifying pricing sweet spots

Knowing how customers view competitor prices can be crucial. Surveys can reveal what customers are willing to pay for various features, aiding in crafting a competitive pricing strategy for your new product.

 

4 – Spotting emerging trends

Surveys can uncover emerging trends before your customers, a big advantage for B2B marketers.

They also track evolving attitudes toward technologies, devices, and services, aiding tech companies in predicting consumer preferences.

Understanding desired features and future needs allows for staying ahead and creating products that meet market demands.

Best practices and tools for market research surveys

We believe creating impactful market research surveys is a form of art. But it can only be so if you are following the right practices.

Here are some great tips that can make your market research surveys super effective:

  • Define your goals: Before you start work on anything, you need to have a clear understanding of what you want from your survey. What information are you missing? Make sure to tailor your questions to address those specific goals.
  • Keep it short and sweet: Tech pros are busy! Shorter surveys with clear, concise questions increase completion rates.
  • Balance the number of answer choices: Offer a variety of options for multiple-choice questions to cover a range of responses, but don’t overwhelm respondents with too many choices.
  • Keep answer scales manageable: Limit the number of points on a Likert scale or semantic differential to avoid making it difficult for respondents to choose.
  • Test it: Before sending, a pilot test with a small segment to clarify questions. This step allows room for survey improvement.

 

The best market research survey tools & solutions in the market

B2B market research survey tools are platforms that can help you in all aspects of market research.

Here I have compiled a list of the leading market research survey tools and solutions so you can freely assess what fits your company’s needs:

1 – Gartner

Renowned for its in-depth research and advisory services, Gartner offers a robust suite of market research tools. Its surveys and reports provide unmatched industry insights, which makes them a go-to solution for large enterprises. 

However, their premium services come at a premium cost.

2 – Forrester

A leader in market research and analysis, Forrester provides full-scale survey solutions. Their data and insights are highly valuable, particularly for B2B tech companies. 
Be prepared for a significant investment, as their market research services can be quite expensive.

3 – ViB Research

ViB Tech’s very own market research solution, ViB Research, is built specifically for the tech industry. It offers intuitive features, industry-specific question templates, and powerful data analysis capabilities. 

But that’s not what makes it so great!

ViB Research uses a community of million-strong tech decision makers to create real and credible research! Its secret weapon is its dedicated research team and data analysts that give you expert-level insights that you can leverage across all your marketing materials.

Plus, their affordable price tag makes them a more feasible option than most industry giants. This makes it a one-stop shop for success!

Finally, all data collected will belong to you. That means you can share these insights in your own brand, and endlessly repurpose your findings without any additional license fees.

Inner pages of Snyk - market research report

4 – Qualtrics

A powerhouse for data collection, Qualtrics offers an extensive suite of features. This is the reason why we at ViB Research use it too!

This tool is great at analyzing brand sentiment across channels and uses AI for data insights. Ideal for DIY market research teams.

5 – SurveyMonkey

SurveyMonkey is a user-friendly platform that makes creating surveys a breeze. It provides pre-built templates specifically designed for tech-related surveys. 

This makes it a great option for creating shorter, more focused surveys or for teams new to market research.

6 – Google Forms

Google Forms is a free and easy-to-use option for creating basic surveys. It’s perfect for smaller projects or gathering quick feedback.

For B2B marketers, it can be a great option for gathering internal feedback, creating short surveys, and collecting basic data from small focus groups.

7 – Typeform

Typeform is known for its visually appealing design and engaging format. 

The tool allows you to create logic jumps and branching questions within your survey. This means that respondents only see questions relevant to their previous answers, keeping the survey focused and engaging.

See how Robert and others easily build libraries of differentiated content from a single research report.

Discover everything you need to know about ViB Research, including how it works and its success stories through our comprehensive video walkthrough.

ViB Research in action: Case studies & campaigns

Let’s look at some real-life examples of what makes ViB Research so great 👇:

ViB Research success story 1: Illumio case study

Mandy Skroupa, a marketing manager at Illumio, wanted to create marketing campaigns to attract new customers and promote Illumio’s security products.

Her challenge was finding research that directly supported Illumio’s goals. Traditional surveys can be risky because you don’t know the results beforehand.

Luckily, Mandy discovered ViB Research.  ViB worked closely with Illumio to design surveys targeting IT security professionals.  This ensured the results would be relevant and valuable.

Previous ViB surveys led to the creation of successful marketing reports like “State of the Security Segmentation.”  These reports were well-received and helped position Illumio as a leader in security.

Unlike traditional surveys, ViB’s research allowed Mandy to “craft a really good story” based on the results.  This led to the creation of a new report, “Security Risks 2021,” which attracted a lot of downloads and helped raise awareness for Illumio’s products.

By using ViB Research, Mandy was able to create effective marketing campaigns, establish Illumio as a thought leader, and generate leads for the company.

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ViB Research success story 2: A startup case study

A startup’s marketing director needed to quickly build brand awareness and thought leadership in a new market category. Traditional research was slow and expensive, so she turned to ViB Research.

ViB conducted a targeted survey among tech professionals to understand the market problems the startup’s product solved. ViB then delivered a branded research report with data and analysis.

The startup used this report to create various marketing materials, leading to $3 million in sales pipeline and $2 million in revenue. The report established the startup as a thought leader and helped it create a new market category. The company continues to use ViB Research to generate annual thought leadership reports.

Bottom line

The tech industry is always innovating at a rapid pace. To succeed, you must stay in tune with customer needs, enhance your product, and monitor competitors. Market research is key.

Understand your audience and trends to make informed product and marketing choices. By listening to customers and keeping an eye on competitors, businesses can launch tech that’s truly needed, staying ahead.

So don’t settle for generic research solutions. ViB Research is a premium tool specifically designed for the tech industry, offering a tailored approach that delivers clear and actionable insights you can use right away.

With ViB, you gain:

  • Unparalleled customization: Craft surveys that perfectly capture the details of your tech niche.
  • Targeted reach: Access our network of millions of high-level tech professionals.
  • Expert analysis: Get clear, concise reports with easy-to-understand data visuals.
  • Faster time to results: Gain valuable insights quickly and efficiently.

 

Revolutionize your approach to market research. Get started with ViB Research today and see how it can help your tech business stay ahead of the curve.

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