Market Research vs. Customer Satisfaction Surveys: Which Do You Need?
Surveys are powerful discovery tools for businesses looking to understand their audience on a deeper level and make better strategic decisions.
Without a doubt, market research surveys and customer satisfaction surveys are two of the best ways to gather a level of insight that will improve key parts of your consumer-facing activities. But, which is best for you?
Both types of survey offer a wealth of benefits depending on your specific goals. So many business owners use the wrong type of survey for the wrong initiative. But we’re here to set the record straight.
In this guide, we’re going to look at both survey styles in more detail and tell you how to choose the right one for your needs.
We’re also going to explain how ScoreApp can help you streamline the survey creation process for consistently solid results.
What is a market research survey?
A market research survey is a set of questions you can ask your target audience (this applies to both existing and prospective customers) to gather their feelings or opinions on a specific subject.
Typically, market research surveys are used to get an insight into relevant market trends, product demand, and competitors in your space.
You can use market research survey data to:
- Explore and leverage emerging industry trends to your advantage
- Gauge the demand for new products or services
- Discover where you might build upon your existing services or products
- Discover new target audiences
With ScoreApp’s dynamic templates, you can create a market research survey with ease and gather invaluable insights into your niche or industry.
What is a customer satisfaction survey?
A customer satisfaction survey is a set of questions you can ask segments of your existing customers based on an experience or interaction they’ve had with your business.
More often than not, customer satisfaction surveys are used to gather insights into satisfaction levels and how people feel about your brand.
You can use customer satisfaction data to:
- Improve the experience you offer your customers across channels and touchpoints
- Discover ways to boost your brand reputation and net promoter score (NPS)
- Strengthen your existing customer relationships and improve loyalty
- Meet the needs of new and prospective customers head on
You can create engaging customer satisfaction surveys with ScoreApp’s customisable templates to connect with consumer insights that will build trust and grow your business.
The key differences between market research and customer satisfaction surveys
Knowing the key differences between market research and customer satisfaction surveys will steer you towards the best decision for your needs. Let’s explore.
- Data-driven direction: Market research surveys explore new markets or ideas, while customer satisfaction surveys focus on nurturing existing customer relationships.
- Target audience: Market research surveys can target potential customers or a broader demographic. On the flip side, businesses send out customer satisfaction surveys to existing customers.
- Question style: Market research surveys usually contain exploratory questions based on a specific subject or concept, while customer satisfaction surveys drill down into ratings and feedback questions based on brand experiences and interactions.
While different in nature, both types of surveys serve up a wealth of data you can use to consistently evolve your business while making your marketing communications more personal.
When to use a market research survey
You know the fundamentals about both types of survey – but when should you use each one exactly? Let’s start by looking at the scenarios when you’d use a market research survey:
- When you’re assessing competitors in your niche or industry
- When you’re looking to enter a brand-new market
- When you’re aiming to target a new audience or demographic
- When you’re trying to uncover emerging market trends or changes
- When you’re testing the feasibility or value of new products, services, or ideas
When to use a customer satisfaction survey
Now that we’ve explored the best situations to collect market research data, let’s move into customer satisfaction surveys. Ideally, you should use this type of survey when:
- You’re tracking or measuring your customer loyalty or retention rates
- You’re looking to improve your customer satisfaction scores
- You want to improve your customer experience (CX) across channels and touchpoints
- You want to improve specific products or services
- You’re exploring customer sentiment or identity areas for improvement
Choosing the right survey type for your business goals
Now you understand the scenarios that suit each type of survey, we’re going to offer a little more context to help you make an informed decision for your business.
If your business is currently focused on accelerating commercial growth, entering new markets, or gathering intelligence on your competitors (to exploit gaps they might be missing!), market research surveys will better suit your needs.
If your business is currently focused on improving your customer experience (CX) or user experience (UX) offerings across channels, enhancing your existing services and products, or gathering feedback that cements loyalty, customer satisfaction surveys are the way to go.
Did you know? ScoreApp’s ever-growing library of templates allow you to create market research or customer satisfaction surveys with ease.
Boasting customisable features and engaging designs, you can tailor each template and connect with the data that will enhance your business strategy or boost your customer retention rates.
Top tips for creating effective surveys
Whether you’re going down the customer satisfaction or the market research route, here are some actionable tips for earning a healthy survey response rate.
Set clear objectives
To ask questions that prompt valuable answers you can use to your business-boosting advantage, you’ve got to set clear objectives.
Do you want to gather direct feedback on your website’s product purchasing experience? Are you looking to collect insights into whether your latest subscription service meets your customers’ needs? Or is learning more about particular emerging industry trends at the top of your agenda?
Don’t be vague here. Take the time to consider exactly what you want to achieve from your survey and you’ll have a clear-cut direction for gaining the best data-driven returns for your efforts.
Use simple, direct questions
To see a consistently healthy response rate from your surveys, you have to ask the right questions in the right way.
First of all, your questions should be relevant to one another and follow a logical flow. Otherwise, your respondents will get frustrated or disengaged and give up halfway through.
Here are some additional tips for winning with your survey questions:
- Make sure you use neutral, unbiased language to prompt honest answers.
- Avoid using overly long words or industry jargon at all costs. You’ll just cause friction.
- Start with simpler questions and feed in the more complex ones towards the end.
Incentivise participation
To inspire as many of your target consumers to take part in your survey as possible (and earn solid response rates), you should throw an incentive into the mix.
Whether it’s a personalised deal, a discount code, a free trial, or access to an exclusive piece of content, offering prospective respondents a good incentive is a tactic that yields great results.
Find the right survey for your business needs with ScoreApp
Choosing the right type of survey for your business based on clear objectives will provide a steady flow of insights that will help you meet – or even exceed – your commercial goals.
ScoreApp’s range of ready-to-go templates are fully customisable and optimised to offer the best possible user experience.
Whether you’re looking to dive into market research or gather priceless customer insights, ScoreApp makes the entire process slick, seamless, and primed for success.
Are you ready to create surveys that get you ahead of the competition? Try ScoreApp for FREE today.
