Market research is VITAL, especially if you want to launch a successful product and provide real value to your audience.
Without doing the research first, you could waste a tonne of time, energy and money going in the wrong direction.
Instead, with market research, you get to test your ideas and find out what your audience actually wants – before going all in.
But don’t worry: you won’t have to spend thousands on focus groups or bore your audience with stale surveys.
You can conduct market research effectively with a budget-friendly, strategic and engaging quiz.
I’ll show you how!
What exactly is market research?
Market research is the process of collecting and analysing information about your target audience, competitors, products or services and the overall market.
The goal? Obtaining juicy insights so that you can make informed decisions in your business.
Why market research is important for a successful business strategy
Market research is key because it allows you to minimise risks and use your resources strategically.
For example, you might want to conduct market research to:
- Find out if there’s enough interest before launching a product
- Identify what gaps you can fill in your market
- Figure out what your audience cares about the most when it comes to the benefits of your services (so that you can focus on those in your marketing)
- And much more!
There are several different ways to conduct market research, like surveys, focus groups, interviews, competitor analysis and so on.
But here’s why you should consider a quiz.
Benefits of using quizzes for market research
Quizzes aren’t just about getting engagement! When you create one strategically, it’ll take your market research to the next level:
- Interactive and attractive – A quiz is more exciting, fun and gamified than traditional market research tactics like surveys. So, your audience will be a lot more likely to take it and actually get to the end
- Real-time – You gain more and more data whenever someone completes your quiz. Plus, you’re not relying on your audience to download something or show up to a 1:1 interview: it all happens in real time (much easier!)
- In-depth – You’ll really get to know your audience. With a quiz, you can find out anything from demographics to psychographics and behaviours, like pain points and preferences
- Versatile – You can choose to create different quizzes for each segment, sector or goal
- List-building – Using a quiz for market research will also help you fill your email list with relevant prospects. Then, you can email them directly and nurture them, turning some of them into paying customers (a win-win!)
- Cost-effective – Market research options like focus groups can cost a whopping £3000 per session! Quizzes, on the other hand, are more budget-friendly. With ScoreApp, you can even create one for free
Tips for creating effective quizzes for market research
So, now you know WHY you should use a quiz for market research. But does that mean you can just put a few questions together and hope for the best?
Not at all.
Here’s a step-by-step strategy you can follow to set yourself up for success.
Identify your market research goals
If you don’t know exactly what you need, you won’t be able to measure it.
So, start by getting clear on:
- What do you need this market research for?
- What are you hoping to find out or validate? Have you got any predictions?
- Ideally, how many people should take your quiz?
- How long will you be running it for?
Getting the questions right for your audience
Once you’re clear on your market research goals? Reverse-engineer them! Work your way backwards to identify the most relevant focus and questions.
You must strike the right balance between:
- Collecting the data you need
- Keeping your questions engaging for your audience so that they enjoy answering them and get value from your quiz
Otherwise, they might not finish it!
And for the same reason, you also need to be realistic with your quiz length. You can’t really expect people to spend 20 minutes of their time answering questions for free.
Plan the design and layout of your quiz
Its look and feel should make your audience want to take your quiz, not put them off!
So, create a quiz that is:
- Attractive – It must grab your audience’s attention immediately
- Easy to navigate and user-friendly – If your quiz is glitchy or confusing, you’ll lose your participants. Instead, make it as easy and smooth as possible for them to complete it
- Mobile-friendly – Over 55% of all website traffic comes from phones. So, a quiz that only works well on computers would NOT be enough (unless you’re happy to put off over half of your participants)
- On-brand – First impressions do matter. Instead of that platform’s branding, use your colours, fonts and styles. That way, you’ll impress your audience with a professional feel and help them remember you
Sell the benefits of taking the quiz
People are busy. You can’t expect them to invest their time and energy just because you need data!
Instead, reframe your market research quiz: lead with how it’ll benefit them.
For example, the incentive could be:
- Insightful results – The best market research quizzes solve a small problem or help each participant understand their current situation. For example, if you’re trying to assess your audience’s knowledge of search engine optimisation, you could lead with “Get your FREE SEO scorecard”
- A gift – Do you definitely need to ask lots of not-too-exciting questions? Then, your audience might need a stronger incentive to make it to the end. So, consider running a gifted quiz with a special discount or free product as well as those insightful results
Analysing your quiz data to inform your market research
Once you’ve created your quiz and run it for a while, it’s time to look at your new data.
Make sure you go into it with an open mind because… the results might NOT necessarily be what you expected (and that’s exactly why market research is important).
How you analyse your data will really depend on your focus. But overall, you can look at:
- How does this data relate to your initial goals?
- Does it match or disprove your predictions?
- Can you spot any patterns? How about strong differences?
- Is there anything particularly surprising?
- Any new trends or gaps in your industry?
Adapting your business strategy after running your market research quiz
Once you’ve analysed your data, you can finally use it to make more informed decisions.
- Is your current business and/or marketing strategy aligned with those results?
- If not, how can you change it accordingly? Look at what you can do differently based on your competitors, pricing, sales channels, customer satisfaction, pain points, preferences and so on
Yes, it might be time-consuming but it will pay off. Wouldn’t it be much worse to keep spending so much time, energy and money going in the wrong direction?
(Yes, it would be!)
Create your market research quiz for free with ScoreApp
Now that you know exactly how to create an effective market research quiz, are you ready to launch it?
With ScoreApp, you can create an entire quiz for FREE.
- Easy to get started – Thanks to our templates, drag-and-drop builder and user-friendly interface? Creating your first quiz will be a breeze
- Scorecards – Impress your audience with in-depth results. Their scorecard will be divided into categories, and it’ll show them both what they’re already doing well and what they still need help with
- AI and automation – Create your entire quiz in 3 minutes, and set up different email sequences for each segment
- Nurturing – Stay in touch with your participants in a more personalised way
- Sell more – Once they’re ready, use your insights to recommend the right product, service or next step to each participant
No more relying on guesswork! Future-proof your business strategy: create your market research quiz today and for FREE with ScoreApp.
