Introduction

Gaining valuable market research insight is essential for making informed business decisions, especially with the rise of accessible online survey tools. Many companies are now choosing to conduct their own survey research instead of hiring third-party agencies. Platforms like SurveyMonkey and Ask Your Target Market make it easy and cost-effective to design surveys, find respondents, and perform basic analysis. However, while these DIY platforms simplify survey creation, they often lack the depth needed to produce comprehensive market research insight. After a survey closes, users typically see high-level results and standard charts – yet these rarely provide the insights required to drive meaningful change.

To gain true market research insight from survey data, it’s essential to go beyond basic results. This guide provides three key steps to help you maximise insights from your surveys, ensuring you get actionable, in-depth knowledge.

1. Designing Your Survey for Maximum Market Research Insight

Effective survey design lays the foundation for meaningful market research insight. Many companies create questionnaires that touch on interesting topics, but if the questions aren’t well-structured, the survey may yield little valuable information. Before writing questions, consider what you hope to learn from the survey. Ask yourself questions like, “What decisions can I make based on this survey?” and “Will these results be reliable and actionable?”

Choosing the Right Question Types

To obtain robust market research insight, vary your question types to capture different dimensions of your data. Multiple-choice questions are useful but limited; adding Likert scales or rating scales allows for more nuanced responses and helps in comparing attributes. For example, a Likert scale can help measure customer satisfaction levels or perceptions of product quality.

Open-ended questions, while more challenging to analyse, can add rich qualitative insights. When respondents share their thoughts in their own words, they provide context that can bring quantitative findings to life. To make these responses easier to analyse, you can later apply text analytics (discussed in Step 2).

Considering Sample Size and Margin of Error

Before distributing your survey, use a sample size calculator to ensure your results will be statistically reliable. Calculating your sample size and margin of error is essential for accurate market research insight. By understanding the potential margin of error, you can better interpret the survey results and make more informed decisions.

2. Applying Market Research Analysis Techniques for Deeper Insight

To extract meaningful market research insight from survey results, you need to go beyond top-line statistics. Applying advanced analysis techniques can reveal trends, identify key drivers, and highlight differences among respondent groups.

Using Tables and Crosstabulations

Tables and crosstabulations allow you to compare how different respondent groups answer the same question. For example, by segmenting data by demographics, you can see whether satisfaction levels differ between age groups or by gender. Including demographic questions in your survey is crucial to enable this subgroup analysis. Look for significant differences, as these are often where the most actionable insights lie.

Key Driver Analysis for Focused Action

Key driver analysis identifies the most critical factors influencing a specific outcome, such as customer satisfaction. By asking a series of Likert scale questions related to customer touchpoints—like price, service, and brand perception—you can pinpoint which aspects of the customer experience have the greatest impact on satisfaction. For instance, you might find that service quality and pricing are the top drivers. This knowledge allows you to prioritise improvements in these areas, leading to greater satisfaction and loyalty.

Applying Segmentation (Cluster Analysis)

Segmentation, or cluster analysis, divides respondents into distinct groups based on shared attitudes, behaviours, or demographics. This technique is particularly valuable for tailored marketing strategies. For example, you might find clusters of respondents who prioritise different product features. Understanding these groups allows you to create targeted messages and products that resonate with each segment. To learn more about data analytics click here.

Leveraging Text Analytics

Open-text responses can offer powerful insights, but manually coding these comments is time-consuming, especially with larger surveys. Automated text analytics software can classify comments into themes, making it easier to detect patterns and calculate sentiment (positive or negative). For example, you can use text analytics to compare how males vs. females discuss product features. Text analytics adds a valuable layer to market research insight, especially in high-response surveys with over 1,000 respondents. To learn more about text analytics click here.

3. Consulting a Survey Analysis Professional for Better Market Research Insight

While DIY survey platforms allow for cost savings on survey design and distribution, allocating budget for a survey analysis professional can significantly enhance your market research insight. Professionals bring expertise in data analysis techniques and can tailor the approach based on your specific survey goals and respondent characteristics.

The Benefits of Professional Analysis

A survey analysis professional can use advanced techniques like regression analysis, conjoint analysis, and predictive modelling to interpret your data comprehensively. For example, they might identify correlations between satisfaction scores and loyalty indicators, allowing you to anticipate which factors most strongly influence repeat business. Investing in professional analysis can cost as little as £500 but adds substantial value to your research, ensuring your survey findings are not just numbers but actionable insights that inform decision-making.

When to Hire a Professional

Consider hiring a professional if your survey has a large sample size, a complex structure, or if you’re aiming to extract deep insights that inform critical business decisions. Their expertise ensures you can interpret results accurately, avoiding potential missteps from incorrect conclusions. A professional will also help you visualise data clearly, creating reports that highlight key insights for stakeholders across your organisation.

Conclusion: Putting Market Research Insight Into Action

Collecting survey data is only the first step in a successful research process. To truly benefit, companies must interpret results thoughtfully and take actionable steps based on the insights gained. By following these three steps—designing surveys with analysis in mind, applying advanced analysis techniques, and consulting professionals when necessary—you’ll maximise the market research insight you can gain from every survey.

The ultimate goal of any survey should be to drive improvement within your organisation. Implementing changes based on data-driven insights not only enhances performance but also builds trust with your audience, demonstrating that their feedback is valued. For best results, make sure to review survey insights regularly and track the impact of any actions taken.

If you’re ready to take your surveys to the next level, contact us at Robust Insight. Our team of professionals is here to help you turn data into meaningful market research insight.

As a proud member of the Market Research Society (MRS), Robust Insight adheres to the highest standards in survey quality and ethical research practices, ensuring reliable and actionable results for our clients.