To Stretch or Not to Stretch Your Market: Answers from Paid Surveys
Paid surveys are a great marketing research tool. Asking the right questions and being interested in the right details can make paid surveys a rich source of primary consumer information. It is important to note that it is not enough to limit your surveys to respondents who correspond to your target market’s profile. It is also important to stock up on information about the competitive and emerging market, so that you are made aware when good opportunities make themselves available.
Market stretching
At this point, you could already be comfortable with your target market of choice. However, it doesn’t mean that you’re making the most out of your entire product line. No matter how good business is, there is always room for great improvement if your entire company survives on the success of one brand.
Market stretching doesn’t only mean offering one product to different segments. It could mean:
1. Coming up with ways to sell to those who aspire to be like your market
Example: A more affordable SKU (smaller packs)
2. Coming up with products to offer to the people close to your market
Example: Offering a toddler line to complement your infant line
How paid surveys enter the picture
Paid surveys like Cash Surveys Only can give you ideas what you can offer to the other segments without alienating your existing market. One way to get the best of both old and new markets is to create separate brands to accommodate low-priced, mid-priced, and premium-priced products. Make use of paid survey responses to ensure that each brand exudes the correct personality to match its corresponding market segment.
Maximize the information you get from paid surveys. Build your customer database from the little personal information you get, and begin building a relationship with every single one. This could help you cross-sell your products when the time comes.
February 19th, 2009 at 12:45 pm
[...] attract new customers than to maintain the ones they already have. However, if you’re seeking to stretch your market, then paid surveys can already give you an idea how to do the initial communication with your [...]