Market Research: Surveys

Before you decide to carry or develop a new product you need to know what the demand for it will be. A good way to determine this is with surveys. For example, I have a small horse tack business. Since I don't make tack myself I have to buy to at wholesale and resell. Before I decide to buy from a company I make a survey on social media to get my customers opinions. I ask which brand they would be most likely to purchase and at what price point would they buy it. I have received great feedback from these surveys and they have mostly been accurate on answers. So if you need opinions or information from customers a survey could be a big help. They could also help save money and time if a product wouldn't do well in the market.