Tips on how to conduct an industry survey for businesses

An industry survey is any kind of survey conducted to know the ground reality of an industry. Any kind of industry from manufacturing to real estate will have an industry survey to support market research. Below, we discuss some tips to successfully conduct an industry survey:

 1. An industry survey is made easy through the right set of respondents

We, at GrapeData, custom target respondents using the latest technology. Picking the right respondents is one of our key strengths. Using AI and geolocation, we target the correct profiles for your industry survey. If you want to learn more about this process, check out our contributors page where we have information on survey respondents. With contributors from over 100 countries, we are sure to find the right fit for you.

2. Use survey programming and scripting to enhance your industry survey

Survey programming and scripting are also crucial for an industry survey. It is the best way to ensure that only relevant people are picked for the industry survey. Programming means translating the survey requirements into questions so that meaningful insights can be derived from it. Survey programming has many benefits to it. These include properly formulating the questions and checking the survey logic. 

The benefits of scripting a survey are similar to survey programming. Survey scripting is the process of asking the correct questions so that good quality data can be collected. It makes the process more efficient and less time consuming. Also, it allows for reliable and accurate collection of data.

3. Leverage our latest technology for your industry survey

With our hyper personalised targeting and AI technology, we are sure to find the survey respondents that you need. Our survey respondents only receive survey tasks based on their backgrounds. With this customised approach, we ensure to find only relevant respondents for your project.

4. Take advantage of our market research expertise and capabilities

Additionally, our research and capabilities ensure that you capitalise on every opportunity available for your project. We strive to create a shared understanding of our and our client’s goals. Using this understanding as a starting point, we use a data-based approach throughout the project.Additionally, GrapeData prides itself on not compromising on data quality. If you have questions on how we can help, use our contact us form to submit an enquiry.

5. Don’t hesitate to contact us if you need any help

If you are keen to run an industry survey but need any guidance, do not hesitate to reach out to GrapeData. We have a team of dedicated professionals who are ready to help you with your data needs. You can reach out to us through sales@grape-data.com. From there on, you will be connected to a team of professionals who know the ins and outs of the market research industry survey.

Why do companies run industry surveys?

Industry surveys, as the simple name suggests, are a way to find out what industry conditions and trends are. Say you want to find out the supply of nanotechnology medical equipment in a specific geography. The best way to do this would be through an industry survey. Through industry surveys, the ground reality of each industry, from real estate to fashion retail, can be found. They can also help understand consumer sentiment and demand. On the supply side, they can help a company choose available vendor options to produce goods and services. However, these are just some of the purposes of running an industry survey. Others include forecasting trends, estimating financial returns and exploring growth avenues. 

Let’s look at different examples of industry surveys that a company could run

Now that we have talked about why companies run industry surveys, let’s run through the types. Industry surveys can be conducted for any industry be it financial services or the education industry. Let’s discuss a few of them in detail.

How are industry surveys used in Retail

In 2020, Deloitte UK ran an industry survey to find out how the space will evolve after the Covid-19 pandemic. This survey report was published every six months until they decided to pause it. The survey highlighted certain predictions about the retail space based on the average customer habits and preferences. Similarly, a company can run a retail industry survey for a number of reasons. We discuss some of the following down below:

1. A customer feedback survey to find out what products and services could be improved

2. A general industry to forecast demand and supply

3. A product-level survey to see possible expansion options

4. A survey of different geographies in the retail market to plan a market entry

5. A company-level rebranding or repositioning brand strategy

Cases of industry surveys in Education

Schools and colleges also need industry surveys. Education industry surveys serve as a tool to collect data from teachers and students to enhance the process of delivering learning. In general, universities need funding opportunities as well to ensure smooth functioning. Let’s take a look at the types of survey projects in the education industry:

1. A recent graduate or alumni survey to discover insights on their learning experience.
2. A student-level survey to find out sentiment on the mode of lecture delivery
3. A staff-level survey to find out retention, reasons for shifting to other institutes, etc
4. Course-level survey to gather feedback on the content of modules

To put this theory into practice, let’s look at an example. The Postgraduate Taught Experience Survey (PTES) is a UK-based survey conducted by hundreds of universities to discover insights from postgraduate students about their education journey. 

 Examples of industry surveys in IT

IT industry surveys are commonly used to track customer usage patterns of different technologies. Due to the variety of technology providers, some consulting companies are interested to know how this decision is made. Below, we list some of the most common uses of IT industry surveys:

1. Identify emerging trends and innovations in technology
2. Cross-over industry surveys such as the Fintech Industry 
3. Survey students of IT to find out their thoughts on upcoming technology
4. Supply-side surveys of solution providers to compare and purchase the best technology for your business

A few final considerations on running an industry survey

You need to think about a few things when running an industry survey. First, you need to plan out the objective of carrying out an industry survey. Think about the purpose of an industry survey in the first place. Are you conducting an industry survey to forecast trends or understand your target market? Second, you need to decide which type of industry survey you want to run. Industry surveys are categorised into B2B and B2C. In a B2B industry survey, the respondents are professionals like C-suite executives, heads of Departments, Directors, Founders, etc. On the other hand, in B2C industry surveys, the target audience is much wider because it includes consumers.

Depending on whether the project is B2B or B2C, it can have a huge impact on your industry survey. This is because your strategy will need to change for both categories. B2B respondents are much harder to find and recruit because they are a niche audience. On top of that, they already don’t have a lot of time to become survey respondents. Check this article on our blog on the difference between B2B survey respondents and B2C vetted survey respondents.

You need to think about programming and scripting options to design an industry survey. If you are unclear about what programming and scripting mean, you can read our post on best practices for programming and scripting a global B2B survey. Talking about methodology, you can choose between qualitative and quantitative industry surveys. Qualitative surveys are best when you need the opinions, and preferences of the end consumer. Whereas, quantitative surveys work best when you need to make data-backed decisions. Lastly, you need to consider what is the best way to analyse your data when you collect it.