How to Analyze Market Research Survey Data in Excel?

Conducting a market research survey is like going on a blind date. You want to make a good impression, and you hope your date likes you enough to come back.

Similarly, you want to make a good impression on your target audience. At the same time, you hope to gather enough information to inform your marketing strategies.

But just like a blind date, analyzing market research survey data can be daunting and overwhelming.

Today we’ll delve into the murky waters of analyzing market research survey data. We’ll navigate the treacherous waters of primary and secondary research, quantitative and qualitative approaches. Then come out with a comprehensive understanding of how to make sense of all those numbers and charts.

There’s one thing we all know for sure. Conducting a successful survey is the key to unlocking the secrets of your customer’s desires and preferences. And who wouldn’t want to be a master of that?

So grab your life vest, and let’s set sail.

Table of Content:

1. What is a Market Research Survey?
2. Market Research Questions to Ask in the Next Survey
3. How to Conduct a Market Research Survey?
4. How to Create a Chart to Analyze Survey Data for Market Research?
5. Wrap Up

What is a Market Research Survey?

A market research survey involves gathering information from a target audience to understand their inclinations, opinions, and needs. It is a legitimate channel where customers voice out their opinions. This lets you stay connected with the real world and make informed decisions regarding your products and services.

Market Research Questions to Ask in the Next Survey

Ready to do some detective work on your target audience? Here are some market research questions that will unlock the secrets to their hearts (and wallets).

1. What factors influenced your decision to purchase our product/service?
2. How satisfied are you with the quality of our product/service?
3. How likely will you recommend our product/service to others?
4. What improvements or changes would you suggest for our product/service?
5. How frequently do you use our product/service?
6. What is your preferred mode of communication for receiving updates or promotions?
7. How did you first hear about our product/service?
8. What features do you value most about our product/service?
9. Have you encountered any challenges or issues while using our product/service?
10. How does our product/service compare to competitors in terms of price and value?
11. Would you be interested in additional products/services related to our current offerings?
12. How well does our product/service meet your needs?
13. What other brands do you consider alternatives to our product/service?
14. How likely will you continue using our product/service in the future?
15. What is your overall perception of our brand and its reputation?
16. How helpful have our customer support representatives been?
17. Have you ever recommended our product/service to someone else? If yes, why?
18. Which social media platforms do you primarily use for seeking product/service recommendations?
19. How important is sustainability when considering a product/service like ours?
20. Would you like to participate in future market research studies or focus groups?

How to Conduct a Market Research Survey?

Let’s say you want to launch a hotel in the market. Therefore, you want first to understand what customers want and need. This necessitates you to conduct a market research survey with the following questions.

• How important is the quality of ingredients used in the pizza?
• How important is the price of the pizza in relation to its quality?
• How important is the crust thickness of the pizza?
• How important is the cleanliness of the pizza restaurant?

You want to embed the response scale below on each question for feedback.

1. Extremely Unimportant
2. Unimportant
3. Not Sure
4. Important
5. Extremely Important

How do you go about this?

Use Google Forms.

How?

Follow the steps below.

• Open Google Forms and sign in with your Google account.
• Click the “Blank” button to create a new form.

• Give your form a title and description that reflects your brand or purpose.
• Choose the type of question you want to use, such as multiple-choice, checkbox, or short answer.
• For multiple-choice questions, type your question in the “Untitled Question” section. Then write “Option 1” and choose “Add option” for more options.

• You can customize the look and feel of your survey to match your brand or theme.
• Preview the form before sharing it with your target audience.
• Click the share button to distribute it to your target audience.

• Once you collect enough responses, click the “Link to Sheets” button.

• Download your responses as a .csv file from the dropdown menu.

How to Create a Chart to Analyze Survey Data for Market Research?

When it comes to analyzing survey data, using Excel can feel overwhelming. However, you can make data analysis a piece of cake with the right tools.

How?

Use ChartExpo for Excel. ChartExpo is a powerful tool that combines the functionality of Excel with the versatility of appealing visualizations. With its user-friendly interface, you can seamlessly transform your survey data into meaningful insights.

Why ChartExpo?

Benefits of Using ChartExpo

• ChartExpo takes the hassle out of chart creation with its user-friendly interface that requires no coding skills.
• With ChartExpo, you have complete creative control to customize your charts to align with your brand’s unique style.
• ChartExpo offers top-notch features at an affordable price. It has a 7-day free trial and a $10 monthly subscription.

How to Install ChartExpo in Excel?

1. Open your Excel application.
2. Open the worksheet and click the “Insert” menu.
3. You’ll see the “My Apps” option.
4. In the office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTA’s to install the tool of your choice and create beautiful visualizations in a few clicks in your favorite tool.

Let’s say your market research example yields the results table below.

Timestamp	How important is the quality of ingredients used in the pizza?	How important is the price of the pizza in relation to its quality?	How important is the crust thickness of the pizza?	How important is the cleanliness of the pizza restaurant?
10-13-2023 17:47:33	Unimportant	Important	Unimportant	Extremely Unimportant
10-13-2023 17:47:33	Extremely Important	Extremely Unimportant	Extremely Important	Important
10-13-2023 17:47:33	Important	Extremely Important	Important	Extremely Important
10-13-2023 17:47:33	Not Sure	Important	Not Sure	Extremely Important
10-13-2023 17:47:33	Unimportant	Extremely Unimportant	Extremely Important	Not Sure
10-13-2023 17:47:33	Not Sure	Unimportant	Unimportant	Not Sure
10-13-2023 17:47:33	Extremely Important	Extremely Important	Extremely Important	Extremely Unimportant
10-13-2023 17:47:33	Not Sure	Important	Not Sure	Unimportant
10-13-2023 17:47:33	Not Sure	Unimportant	Unimportant	Extremely Unimportant
10-13-2023 17:47:33	Extremely Unimportant	Unimportant	Important	Unimportant
10-13-2023 17:47:33	Important	Unimportant	Unimportant	Important
10-13-2023 17:47:34	Extremely Unimportant	Extremely Important	Not Sure	Not Sure
10-13-2023 17:47:35	Extremely Unimportant	Extremely Unimportant	Not Sure	Unimportant
10-13-2023 17:47:36	Extremely Unimportant	Not Sure	Extremely Important	Important
10-13-2023 17:47:37	Extremely Unimportant	Unimportant	Important	Extremely Unimportant
10-13-2023 17:47:38	Important	Extremely Important	Extremely Important	Extremely Important
10-13-2023 17:47:39	Extremely Important	Extremely Unimportant	Extremely Important	Extremely Important
10-13-2023 17:47:40	Extremely Unimportant	Not Sure	Extremely Unimportant	Extremely Important
10-13-2023 17:47:41	Unimportant	Extremely Unimportant	Extremely Unimportant	Extremely Important
10-13-2023 17:47:42	Not Sure	Extremely Unimportant	Important	Extremely Important

This table contains example data. Expect many responses and questions in real life.

• To get started with ChartExpo, install ChartExpo in Excel.
• Now Click on My Apps from the INSERT menu.

• Choose ChartExpo from My Apps, then click Insert.

• Once it loads, choose the “Likert Scale Chart” from the charts list.

• Click the “Create Chart From Selection” button after selecting the data from the sheet, as shown.

• When you click the “Create Chart From Selection” button, you have to map responses with numbers manually. The Likert scale has this arrangement:

• • Extremely Unimportant = 1
  • Unimportant = 2
  • Not Sure = 3
  • Important = 4
  • Extremely Important = 5

• Once all is set, click the “Create Chart” button.

• ChartExpo will generate the visualization below for you.

• If you want to have the chart’s title, click Edit Chart, as shown in the above image.
• Click the pencil icon next to the Chart Header to change the title.
• It will open the properties dialog. Under the Text section, you can add a heading in Line 1 and enable Show.
• Give the appropriate title of your chart and click the Apply button.

• Let’s say you want to add text responses instead of numbers against every emoji.
• Click the pencil icon next to the respective emoji. Expand the “Label” properties and write the required text. Then click the “Apply All” button.
• Click the “Save Changes” button to persist the changes.

• Your final chart will appear below.

Insights

• 30% of respondents consider the quality of pizza ingredients as significant, while 45% do not. 25% are unsure about its importance.
• Regarding the price, 35% believe it should be relative to the pizza quality, while 55% do not.
• Regarding crust thickness, 50% of respondents view it as essential, and 30% do not.
• 50% prioritize cleanliness in the pizza restaurant, while 35% do not.
• Overall, 41% find these factors important, whereas 42% do not.

FAQs

What is a market research survey?

A market research survey is a tool used to analyze customer inclinations for a particular product or service. It helps determine target-audience preferences, pricing trends, and competitor analysis. The purpose is to collect critical feedback, make informed business decisions, and enhance existing products and services.

What are market research survey questions?

Market research survey questions are inquiries specifically designed to gather information from respondents. These questions elicit insights into consumer preferences, opinions, behaviors, and demographics.

What are market research examples?

Market research examples include conducting surveys, interviews, and focus groups to gather consumer feedback. Analyzing sales data, studying competitor strategies, and social media monitoring are also common approaches. Additionally, observing consumer behavior and testing product prototypes are valuable market research techniques.

Wrap Up

A market research survey is invaluable for gaining insights into consumer preferences, opinions, and behaviors. However, the actual value lies in effectively analyzing the collected survey data.

You should identify significant trends, patterns, and actionable insights that can inform decision-making and strategic planning.

Start by cleaning and organizing the data to analyze market research survey data. This involves removing inconsistencies, errors, or missing values to ensure accuracy.

Next, you can employ statistical analysis techniques to identify patterns, trends, and correlations within the data. This may include measures such as mean, median, and mode calculations, cross-tabulations, and regression analysis.

Data visualization plays a crucial role in understanding survey results. Creating charts, graphs, and visual representations of the data allows for easy identification and interpretation of key findings.

For an effortless market research data analysis, use ChartExpo for Excel.

Why ChartExpo?

With ChartExpo, you can easily achieve insightful charting without prior experience or specialized expertise. Furthermore, it is affordable; you don’t have to break the bank to fulfill your visualization dreams.