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. Types of Market Surveys to Get Started
3. Market Research Survey Examples
   1. Customer Satisfaction Survey
   2. Product Feedback Survey
   3. Brand Awareness Survey
   4. Competitor Analysis Survey
   5. Pricing Sensitivity Survey
4. Top 3 Tested and Proven Market Research Survey Charts Examples
5. How to Conduct a Market Research Survey?
6. Market Research Questions to Ask in the Next Survey
7. How to Analyze Survey Data for Market Research?
8. FAQs About Market Research Survey
9. Wrap Up

What is a Market Research Survey?

Definition: 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.

Types of Market Surveys to Get Started

You have many choices when it comes to market survey charts.

However, you’ve got to understand the best survey-based chart to use isn’t always obvious. However, it boils down to the type of data you’ve collected.

Is your data qualitative or quantitative?

There are two types of market surveys you can conduct to gather data for analysis.

Let’s check them out.

• Open-ended Market Research Survey

This market research survey example uses broad questions. And it requires respondents to write a more detailed answer.

Check out some examples below.

• How was your experience with the product or service?
• What would you recommend to help us better serve your needs?

These broad questions often receive critical and meaningful responses because everyone can express their opinion.

However, these market research survey examples have some downsides. The responses collected are mostly qualitative and unstructured. And this makes it a little bit harder to analyze the final data.

Secondly, we recommend you craft an open-ended questionnaire systematically to steer responses away from personal accounts.

• Close-ended Market Research Survey

This market research survey example comprises mostly close-ended questions.

In other words, research respondents can only choose between options in the questionnaire. These options may be yes/no or agree/disagree.

Check out some examples below to enhance your understanding.

• on a scale of 1-5, how would you rate our product?
• Were you satisfied with our customer service today?
  • Yes
  • No?
• How often do you buy our products?
  • Often
  • Sometimes
  • Rarely?

We recommend close-ended market research survey examples because they give total control over responses. Besides, the resulting data is easier to analyze using methodologies, such as visualization charts.

Some of the charts you can use to visualize close-ended data are:

• Likert Scale Chart
• CSAT Score Bar Chart
• Customer Satisfaction Charts

Market Research Survey Examples

Customer Satisfaction Survey

Assesses the level of customer satisfaction regarding a company’s products or services. This survey helps identify areas for improvement, enhance customer experience, and boost customer loyalty.

Product Feedback Survey

Collects feedback on product features, quality, and usability directly from customers. This data helps in refining products, addressing issues, and meeting customer expectations more effectively.

Brand Awareness Survey

Assesses how well customers recognize and perceive a brand within its target market. The results guide marketing efforts by identifying strengths, weaknesses, and opportunities for brand growth.

Competitor Analysis Survey

Gathers insights about how customers view competitors’ products and services. This helps a business understand its competitive position and discover market opportunities for differentiation.

Pricing Sensitivity Survey

Analyzes customers’ perceptions of a product’s value about its cost. It helps businesses determine the optimal pricing strategy to maximize sales while remaining competitive in the market.

Top 3 Tested and Proven Market Research Survey Charts Examples

• CSAT Score Bar Chart

It’s one of the market research survey examples you can use to visualize your data for actionable insights.

• CSAT stands for Customer Satisfaction Score, a metric for measuring customer experience.
• You can use the chart to measure the level of loyalty of your customers. All the responses gathered are visualized along a horizontal axis that ranges between -100 and +100. A positive high score is desirable.
• You don’t want a negative score in your business.

• Customer Satisfaction Chart

It’s one of the market research survey examples you can use to visualize close-ended questionnaire data.

It displays whether the respondents agree or disagree with an issue or topic with your products or services. The survey-based visualization design is divided into red and green colors, which represent no and yes, respectively.

• Likert Scale Chart

It’s one of the market research survey-oriented charts you can leverage to visualize sentiments and feelings. The psychometric scale comes in handy if your goal is to understand perspectives toward a brand.

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 about 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 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 About Market Research Survey

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.