How to Analyze Survey for Market Research in Excel?

Are you tired of drowning in a sea of survey data? Do you feel like you need a Ph.D. in statistics to make sense of it all?

Worry not – Excel is here to make your life easier.

Whether you’re a seasoned market researcher or a curious entrepreneur, Excel has got your back. With its built-in features, analyzing survey data has never been easier. From simple statistics to insightful visualizations, Excel has it all.

Don’t worry about the type of data you’re dealing with; Excel can handle numbers, categorical data, and even text data.

Grab your favorite beverage and settle in as I take you on a journey of survey data analysis. We’ll take the three types of data generated from customer surveys into consideration and answer the burning questions:

• Are responses different for different questions or segments?
• Are responses changing over time?
• Are responses for different questions correlated?

Even the most mysterious of data types, text data, won’t stand a chance.

1. What is Market Research?
2. How to Do Market Research?
3. Market Research Questionnaire
4. How to Create a Chart to Analyze a Survey for Market Research?

But first…

What is Market Research?

Market research is like a detective investigating a potential suspect – in this case, the market. It provides insights into customer preferences, market demands, and opportunities for growth or improvement. This helps you have a comprehensive understanding of the target audience. As a result, you can tailor or develop products and services that meet their needs.

How to Do Market Research?

• Face-to-face Interviews

This method involves direct interaction with target customers to gather qualitative data and insights. It allows you to ask open-ended questions, probe deeper into responses, and observe non-verbal cues. Face-to-face interviews are effective for obtaining detailed insights but can be time-consuming and costly.

• Focus Groups

Focus groups bring together a small group of individuals (typically 6-10) to discuss a specific topic or product. Focus groups provide qualitative data, revealing attitudes, motivations, and perceptions. They can be useful for exploring new concepts or testing product prototypes.

• Phone Research

This method involves conducting interviews or surveys over the phone. It allows you to reach a wider audience geographically and can be more cost-effective than face-to-face interviews. Phone research is suitable for collecting qualitative and quantitative data, depending on the questions.

• Survey Research

Surveys offer a structured approach to collecting quantitative data effectively. You can conduct a survey through various channels like online, paper-based, or telephone platforms. Surveys are scalable, cost-efficient, and enable analysis of large sample sizes, making them valuable for statistical purposes.

• Online Research

With the increasing internet use, online research has become popular. It involves collecting data through online surveys, polls, social media listening, website analytics, and online communities. Online research offers a broad reach, convenience, and the ability to collect data in real-time.

• Observational Research

Observational research involves observing consumers in their natural environment, such as retail stores or online platforms. It provides insights into consumer behavior, purchasing patterns, and preferences. You can supplement observational research with techniques like eye-tracking studies or heat maps. This will help you better understand how consumers interact with products or websites.

• Secondary Research

Secondary research involves gathering and analyzing existing data from sources such as government reports and industry publications. It provides valuable insights into market trends, competitor analysis, and industry benchmarks. Secondary research can complement primary research methods and help form a comprehensive market understanding.

Market Research Questionnaire

Let me show you how to create a market research questionnaire using Google Forms.

Let’s say you want to open a new hotel in the market. But first, you want to know what customers want. Therefore, you can create a market research survey with the following questions.

• How important is the cleanliness of the hotel to you?
• How important is the location of the hotel to you?
• How important is the professionalism of the hotel staff to you?
• How important are the hotel amenities offered by the hotel to you?

Then map the response scale below to each question.

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

To create a survey for market research in Google Forms, follow these steps.

• Log in to Google Forms using your Google account.
• Click the “Blank” button to open a new form.

• Select the type of question you want to use, such as multiple-choice, checkbox, or short answer.
• Type your Questions in the “Untitled Question” section. Write “Option 1” and choose “Add option” for more options.

• Click the “Send” button to share the form with the target audience.

• When you have collected sufficient responses, click the three vertical dots next to “Link to Sheets.”

• Select the option to download the responses as a.csv file.

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

If surveys are the sidekicks that provide us with valuable insights. Then chart analysis is the Batman to our Robin. Charts are the superheroes of the business world, helping us understand complex data with a glance.

Charting survey data in Excel can be daunting, especially with market research. But fear not; ChartExpo for Excel is here to save the day. You can easily create charts to analyze survey data and gain valuable insights into your target market.

Benefits of Using ChartExpo

• ChartExpo offers a plethora of visualizations to choose from, making data analysis and presentation a breeze. With its diverse range of charts and graphs, you can find the perfect match for your data.
• ChartExpo’s user-friendly interface makes creating insightful visualizations a walk in the park. No coding is required.
• With ChartExpo, you have the freedom to customize your charts and graphs to your liking. You can tweak the design elements, such as colors and fonts, to match your brand or aesthetic preferences.
• ChartExpo offers excellent value for money, with a free 7-day trial and a $10 monthly plan.

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.

Assume your market research survey produces the results table below.

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

• To get started with ChartExpo, install ChartExpo in Excel.
• Navigate to the INSERT menu and select My Apps. 

• Select ChartExpo and click the “Insert” button.

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

• Select the data from the sheet and click the “Create Chart From Selection” button.

• 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.

• Click the “Edit Chart” button to modify your chart.
• Click the pencil icon next to the Chart Header to add a title.
• This will open the properties dialog.
• Add a heading in Line 1 under the Text section and enable the Show option. Then 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

• 60% of customers consider hotel cleanliness important, while 25% consider it unimportant.
• 50% value hotel location, while 25% don’t find it important.
• Regarding hotel staff professionalism, 50% find it important, while 40% don’t.
• 40% consider hotel amenities important, while 35% don’t.
• Overall
  • 51% of customers believe the aforementioned factors are significant in their decision-making process.
  • Contrarily
  • 32% don’t consider them important.

FAQs

What is a Survey in Market Research?

A survey in market research refers to a method of gathering data. It involves asking structured questions to a targeted sample of individuals. It aims to collect information about consumer preferences, opinions, behaviors, and other relevant market factors.

What is an example of market research?

An example of market research is surveying to gather customer feedback about their satisfaction with a product. This information helps identify improvement areas, make informed business decisions, and enhance customer experience.

What is market research?

Market research involves systematically gathering, analyzing, and interpreting data related to a specific market. It yields valuable insights, aiding in informed decision-making, identifying opportunities, and understanding consumer behavior and preferences.

Wrap Up

Conducting surveys is a common and effective method in market research to gather valuable insights from target audiences. Analyzing the data you collect to extract meaningful insights and draw actionable conclusions is crucial. Excel, being a widely used tool, offers numerous capabilities for survey data analysis.

Excel’s charting capabilities enable the creation of visually appealing graphs and charts to present survey findings effectively. These visual representations can provide a clear and concise overview of the survey results. Consequently, making it easier to communicate key insights to stakeholders.

Excel provides a wide array of visualizations and chart types. However, users often find themselves at a loss when creating advanced charts for survey data. If you’ve found yourself in this situation, it’s time to turn to the powers of ChartExpo.

ChartExpo has an intuitive user interface and a stellar collection of charts. Therefore, you can easily create powerful visualizations to analyze your survey data. No coding experience is required.