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Posts Tagged ‘customer’

By conducting effective market research what you can learn?

Know your customers – Market research will help you better understand your customers in a number of ways including demographic information such as their age, gender and geographic spread. The better you know your customer the easier it is to target your marketing and fine tune your product or service.

Know your target market – Who exactly are your existing customers and where do they live? What age group does your product or service appeal to? Do you know who your potential customers are and where they live?

Know your competition – Market Research will help you measure your service compared to others. What are the strengths and weaknesses of your organization and are you improving in the right areas?

Products and services – Do you have the products or services that people want? Do you represent value for money? How do your organization’s products and services match up to that of your competitors? Can you deliver, do you deliver, should you deliver?

Ease of doing business – Do your customers find it easy to deal with you and when they visit your store and/or website do they find what they want? Is there sufficient advice and assistance on hand? Do people find it easy to buy from you? Are all your staff properly trained, helpful, knowledgeable and available?

Marketing – Is your marketing reaching the right people and is the marketing message clear and effective. What are the marketing channels that are available to you, which ones should you concentrate on and which, if any, should you consider dropping?

Is your marketing message understood? Does your marketing material accurately reflect your brand? Do you advertise and promote through the right channels? Are you reaching the right people?

With the power of the Internet it is now very easy to conduct market research using one of the many online survey software sites that make conducting surveys and collating good market research intelligence quick, easy and extremely cost effective.

For any organization that wants to offer products or services that are focused and well targeted market research is essential. Business decisions based on good market research can minimise risk and pay dividends. By making market research part and parcel of the business process and conducting market research throughout the life cycle of a product or service market research will bring the following benefits:-

• Market research will help you better communicate – Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong. By asking your customers you no longer need to guess what your customers are thinking and you demonstrate to them that you are proactive when it comes to customer services and value their opinion.
• Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to be honed.
• Market research will minimise risk – Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.
• Market research creates benchmarks and helps you measure your progress – By establishing a benchmark you then have a useful reference to allow you to measure your progress – If you do not measure you will not be able to properly gauge how well your business is performing. Early research can identify where improvements need to be made to a new service or where there are flaws in a product, by conducting regular market research it will identify if improvements are being made and, if positive, will in turn help motivate a development team.

Market research brings considerable benefits and it is perhaps surprising how few organizations invest sufficient resources to enable them to gather good intelligence that will help them improve their business. Many may think that market research takes too much time and effort but that is just not the case anymore as through the power of the Internet online survey software is readily available and vital market research data can now be gathered in a quick, simple and cost effective manner.