Would you love to get inside the head of your customers and work out what they are going to want to buy from you next?
Chances are, you would! Who wouldn’t want to know what your customers really want from you, what they really like, when they want to hear from you and what products or services they really want next? Think SALES and get inside their heads!
If you’re nodding your head right now but thinking that would be an impossible dream to realise, then fear not; what you need is Market Research.
Here are our 5 benefits of doing Market Research:
Market Research is an effective and essential tool for business planning, gathering information about customers’ thought process and understanding their buying decisions. If you get inside the mind set and know their likes and dislikes it will empower you with knowledge and ensure you are providing optimum customer satisfaction, loyalty and sales. Market Research will also give you the competitive edge, allowing you to monitor and keep an eye on market trends.
Here are some of the questions that Market Research can answer…
- What influences my target market’s buying behaviour?
- What is my market share and how can I increase it?
- How are market trends impacting my business?
- How can I attract new customers?
- How can I retain current customers?
- How does customer satisfaction with my products/services measure up to that of the competition?
- How will my existing customers respond to a new product/service?
- How often should I be contacting my customers?
- Are my gut instincts right about my next marketing moves?
Market research uses some of the following methods to gather information:
- face-to-face interviews
- focus groups
- online and telephone questionnaires/ interviews
- Product testing 1-1 interviews
- Focus Groups
Information collected through these methods can be quantitative or qualitative.
Quantitative information is based on statistics and can be used to gain objective views from a large sample. This is ideal if you have a good, clean database and want quick results.
Qualitative information measures the views and attitudes of a particular smaller sample. This is useful if you want to understand perceptions of your brand, why people buy your products and how they respond to your marketing.
So where do you start? First thing would be to decide on your objectives and your focus and then speak to a market research specialist. You’ll soon be on your way to getting inside the heads of your customers!
Look out for our next blog: How to write a Market Research brief.