Do you know and understand what makes your community tick and just how you fit in?
Market research is not rocket science
It’s what you don’t know that can damage your vision and objectives. It’s not hard to capture, analyse, and act on market information and develop new insights into the changes taking place.
Market research is any organised effort to gather information and knowledge about target markets and customers. Of course, research into your organisation is also very important. Research is a very important component of business strategy.
Market research is one of the key factors used in maintaining competitiveness. It provides important information to identify and analyse the market size and competition. Market research techniques encompass both qualitative techniques such as focus groups, and in-depth interviews, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organisations using statistical and analytical methods and techniques to gain insight and support problem-solving and decision-making.
When you want your products to be as innovative as the people who use them, you need to be fast and flexible enough to put the customer’s expectations into every step of your business or non-profit development.
Take some simple steps.
- Understand your customer’s problems, frustrations wants and needs.
- Seek feedback about your customer experience and service levels
- Know your employees and train them to gather market information and knowledge.
- Understand the demographics and psychographics of your market.
- Understand your competition and what your competitors are doing, along with your market share.
- Determine the impact of your content and content marketing efforts.
- Align everything in order to meet customer expectations.
With good research, you will become better able to exceed your customer’s expectations and build customer loyalty through better, more targeted customer service. Hindsight must be replaced with foresight in order to relieve your problems and frustrations and address you wants and needs.
“Market research is a way of getting an overview of consumers’ wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. Market research is the quintessence of marketing”. Peter Drucker
Use metrics to track what is going on
With modern information technology, you can use metrics in endless ways to understand your customers and the market. Track customer and consumer behaviour across your various market segments.
Benchmark your organisation against competitors, and conduct more complex research by making use of Big Data and social media. Utilise these things to do your product and price testing and to simply keep up with all the changes taking place in your marketplace and elsewhere.
Surveys can be very useful
Create surveys to get answers to your pressing issues and learn more about the marketplace. In our fast moving competitive world, you can only achieve an edge through connecting with people and immersing in their experiences and their cultural context. Regular surveys is another good way to do this.
Research can remove your struggles
By doing even simple market research, it will help to keep you well informed and to take advantage of emerging opportunities. Your value chain can also be enhanced with new information and knowledge. You won’t have to be so overwhelmed with the changes taking place in your marketplace.
[read more=”Personal Experience” less=”Personal Experience”]
Some years ago I was asked to visit a medium sized butcher in a suburban street and try and establish why his business was going backwards. This was despite the improvements he had been making in quality, presentation and customer service.
Initially, I was baffled so I decided to take a walk around the area where the butcher operated. I discovered five other butchers including four that were recently established, two were in a new shopping centre.
Returning to the butcher I find out that he had no idea the competition had intensified. He had been working harder and harder from the early hours to late at night to improve his sales. He had no time to research his market and find out what was going on so he could react more appropriately.