In my previous blogs, I have called attention to the importance of developing a market research process to support your organization. Whether you decide to assign someone in your organization or hire a professional market research firm, your organization needs to regularly conduct market research to focus on the customer, the company, and competitors. Understanding the relationships and dynamics between these elements are at the core of customer insight.
Simply put, market research is the disciplined process of (1) identifying the problem or marketing decision, (2) designing the research, (3) gathering the data, (4) analyzing the data, and (5) reporting information that may be used to answer these marketing problems.
See Also: Do You Really Know Your Customers?
What are the important information points?
In this blog, we will logically break down the different types of information needed for marketing decisions. I like to envision this through visualization of your ideal customer. When we look at the information we are collecting, we can determine its availability through existing published sources (secondary information) or whether we need to conduct surveys (primary research) to get these information.
Who is s/he?
- demographically: age, gender, employment, marital status, education, profession, spouse, family size, household income, lives in “town”
- behaviorally: read my blogs and comments, has been buying for” X” years, purchases regularly, only buys my brand, refers friends and family
- psycholographically: type A personality, charming, smart, driven, high integrity, conservative, creatively adventurous in the use of your brand
How did s/he become aware of my brand?
- through a referral, visited our website, checked through social media, requested samples
Why did s/he become loyal?
- product solved several headaches, customer service always responsive and compassionate, fantastic value for the money, rewards for everyone referred, listen to me, they have regular, relevant surveys
Aware of other competitive products?
- yes, have tried them but they do not deliver, poor customer service
What media is consumed?
- cable TV, internet, social media, blog, website
What do the company ads say to you?
- funny, spot on, care about me
How do you feel about the value proposition?
- perceive excellent price value, get a lot for the money, product delivers better than any competitive product
Likelihood to make a referral?
- loves the product experience so much that s/he feels like evangelizing it to friends, family and co-workers
Interest in new products from my company?
- High level of interest, have suggested ideas in customer surveys
Now imagine having this level of customer knowledge across your entire customer base. Armed with this knowledge, you can now meet, surpass, and anticipate the needs of your customers directly!
Come join me next month, and I will share my thoughts on where you can get this information.