In my last blog, Do You Really Know Your Customers? You may have read it and felt that you and your organization have a good handle on your customers and the relationship they have with your brand. If that’s the case, great job and keep learning more about them! In this blog, I will further challenge your thinking in this proverbial question and show why it becomes a no brainer to put a marketing research process and strategy into your organization. See Also: Market Research at Marketing In Color Knowing your customers intimately is one of the cornerstones to building a successful brand. The process enabling organizations to continuously learn about customers’ attitudes, buying behaviors, lifestyles and demographics is market research. Through this process of continuous learning, the organization can confidently address the ongoing questions that all businesses and marketers face. Have you ever had to answer any of these questions for your business?
- What are the market trends affecting my business?
- How satisfied are my customers with our products or services versus my competitors?
- Will our existing customers buy and adopt our new product or service?
- How can we attract new customers?
- What marketing strategies will be most effective?
That’s not so bad, is it?
Add the dynamics of a more complex and faster changing world and shrinking customer attention span. John Levine in a Northwestern University Mass Online Open Course (MOOC) recently stated there are three truths that are the “permanent challenges to creating effective content” for marketing.
- There is an ever-rising tidal wave of information and it will continue to rise forever.
- Everyone you want to reach has 1440 minutes in their day; not one minute more.
- The world is becoming ever more complicated, but people will give you their time and attention if you give them more of what they want.
Now more than ever, a market research strategy is required to provide ongoing information and insights to guide your business team.
The benefits of market research for your business are many:
- Establishing a competitive edge
- Finding new market segments
- Optimizing and preserving capital and marketing resources
- Building customer loyalty
- Identifying more business opportunities with current users
So now you have compelling rationale why your organization needs to develop and implement a market research process. In my next blog, I will discuss the research process, types of information, sources for free information, research methods for getting the useful type of information you need to make smarter marketing decisions. For more information about Market Research, contact Marketing In Color.