Whether you’re selling to businesses or consumers, your company’s success depends on your understanding of what customers are looking for, what they’re buying and why. Marketing Research can provide answers to the questions that are critically important.
You have to ask some important questions before considering developing a product or service and going to market:
- Who has a need for my product or service?
- How many potential buyers are there?
- How much, if anything, are they spending to meet that need today?
- Does my product or service meet that need better than other alternatives?
To be successful, you must listen to your customers. Just having a “gut feeling” that certain types of buyers may need or want your offering is not sufficient.
You need feedback from potential customers in your target markets to help you make smart decisions about topics such as:
- New product ideas
- New technology
- Sales & marketing
- Customer Service
This is where Marketing Research plays an important role. “Research” does not have to mean sophisticated, expensive methodologies conducted by highly trained individuals. Nor does it have to generate hundreds of pages of data in a report that just sits on the shelf. However, it is crucial to work with people with experience in market research who can assist you in asking the right questions and finding the answers that are meaningful.
A good, professional researcher will often give you some basic ideas and approaches for your situation during a no-cost, no-obligation consultation. After the initial discussion, the market researcher can provide a proposal for action, including pricing and deliverables.
Making smart decisions to grow your business requires insight into what customers want. Carefully planned and skillfully executed Marketing Research can provide that insight.