Market research is fundamental for brand growth because it provides the customer insights you will need to develop better marketing plans. However, most companies base their marketing strategy on assumptions. Never asking their customers opinion.
This is an issue we see all too often, that typically isn’t addressed until too late with costly ramifications. Good news – customer research is no longer an expensive and timely thing to implement. With some simple tools and your willingness to listen, you will develop a better understanding of your customer’s perspective.
One cost-effective and easy way to get customer insight is by crafting surveys that serve a purpose. What makes them so versatile is their low cost and your ability to extend them to a wide base of current and potential clients. Emailed surveys are fast and straightforward.
In a 2011 study, 7 out of 10 Americans said they were willing to spend more for better customer service. Through surveying, you can discover how best to market your product to consumers by listening to their needs and aligning your product to fulfill that need. The more specific the surveys, the more fruitful the feedback will be to assist you in understanding who your customer is and as a result, increase your company’s longevity.
When performing surveys be sure to tailor them with a clear goal. Then draft appropriate questions for which the answers will provide clear direction. Keep in mind that those who answer and fill-out surveys are only a specific portion of your audience. Be sure to compare your insights from one survey with the next. If you are hearing the same thing from different survey groups and at different times then you need to create a plan to address it.
On average it takes 12 positive experiences to make up for 1 negative experience and bad customer reviews reach 2x as many potential customers as positive reviews. By not knowing your customers’ assessment of your product or service, you can lose their business and damage outside potential leads.
It costs 6-7x more to gain a new customer than to retain a current customer. Give your customers a platform to voice their suggestions, and let them know you heard them and are working to address any issues. The data you do receive is highly valuable that should be shared with all departments, not only marketing.
Contact us today to learn more about market research for your business or organization. It’s okay if you’re struggling to market effectively to your audience. That’s why we’re here.