MANAGEMENT: Create bucket lists
Mark Stroud is a consultant at learning and development organisation AdaptisRead More
Expert: Jane Blakeborough
Company: J.M.Blake Marketing
Background: Owner of J.M.Blake Marketing, a specialist consultancy, tailored to companies within the bathroom industry
Market research can be defined as a disciplined investigation into what is going on in your market and what is changing in the environment. Many companies view this as an expensive, slow process and shy away, preferring to rely on random assumptions based on industry hearsay.
Okay, that attitude is fine if sitting in the dark is where you're most comfortable. Perhaps you prefer to blame the economic climate for your lack of sales.
But if you have a nagging doubt that your marketing strategy is not really hitting the target, that you are not getting to the bottom of what it is your customers really want, then read on ...
1. Market research identifies opportunities
Market research will discover what consumers want, when they want it and how they want it packaged or delivered. It highlights consumer needs that aren't being met.
2. Market Research minimises risk
Sometimes market research tells you pursuing a course of action is a bad idea. Internal politics and personal agendas can often interfere with the objectivity of a project.
3. Market Research helps you plan for the future
Keeping an eye on the long-term allows for smart decisions in the short-term. Accurate information regarding emerging trends removes some uncertainty and enables intelligent decisions.
4. Market Research will improve your communication with current and potential customers
Building up a rapport with your customers by asking them about their needs and requirements opens up lines of communication, helping you formulate the most effective way to communicate in the future.
5. Market Research will help establish your brand
Your brand is your promise to your customers and for a brand to be successful this promise has to be understood. Market Research will enable you to gauge what your promise really says about your brand, how your promise is associated with your brand and whether your customers trust you to deliver on that promise.
So doesn't it make good sense to talk to a good sample of your customers rather than being left in the dark with your own assumptions?