It's amazing how many commercial decisions are made based on 'gut feel' without asking customers what they think.
Or how many businesses don't get regular customer feedback on their performance....often until it's too late.
Research won't address every opportunity of course - Apple wouldn't have launched the iPhone based on research because consumers didn't know that they wanted smart-phone technology.
But in most other cases, research is crucial. It doesn't need to cost the world - it just needs a willingness to confront the truth about what shoppers/customers think, a commitment to accept this feedback, and an energy to do something better or different as a result of the feedback.
- Who would potentially use your product/service?
Knowing your existing customers
- Do you know why your customers choose your product over competitors? What is the perceived value? What can be done to influence their future buying decisions?
Validation of targets
- Future sales figures often feel like they have been plucked out of thin air. Tangible evidence will validate the figures and make reaching them seem more obtainable.
Develop effective strategies
- From your research you’ll be able to make informed marketing decisions about how to price your product/service, how to distribute your product/service, which media channels to use (eg: newspaper, radio or direct marketing) or whether to develop a new product/service.
Examine and solve business problems
- If you’ve identified a business problem, research will help you work out what is happening.
Prepare for business expansion
- Research will help you identify areas for expansion and test the market’s readiness for a new product/service.
Identify business opportunities
- Your research could identify new business opportunities.
As you can probably tell, I feel research is at the core of many business activities and so if you are interested in research being carried out please get in touch.