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How Market Research Helps You Know Your Customer?

Dec 18th 2015 at 9:58 PM

Before you can put a marketing plan in place and deliver a competitive advantage to your customers, you will need to find out who your customers are or can be. Market research is the process of finding out:

  1. Who your potential customers are,

  2. Where you can reach them,

  3. What they want and need,

  4. How they behave, and

  5. What the size of your potential market is.

Through market research, business owners ask prospective customers questions. You can learn a lot if you actively listen to what your customers are telling you and engage them in discussion. Whether your customers are individual consumers or other businesses, you will want to get into their minds and find out what they really think about such subjects as

  1. Your product or service,

  2. The name of your business,

  3. Your location,

  4. Your logo and branding materials,

  5. Your proposed prices, and

  6. Your promotional efforts.

If you listen to your customers and talk to them, you can only benefit. Market research helps you get a fix on who your customers are by answering these kinds of questions:

  1. How old are they?

  2. What kind of income do they earn?

  3. What are their hobbies and interests?

  4. What is their family structure?

  5. What is their occupation?

  6. What is the benefit your product or service offers that would best attract them?

The ideal customer should be at the center of your marketing plan. This profile will guide every marketing decision you make. If your target customer is affluent, for example, you might decide to price your product fairly high to reflect its quality. If your target market is more middle income, you might choose a strategy of lower prices. What if you conduct your market research and learn that you do not have a winner? Is your business concept dead? Only the one you thought of first! Think positively; this is a chance to develop an even better idea.

 

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