We all love to think we know exactly why our customers use us, what they love about us or our products, and how they value what we offer over our competitors, but it’s quite often an area that has little research to really back it up.

Most so called ‘market research’ is based on business owners’ or managers’ gut instincts, which can often be right, but can also be disastrously wrong too.

It’s quite often the case that those customers who provide feedback are the happy ones, the ones who are willing to buy from you time and time again, and more likely to say positive things. But those customers who aren’t so regular or have had a negative experience, generally give feedback and opinions that can address areas of your product or service offering that might need addressing.

The only way a company can truly understand their customer base and the market they’re operating within is through quality, in depth customer research. We’re not talking about making a full time role from this, but creating a solid, insightful customer research plan that will give you the feedback that you really need.

By gaining this type of feedback and insight, providing the needed changes have been made thereafter, will allow businesses to become stronger, offering a better service, better products, and allowing them to be more competitive within the market place.

Any business that doesn’t undertake market research to some extent should really consider implementing some on at least a very basic level, as without it, you may be missing business opportunities and new routes to market that could otherwise differentiate you from your competition and give you a more reliable source of income.

Any good marketing campaign is backed up with a strong understanding of the target market, their audience and the ways in which those targets like to be communicated with too, so market research, whether for a specific marketing purpose, or just as a business development tool really could bring your business forward significantly with less effort than you might think.

Cornerstone DM