compiled by Peter/CXO Wiz4biz 10/13
Why? To Find Out: What the Customer wants; Why they want it; How much are they willing to pay for it. You could hire an expensive Marketing Research firm, or be “firm” and do it yourself – using the following ways.
Have your MARKETING person:
1. Subscribe to American Demographics magazine – to understand the complex psycho & demo graphics.
2. Shop your Competition. What are their “best-selling” products? How do they Advertise? How do they Merchandise? How does their Price compare to yours? How’s their Customer Service? Look for a “weakness” that you can exploit.
3. Establish a Customer Advisory group. Ask them: “Are you getting good Value from us? Are our products or services “meeting your needs? How is the Competition better? What could we do better? What are your future needs?
4. Have a Meeting with Employees that Inter-face with the Customer – Service, Design, etc. Ask who buys? Why? How can we better meet Customer’s needs with “modified or new” products or services?
5. Offer Free, No-Risk Trials – Customers pay, only if they like Product. If they don’t, they return with Explanation. Use these Comments to improve.
6. Use the Students of Marketing at local College or Univ. – to do a Research Project. You provide the Scenario and they do all the work, then furnish you with the Results. Reports can be at key Milestones (recommended) or at the end.
7. Network with similar Organizations around the country – Do Tele-Conferencing to discuss Marketing, Strategy, Demographics, Industry trends, Pricing, Promotions & experience “launching” new products or services. Use each other as a Consultant.
8. Build a Data-base of Current Customers – for providing info of #3 [Advisory Group]. Offer a discount. Enquire to determine their future needs to provide you with new opportunities.
Once you determine the “needs” of present & future customers (your Target Market), you can “tailor” your product/ service to meet these needs.
Comments: Is their any other Research that can be free or frugal?