A sound and realistic understanding of who your customers and prospects are is the key to a sound business and marketing strategy.

As we all know businesses grow and markets morph, so I encourage companies to have a system in place that not only identifies the quantitative and qualitative profiles of their customers but also defines the types of messages they will respond to.

Knowing how to develop powerful messages that reach “your” audience and motivate them to take action is the key to sustaining business growth.
Research conducted in a way that is appropriate to your business is a fantastic way to understanding your customers to then leverage this knowledge to increase business.

Doing the right market research!
Depending on the size of your business there are many types of market research;

• traditional market research
• focus groups
• online market research
• or informal research

Identifying which is most appropriate for your specific business is vital. Firstly meet with a few market research companies to get a sense for what is available.

Traditional market research
Here we are talking about an investment in time and money. Be prepared for 3 to 12 months of data gathering and then market planning. This suits larger businesses who should be prepared for preconceived notions to be challenged.

Focus Groups
Faster, more economical, and facilitated by an outside resource -while the data may not be statistically valid will still be highly relevant and actionable.

Online research
Certainly a growing trend, online market research is quick and cost effective. While there is some uncertainty regarding the validity of the responses if you are careful phrasing your questions there is no doubt that you will get value for money.

Informal Market Research
This is very commonly used by small and medium-size businesses. Loose in structure typically you should interview 20 to 30 existing customers and 20 to 30 prospects, asking the two groups the same set of questions.

Make sure your questions include;

• ‘What would you never change?’
• ‘What would you change if you could?’

Their response will give you an understanding of the benefits they’re experiencing and also what’s not working. A company’s marketing director should be able to identify the way benefits are being described and the recurring themes and messages so they can zero in on the emotional selling messages and select the right types of media.

What to do when the research is finalized?
Good research will provide information that, if used correctly, will go a long way to making your company more successful. Lets face it, any insight is invaluable.

Incorporate your research into your marketing plan, communication strategy and your creative messaging.

Research will provide information that may reveal a product’s real benefits and don’t be surprised if it’s not be what you initially believed.

Above all make sure you use the insights research gives you to manage, direct R&D, and help evolve your business or product to create a competitive edge.

About the author

Peter Engelhardt

Peter has a ridiculous amount of marketing and communications experience. He is an inbound marketing advocate and a new media enthusiast with a passion for spreading his knowledge and blogging. Above all he is the driving force behind Creative Brew and a proud dad.