Whether you are starting up a new business or expanding an existing one, conducting market research is imperative to understanding your target market and increasing sales.
When a company’s research efforts are 80/20-enabled, the focus is on building insight with major customers. This helps develop a deep knowledge around customer needs and pain points where it counts the most and it is these insights that drive innovation. Creating new value for key customers is central to sustainable and profitable growth.
Guesswork and gut instinct simply won’t cut it when it comes to maintaining profitable customer relationships in the long-term. Whether you’re a large business or a small startup, tailored market research provides a reliable way to gather information and spend more time on customer success and retention.
There are two key types of research to consider: Qualitative research uncovers thoughts and opinions, and helps dive deeper into the problem. Methods include focus groups or individual interviews and typically use a small sample size. Quantitative research engages a larger sample size and generates numerical data for statistics. Collection methods are structured and online surveys can offer a cost effective option. Watch how customer research has helped businesses like Croplands increase its revenue.
Tips for research design:
- Define the problem
- Establish research objectives
- Set timelines for your research
- Secure a research specialist to conduct the work
- Determine who you’re targeting and how much data you’ll need
- Use smart tools to help collect and analyse the data
Source: Monkey, Berry Business Solutions