Market Research is a systematic, orderly and analytic method to know and understand the wants, expectations and performances of prospective customer or buyer. There are many methods that can be used to perform this process. The methods most extensively used are surveys, questionnaires, telephonic interviews, focus groups, online polling etc.
However before choosing and investing in a market research methodology, it is good to understand and answer a few critical questions, like who are the customers? How they can be best reached? What is the customer profile i.e. in what age group they fall? What is the ratio of male and female in the consumers? What is your budget?
The best method can be zeroed in once you answer the following questions:
1. What is the target market(s)?
The understanding of customer database should be done to draw out some conclusions about whom and what types of people are purchasing from you. The answer to this question enables you to choose the right media and to get a good feel of your best target market.
2. What are the media sources that my target market watches listens to or read most?
To find answer to this question, the best step is to do some research about what specific media is used by the target market most often. The answer to this question can be best sought by simply paying attention to the consumers or to ask them straight about their choice. You can inquire about the names of publications that they subscribe to, the specific associations or groups that they belong to, their favourite radio stations, their most watched cable television programs, or the mails that they usually choose to open up and read.
3. Which media can convey the message at the lowest cost?
This is perhaps the most critical question .To answer this question you can compare the relative investment that you will have to do for marketing while using one media or the other. A commonly used measurement related to media buying is the “CPM”. It allows you to break down your media investment into cost per 1,000 “exposures.” So this tool can be used to effectively analyze all the media package options that you can consider.
4. What are your advertising objectives and how well will the chosen media help you to accomplish them?
The CPM measurements do allow the selection of an effective medium, but the question still remains unanswered that whether it would meet the advertising objective .For example if you wish to distribute pamphlets for your brand promotion, then you should understand that your advertising requirement is that people note down and remember your brand and the place from where it can be purchased.
It is very important for the companies to know what their customers thinks and wants because businesses can't be successful if they continue to diverge from the needs of their customers. So it is very important to find out what the customer wants from the products and services. When businesses are equipped with accurate, balanced and worthwhile information about the products from the customers, they put themselves way ahead in the competition of marketing stakes. Luckily, there are a many practical methods that businesses can use to extract feedback from their customers.
The methods chosen and their use depend on what the type of feedback is wanted from the customers, for example, to find out what novel and improvement they expect in the product or service or rather what they think about existing products and services, etc.
The six important ways to get feedback are following:
1 Precisely Ask the Customer - This is perhaps the simplest way to find out what people want from your service or product. Instead of taking for granted their wants an attempt should be made to understand their exact requirement and then acting according to it.
2. Step in Customers shoes - One of the smartest ways is to be a customer yourself. Just walk in like a customer, seeing things through your customer's eyes or you can act like special group of customer - such as a person in a wheelchair and see how you're treated.
3. Focus Groups - You can create focus groups to discover that there are three different types of customer: locals who want personal attention; after-work shoppers who want convenience; and tourists who want something special.
4. Questionnaires and Surveys - One of the most well-established feedback techniques to get customers to put their thoughts in writing is questionnaire and survey. That's because, when well-conducted they give crisp, precise and amazing results.
5. Usage Statistics - The most important indicator of how well you are doing at present is the information on sales so sales information should be efficiently managed to estimate consumer response from time to time.
6. Front-Line Staff - The front-line staffs are the most resourceful, reliable, as well as the most inexpensive costly source of customer feedback therefore it should be encouraged to build strong relationships with customers so that they can express freely how feel about the service. Then the front-line staff should feed back important information to the managers and the customer care wing so that corrective action could be taken.
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