Make The Most Of Your Market Research

SurveysIncreasing Your Profit Margins

Know your customer, identify potential new customers and grow your business.

Essential part of any business that wants to offer products or services that are focused and well targeted.

Keep your business model relevant and reveal business opportunities.

Types of Market Research

The Customer Product Examination

Consumer SatisfactionBrand Studies

The CustomerFind out about your customer and future customers:

•What do they like? •What don’t they like? •Where do they live? •How many children in their household? •Where do they currently get their services and products from?

Product ExaminationTest your services or products:

•Respondents trial your service for Free•Get answer questions on what they thought of it afterwards

Customer SatisfactionMake sure that your customers are happy with your service or product for 2 main reasons:

1. Repeat sales2. Customer referrals

Brand StudiesFind the reason why people identify with a brand and why they are loyal to certain brands.

Gather information about your market, your customers, and your future business prospects.

Helps you to identify :

•Market trends•Market size•Client/customer demographics•Optimal price points•Customer’s buying habits•Important information on competition.

5 Top Tips for Market Research Survey Success!

Tip #1.Keep it short and sweet – the longer the survey, the lower the response rate.

Tip #2.Avoid open questions – it is easier to analyze closed question answers.

Tip #3.Act on results – if you your respondents are giving you a reason to change…then do it!

Tip #4.Share the results – featuring your results in promotional materials and pointing out what you’ve done to improve.

Tip #5.Rinse and repeat – conduct your market analysis surveys regularly to keep on top of changes in market

Carry out market research continually to keep up to date with market trends and maintain competitive edge

Vital to understanding your target market and increasing sales and satisfaction.

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