This blog post was written by our guest blogger Mark Dengler, President and Owner of Research & Marketing Strategies (RMS), a market research company in Upstate NY.
In order to successfully serve customers, businesses must have an acute understanding of customers’ needs. Using market research and conducting a Customer Needs Assessment shows customers you are willing to invest time and effort into really understanding their needs and can ultimately secure a lifetime customer. As stated in a prior blog post, the real value of customer satisfaction surveying may be the survey instrument itself – because it reaches out and asks “how are we doing?”
A customer needs assessment uncovers the precise needs of customers, how these needs are (or are not) currently being fulfilled, and what is required to improve satisfaction and loyalty. This type of research technique profiles who your customers are, details their loyalty, and assesses their needs. By conducting customer market research, you can find the answers to things like:
- What is the average revenue/income of your customers?
- Where are customers geographically based?
- What products or services are these customers currently purchasing to fulfill their needs?
- What factors drive the decision-making of these customers (e.g., price, service, reliability)?
- How do these customers make buying decisions (e.g., multiple decision makers, multiple bids)?
- How likely are customers to re-purchase products/services from you?
By truly understanding your customers, you are able to adapt to changes and keep fresh on customer expectations. This type of research will also help you identify loyalty factors to ensure your business success. Differentiating yourself and the way you market yourself is critical in retaining customer market share, and a customer needs assessment is a key tool in achieving a consultative mindset with your customer.
Are you interested in conducting a customer needs assessment for your business with a market research company in Upstate NY? Contact our Business Development Director Sandy Baker at SandyB@RMSresults.com or by calling 315-635-9802.