This blog post was written by our guest blogger, Marc Bovenzi, Business Development Associate at Research & Marketing Strategies, Inc. (RMS). Marc started at RMS a few months ago and wanted to share 5 things he’s learned about market research while working with the business development team here at RMS.
1. Market Research is more than graphs, charts and numbers.
It’s all about people. The question to ask is “How does our product/service impact the lives of people in a positive way?” Data means nothing if it is not used on purpose to make a process better for the end-user. A “3D” approach, as in seeing all angles of what matters to your customers and their experience with your company can help you better interact, gain a competitive advantage, and keep loyal customers.
2. Successful Businesses Regularly Assess their Organization with Data Not Emotions
The larger your company, the easier it is to lose touch of what is going on from the bottom to the top of your organization. Completing planned and unplanned assessments on the effectiveness of areas of your business through surveys and other modes of research has many benefits. Monitoring those processes can help streamline costs and measure strengths/weakness/areas of improvement/trends. Having a 3rd party firm like Research & Marketing Strategies (RMS) step in, helps remove bias and provides pure results to make a clear decision based off the information in the report.
3. Market Research Helps You Think “Inside the Suggestion Box”
Everyone has an opinion and a lot of customers and employees feel that they are not being heard. Customers may think they lost the key to the suggestion box. One negative comment about a product or service is spread through social media like wild-fire. Take heed and take the lead in correcting those voids and your company will reap the rewards.
4. Know Your Client’s Mission and Ask “How Can I Help You Get There?”
From a sales and marketing perspective finding a reason “why” a company should use you over a competitor can be very tricky. A strategy to combat that is to be prepared before your interaction with the client. Know your clients mission and be truly passionate about what you do and how you feel you can help that company accomplish their goals. It’s not about you; It’s about them.
5. Keep Up-to-Date on Marketing Research Trends
There are so many sources of information available out there such as: groups and associations, educational networking events, webinars, email subscriptions, and videos/articles online. Learn to be aware of the world around you because you never know when a CEO or other important person will bring up a topic and you’ll want to be able to give an educated opinion on it. Open up your horizons on market research for yourself and your clients, and stay educated.
If you are interested in market research or have a project that you’d like RMS to consult with you on, contact Sandy Baker at SandyB@RMSresults.com or give him a call at 315-635-9802.