Expert Articles Resource

How to Benefit From Market Research

By Article Expert on Aug. 15, 2009.

What are the things you can learn if you conduct effective market research?

Know your customers – Market research will help you better understand your customers in a number of ways including demographic information such as their age, gender and geographic spread. The better you know your customer the easier it is to fine tune your product or service towards the target market.

Know your target market - Who exactly are your existing customers and where do they live? What age group does your service or product appeal to? Do you know who your potential customers are and where they live?

Know your competition – Market Research will help you measure your service compared to others. What are the strengths and weaknesses of your business and are you improving in the areas that customers demand?

Products and services - Do you have the products or services that people want? Does your business represent value for money? How do your company’s products and services match up to that of your competitors? Can you deliver, do you deliver, should you deliver?

Ease of doing business – Do your customers find it easy to deal with you and when they visit your store and/or website do they find what they want? Is there enough good advice and assistance on hand? Do people find it easy to buy from you? Are all your employees properly trained, knowledgeable, helpful and available?

Marketing – Is your marketing reaching the right people and is the marketing message clear and effective. Which marketing channels are effective and which ones are ineffective?

Is your marketing message understood? Does all your marketing correctly reflect your brand? Do you advertise and promote using the right channels? Are you reaching your target audience?

With the power of the Internet it is now very easy to conduct market research using one of the many online survey software sites that make conducting surveys and collating good market research intelligence quick, easy and extremely cost effective.

Market Research is Important

By Article Expert on Jul. 25, 2009.

Market research is an essential part of any business that wants to offer products or services that are focused and well targeted. Business decisions based on good market research can help minimise any risk and should pay dividends in the longer term. By making market research part and parcel of the business process and conducting market research throughout the life cycle of a product or service market research will bring the following benefits:-

 

• Market research will help you better communicate - Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong. By asking you take the guesswork out of customer services and demonstrate to the customer that you care.
• Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to be honed.
• Market research will minimise risk - Market research can identifying what is needed for a new service and product and ensure that the development of a product matches demand.
• Market research creates benchmarks and helps you measure your progress - By establishing a benchmark you then have a useful reference to allow you to measure your progress – If you do not measure you will not be able to properly gauge how well your business is performing. Early research may highlight glaring holes in your service or short falls in your product, regular market research will show if improvements are being made and, if positive, will help motivate a team.

Market research brings considerable benefits and it is perhaps surprising how few organizations invest sufficient resources to enable them to gather good intelligence that will help them improve their business. Many may think that market research takes too much time and effort but that is just not the case anymore as through the power of the Internet online survey software is readily available and vital market research data can now be gathered in a quick, simple and cost effective manner.

Writing Effective Customer Satisfaction Surveys

By Article Expert on Jun. 26, 2009.

Why bother?

Good customer service is the life blood of any business. Although new customers are very important good customer service will help generate customer loyalty and repeat business. With each satisfied customer your business will secure many more customers through word of mouth and you should always keep in mind that if you are not taking proper care of your customers there is always a competitor that will.

Online customer satisfaction surveys will help by not only identifying problem areas but will also demonstrate to your customers that you care and are proactive in looking for ways to improve the service that you provide.

 

Where to start?

Objective - As a first step decide what the main objectives of the survey are, in that way you will be able to retain focus and find it easier to decide what questions to ask.

Analysis - Consider how you will analyze the answers having completed the survey.

Keep in mind that ‘closed’ questions (where the respondent is asked to choose from a limited number of responses) are easier to analyse than ‘open’ questions (where the respondent can reply in anyway they want).

Much will depend on the volume of respondents, the higher the volume the more important it is to have an easy method of analysing the results.

Opportunity – As well as obtaining valuable market research data keep in mind that customer surveys are also a good way to advertise areas of your service that your customers may not be aware of.

After you have drafted your survey read through the survey from a market research view point and check that you are asking the right questions in the right way and that with the feedback information you will be able to make informed decisions.

Then, read through the survey from a marketing view point, check that you have phrased each question so that every opportunity has been taken to promote your business?

The ideal question will perform the following three functions:-

• Market research - provide valuable feedback to help you improve your customer satisfaction levels and in turn your business
• Marketing - promote aspects of your business
• Information/Education - advertise a service that you provide that your customers may not have been unaware of

For example:- Do you find the in-store baby changing facilities useful?

In asking this question the store will hopefully not only receive useful feedback on the baby changing facility but they will also promote the store as being child-friendly even beyond the customers who actually require the facility.

Warts and all – to benefit most from a customer survey you need to be prepared to dig deep and accept the worst.

A customer satisfaction survey should be designed to highlight problems so that they can be addressed; regular customer satisfaction will prevent complacency and will also give early warning on where your competitors initiatives may be losing you business.

 

What are the questions you should ask?

Although it is a given that each business is likely to have specific and unique factors that are important in providing good customer services there are common areas that are relevant to all businesses be they a physical store, online internet store or a service industry. The following are some key areas to providing good customer service.

Communication - What do you do to make it easy for your customers to communicate with you?

When a customer telephones is their call answered promptly; are enquiries about products or services handled properly? Good businesses will make every effort to ensure that whatever the customers query it is resolved by the right person, quickly, politely and fairly.

If a problem cannot be resolvable immediately do you promise to respond in a given time period and do you deliver on your promise?

Use a customer satisfaction survey to ensure that all your staff are considered by your customers to be courteous, helpful and knowledgeable.

Location – Are you doing everything you can to ensure that your customers find it easy to visit you, if a physical store, does it have good access and is it conveniently located?

Making it pleasant, making it easy - For a virtual business it is important to ensure that your website is easy to use and aesthetically pleasing.

Physical store or online website, is the store properly laid out, can your customers find what they need and is there sufficient information and help on hand to explain how a particular product works?

The right quality products – In addition to measuring the quality of the service that you provide you should ensure that the products and services that you provide do in fact match your customers’ requirements.

Value for money – Cheap or expensive is hardly ever a good measure, value for money is.

Do your customers consider that the products you sell or the services you provide are value for money, if not, why not?

Speed and attention – Customers want their enquiries or queries to be dealt with quickly but attentively.

Are you doing everything to prevent any delays?

Customers like to be treated as individuals, how do you treat your customers? Customers appreciate attention but only if it leads to a quick and satisfactory resolution of the query.

Demographics and Specific issues – Take the opportunity to profile your customers, for example their gender, age group and where they live?

By understanding your customers more, the better your chances of correctly targeting your business.

As part of the survey allow your customers the opportunity to highlight any problems that they may have and provide you with contact details so that their problems might be later addressed and their concerns followed up.

 

What is next?

Having completed the survey analyse the results.

Trends – Identify common and specific areas where the customer service is failing.

Ask yourself if any criticism is valid, be honest to yourself, is there anything that can be done to properly resolve, or at the very least, minimise the problem?

Training – Are all employees properly trained and do they have sufficient knowledge?

If customer service training programs have been implemented have they improved the customer experience?

Follow-up – If a customer who has completed a survey has raised a specific issue do all you can to ensure that their complaint is addressed.

Don’t lose a customer by squandering an opportunity to resolve a problem.

Continuously Monitor - Make changes based on the survey results and then re-measure by issuing further surveys.

If you are interested in tracking customer satisfaction and would like to see a sample survey for a store that demonstrates some of the above advice please view the following example that can be used as a customer satisfaction survey template.