Effective research can help minimize business risk by laying the foundation for more successful programs, determining whether marketing investments can be expected to deliver healthy returns, and by eliminating guesswork or simply confirming intuition.
Research can help you increase profitability by delivering insight and information that can help you look for ways to reduce costs, retain more customers, expand customer relationships, build loyalty, and minimize customer or employee attrition.
Research, in and of itself, has been shown to improve sales. In fact, according to recent research reported in The Harvard Business Review, research has been shown to increase profitability over the long term, simply by asking customers their opinion.
A survey’s usefulness is frequently not limited to gathering data. It can be used as a “training tool” since you can teach and inform customers with a survey simply by asking them questions that help them notice things they never noticed before.
Measure Customer Satisfaction, Awareness and Needs
Build value-based programs and strategies using direct customer input versus guesswork. Stem customer defection proactively by assessing customer satisfaction, awareness and needs before they look elsewhere.
Develop a More Effective Marketing Mix
Research can help evaluate target markets and gather valuable insight. Insight that can help guide marketing collateral and messaging/brand building decisions as well as the most effective marketing mix for your products and services.
Tap Into the Evolutionary and Learning Nature of Marketing
By researching, evaluating and gathering intelligence and feedback step-by-step.
Look at Macro Environment
Including industry, supplier and market trends, pending legislation, strengths and weaknesses of your product and service offering, threats facing your firm, competitive weaknesses to target, and identification and prioritization of key market opportunities.
Combat Eroding Margins
Research identifies key segments and areas for growth along with areas at risk of customer attrition.
Merge research data with existing customer data to extract even more value.
Determine why programs are not working and discover ways to improve them.
Develop More Viable Plans and Strategies
Credible research can help you build more viable plans and strategies.