and use your findings for a customer acquisition program.
There is a free, authorized Q&A content paper for getting the most information from your market research activities. Visit our our MCG e.Val.u.ate program at the end of this post. Besides the info, you’ll find a series of questions, you can answer pertaining to your own business. Get the PDF at the end of this post. Please click on the learning alert megaphone for your free market research summary.
What is the most profitable market for your products or services? This is a lot easier to determine than you might think, by studying your competition, market trends, digital and traditional communications channels, and, of course, your customers.
1.The first step is to gain a better understanding of your customers. Knowing as much as possible about your customers is one of the keys using direct-to-customer marketing. All efforts to achieve product or service recognition may not be fulfilled until you identify targeted customer market(s).
2.The second step is to differentiate your customers, by segmenting your customers into smaller groups. Remember, your entire target market may not be buying the same products or services. If they are, they’re probably not buying for the same reason. Try building customer profiles to determine the why and when they buy, in addition to segments.
3.The third step is to learn from your customers by more interaction with them. Learn what they do—and don’t—like about your products or services. Listen carefully to what they are saying. (What they don’t say may be just as important).
4.The fourth step is to customize your products and services. Use what you have learned from your customers’ needs and values to refine what your business offers.
For example, a direct-to-customer marketing program creates stronger relationships. Get ready to know your customers, and let them know you, by developing phone calls, e-mail, or visits with the individuals who buy what you’re selling.
Solid customer relationships increase customer loyalty. The time and effort you invest will reap amazing personal and professional rewards. As costs and competition continue to increase, each marketing effort gains importance.
For this reason, current industry trends are toward more precise targeting. The old salesperson’s adage, “You have to know the territory,” is truer than ever. The better you know your customers, the better you can serve them, better communications with them and even an idea or two to increase your overall customer count.
As we continue to publish our own Mcg-eVal.u.ate marketing assessment program, we’ve posted a variety of new articles on this blog, MarketingDoc, from our evaluate program.
For example, the questions we ask and the answers you provide, determine how your chapter 5 market research and analysis works for your company. Does it need a little tweak or just a few updates. If there is too little information available, we can teach them how to obtain better customer data for their market research and analysis.
If you want me to respond to your answers, email your answers from the PDF contact page to firstname.lastname@example.org including your email address. I’ll need a little information about your company, so send me your website or something similar, such as on Facebook or LinkedIn. Or, if you need additional clarification, call me 800-251-3608.
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Mike Deuerling, aka MarketingDoc
Marketing Communications Group, Inc.