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The 3 Ways Research Gives You More Bang For The Buck by Guy Richards

Market research is obtained by systematically collecting and analyzing data about your target market, competition, industry, geographic area, or other key information segments that could have an impact on your business and decisions you’re trying to make.

Many leaders feel that they know their businesses, their customers, and their industries better than anyone else and therefore know what should be done. The leader may ask their team for input, but unless a culture is created that encourages people to freely share their thoughts, and unless the leader is truly open to information from the staff, the information or ideas shared may simply reinforce decisions the leader has already made.

Taking the time to do some basic research can prevent costly mistakes and can generate more revenue. Even if the thought of doing research gives you terrifying flashbacks from high school or college, as a business leader you’re certainly interested in saving money, not making mistakes, and in generating more revenue.

More efficient and effective use of time. No matter what the price of gas, time is truly the most precious resource we have. There are only 24 hours in a day and only a fraction of that time is spent actively producing at work, so we have to maximize that time as much as possible. We all know that time is money and we’ve all had instances when we spent hours, worked overtime, missed meals with families, got stressed, did our best, and yet, a project didn’t produce the hoped for results. Often, an outsider could analyze what happened and show us we didn’t plan enough or obtain enough data before beginning.

Although there’s time invested in conducting and analyzing the data, it’s time well spent because we can make better decisions, create better plans, and do a better job of executing them with solid data.

Create messages that touch the prospective consumer and motivate them to action. We’ve all seen commercials that made us laugh, some that made us think, and some that touched our hearts. How many of them stuck with us enough to remember the company? The average consumer is exposed to hundreds, perhaps thousands, of messages each day. How many of them produce the desired action? Most don’t make clear what the consumer is supposed to do.

When the designer and the copywriter are provided with clear information or are able to obtain clear information about the targeted consumer, the visual and verbal messages are crafted so both of them touch the heart and inspire action. Understanding the demographics (the physical characteristics of the population including age, sex, marital status, family size, education level, geographic location, occupation, etc.) and psychographics of your target (the elements of the lifestyles, interests, behaviors, thinking, and attitudes of people) allows you to invest a little more on the overall quality of the message and its delivery system because fewer people will actually get them. While the cost per prospect / lead may go up, the higher return rate more than makes up for the additional cost per piece.

Creates a stronger bond between you and your customers. When you understand what your best customers want, you can provide more of that. Once you have created a solid pool of clients, you want to invest in retaining them and in increasing their purchases with you. You can develop your satisfied clients into your best sales force and brand champions. They should be treated well (with outstanding products and service, and special treatment) and rewarded (for referring others, for sticking with you, for the high value they bring to the business).

Customers who have a strong emotional connection are more likely to stay with you, refer others, and buy more.

Your next step is to review your procedures for capturing information about your best current customers and consider how you can use that information to make better decisions, lower expenses, raise revenues and increase profits.

And don’t forget: We’re here to help you do just that.

About Abiah Designs
Abiah Designs is a brand strategy / full-service marketing firm whose unique, proprietary research process creates and revitalizes brands that resonate with their target markets, leads to increased brand awareness, develops strong customer loyalty and improved market share. Visit our website (www.abiahdesigns.com or blog www.brandreturn.com) to view our portfolio, read our case studies, and begin to imagine how we can help you.

To grow your brand call 609 653 2233.