Have
you ever felt like you just don't know enough about your customers?
What turns them on? What ticks them off?
Maybe
it's time to start planning next year's marketing strategy and
you really need to know how your customers - and prospects - feel
about your company's products in relation to your competitors.
Any of this sound familiar?
These
questions are common among business people. We're inquisitive
by nature and we've been trained to know that the best way to
"hit the mark" is to know what the mark is and where
to aim.
Enter Market Research
Defining that "mark"
is the job of market research.
Market research is
defined by Philip Kotler, one of the world's leading authorities
on marketing, as "The systematic design, collection, analysis,
and reporting of data and findings relevant to a specific marketing
situation facing the company."
In plain English, it
is simply "reliable information that helps us make better
decisions about how we spend our money to get - and keep - business,"
Rosemary Walter, another leading marketing authority!
What Can You Learn?
Over the past six months,
Mosaic has helped several clients discover a lot of "marketing"-altering
information.
- We learned that
instead of just one target market for a client company, there
were actually two distinct end-user markets. Each target market
makes decisions based on very different criteria. Therefore,
both groups need to be marketed to differently. This is GREAT
info to have as it sets the direction and focus for future marketing
efforts.
- For another, we
learned that certain target markets are more appropriate for
a new product concept than others and, unfortunately, that the
market size overall is smaller than we had envisioned six months
ago. Good to know NOW before a lot of money is invested in further
product refinements and marketing dollars are spent targeting
the wrong audience.
- For a third client
we learned how best to approach distribution in a particular
industry. Again, this helps us focus time and money resources
on the most efficient communication and marketing vehicles available.
These situations represent
a mere sampling of the kinds of information one can gather through
market research.
The Truth Will Set You Free
The bad news is that
the truth - the market research results - can be a tough pill
to swallow.
But more importantly,
the good news is that the truth can either save or create for
your company a lot of time and money if you act on what the marketplace
is telling you.
As the successful businesswoman
and house wares designer Laura Ashley states, "We don't want
to push our ideas on to customers, we simply want to make what
they want." What a simple and brilliant concept!
Is market research
right for your organization at this time? I'll help you answer
that in the "Not Sure?"
section below.
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Wouldn't it be great to have a collection of marketing wisdom
and insights from today's leading marketers in one book?
That
way you could read it the next time you're flying cross
country or relaxing at home in your easy chair?
This
Fall you can do just that.
Rosemary
Walter is featured alongside marketing greats Jay Conrad
Levinson, Brian Tracy, Robert Bly and many others in Marketing
Magic from Insight Publishing.
Her
chapter "Selling the Sizzle - Market Positioning
for Maximum Success" focuses on why and how to
build a unique and compelling message around your products
and brands.
Call
847-483-5018 or email Rose1Walter@MosaicMM.com
today to reserve your autographed copy at 20% off
the $19.95 price. You pay just $15.95. The number
of copies is limited so order soon!
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Not
Sure You Need Market Research?
If you aren't quite
certain whether conducting market research is right for your situation
answer these two questions for your company:
1.
What
is the objective of this research? What will I learn?
What questions will it answer? (I have a PhD friend who actually
writes the research report sans results BEFORE he even designs
the study and writes the questionnaire. In this way he is certain
to have the type of information he needs when he is done.)
and
2.
What
will/can we do when we know these answers? How can
we impact our business in a positive way when we have better
information about …..(fill in the blank)? What specific actions
could this information lead us to take?
If you've
been thinking that your company could do a better job of marketing
if you had better information but you aren't quite sure or you're
stuck not knowing how to proceed, give me a call. I'd be glad
to help you sort through your thoughts.
Mosaic creates customers
for business-to-business companies through specific project work,
on-going retainer assignments or marketing coaching sessions.
309
East Rand Road #330