2 minutes to read. By author Michaela Mora on March 10, 2010 Topics: Business Strategy, Market Research
Customer insights are essential to business success. I often meet entrepreneurs who are starting a new business and who ask what type of market research they should conduct.
Some are inventors who have come up with a gadget they love but don’t know if there is a market for it. Others have launched products and services and soon realize they need to re-think product features, benefits, advertising, and customer experience.
Regardless of whether your customers are consumers or business decision-makers, at Relevant Insights, we always recommend assuming a customer-centric market research approach in alignment with our clients’ business objectives. This is based on two basic principles:
A market research plan based on these two principles would include four key areas of research, which become relevant depending on the internal knowledge available inside the company in connection with the lifecycle of the product. These four areas are:
There are many research questions that can be asked within each of these areas depending on the stage a product, brand or company is at.
Below are some of the questions that should be on the shortlist of any business that wants to succeed using customer insights.
Find the answers to these questions and you will learn how to connect with your target customers and be light years ahead of your competition.
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