Thursday, 7 June 2012

Make Strategic Decisions with Customer Research

Customer research is more than a process. It is often known as a reality check that organizations need to have for formulating future product expansion strategies. It challenges the status quo and offers few odd surprises here and there. Customer research is an effective way to find out what your target customer is really thinking. You get actual feedback when someone outside the sales process is conducting it.

Why customer research is important?
Most companies that have been actively involved in customer research have been surprised many times by the consumer trends that the research highlighted. Effective customer research programs allow you to locate the need for product innovation, assess partnering opportunities and get access to valuable competitor information.

However, the actual value of customer research can be experienced when the data is collected systematically by an expert researcher or a service provider. This data is further used to distinguish the trends prevailing that otherwise can be termed as hearsay without much evidence. When the trends are identified with adequate evidence it acquires a strategic dimension allowing organizations to arrive at smart business decisions.

Industry Offerings in Customer Research Solutions
Today leading brands in Product R& D Services have come up with new age customer research solutions. This enables an organization to achieve a better understanding of their consumer's psyche. These companies with their new age methods and able project execution engineers offer users with the very basis for continuous collaboration if used regularly. In addition to that, other incorporated procedures help clients to engage their respective stakeholders in product planning and outline new product features through the development lifecycle. Some of the core focus areas are listed below:-

  • Customer Requirements
  • Product Requirements
  • Product Usage / Features
  • Future Products
  • Pricing Models

Customer Research and Marketing Initiatives
One of the popular definitions of marketing defines it as the “process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual (customer) and organizational objectives". The central point here is the role played by an individual and his association with a particular service and product. To know what the customer associate with a brand and its offerings customer research is the key element. It helps enterprises to understand what factors contribute to brand loyalty.

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