Taking the guesswork out of market intelligence.
In a perfect world, companies wouldn’t need to worry about business risk ... or market receptivity to the products and services they provide.
Short of that, focused research endeavors can help objectively map where your business exists in the mind of customers, and how you compare to the way competitors are perceived.
If you focus on the following four aspects, you’ll keep a good pulse on the market’s perception of your brand:
- Awareness – If purchasers don’t know you, they won’t buy from you. Market awareness research delivers objective data on you and your competitors, so you can decide when and where to devote advertising and promotional expenditures for the biggest impact.
- Brand reputation – A strong brand makes a huge difference in the ability to charge a price premium … along with making sure the market’s brand perceptions match the reality. There are many comparative performance attributes that can be evaluated – technological innovation, product quality, durability, ease-of use, etc.
- Customer service ratings – This will help you determine issues that may be challenging your ability to sell and service new as well as repeat customers. Make sure you measure dimensions of customer service that are actionable – and that your customers value – so that improvements will translate into higher customer profitability and better retention rates.
- New product/new market opportunities – This is an area where too many companies fall short. Studying whether a new product will appeal to buyers … satisfies unmet needs ... competes effectively against the competition … and is consistent with existing brand strengths – these are all important issues.
Study these factors, and you’ll remove much of the guesswork when it comes to market intelligence.