You should invest time understanding your market, your customers and your competitors. The better you understand your market – the more successful you will be.
Research is the first step of the marketing process for a reason. Implementing marketing programs including letters, ads, sponsorship, brochures or any other activity can be a wasted exercise if you don’t know what your target audience really wants. You might assume that they care about low price – and miss out on pricing your product or service correctly. You might assume they like high quality and miss out on manufacturing and product efficiencies. Assumptions can kill your business quicker than you realise. Only 15% of companies in our benchmark had researched their customer’s needs in the past 12 months. So get ahead of the pack and research your customers, your market, your competition and you’ll be more successful.
Good research of customers and your market is the first thing you should do before any marketing campaign. It can be said that research is the key to sales growth, and in my experience this has been proven true in many many cases over 25 years. So survey your customers, find out what they need and orient your marketing to them along these needs.