Market Research
Market Research
"A desk is a dangerous place from which to view the world."
Well designed and where applicable, statistically reliable market research is the backbone of most of WCG engagements. While we strongly advise our clients to avoid analysis paralysis, we know that having in- depth knowledge and insight about a particular market segment, geographic area or customer segment can mean the difference between success and mediocre to poor operating results.
Secondary Research: If you're considering extending your business into new markets or adding new services or product lines, start with secondary research. This type of research is based on information gleaned from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations. This includes Census Bureau information and Nielsen ratings.
Primary Research: By customizing tried-and-true approaches — focus groups, surveys, field tests, interviews or observation — you can gain information about your target market. Primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market.
Make Emotional Connections With Your Customers: Perhaps the best research of all is done by you, the business owner. Constantly think about those people out there who are going to pay you money to buy your product or use your service. Remember that market segments are only statistical abstractions made up of people with thoughts, feeling's doubts, fears and emotions. Visualize them. And from time to time, talk to them as they approach the Moment of Truth i.e. buying your product. Think, "This is my customer." It can be a game changing experience.
