5 Questions to Guide Your Market Research

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The pandemic of 2020 did a lot to push the science of online tracking of customers and market research in general. Finding out why people buy what they do when they are most inclined to purchase and how they report their satisfaction became much more important when people stopped shopping in person. As you build your company, your ability to know your customer will make targeting your market much more cost-effective.

What Are Your Customers Looking for? 

You have a detailed knowledge of what products and services you sell, but who do you really want to buy your products? If you are interested in selling only to millennials and Generation Z, your online business options are the place to put your marketing and development dollars.

One of the most important things to know about your customers is how they prefer to satisfy their purchasing needs. For example, if you sell a consumable to a higher income demographic, setting up a subscription service may be the best way to build loyalty. They get your product with little fuss, and you get repeat customers.

Why Do Your Customers Choose You

Finding out your audience’s why can go a long way to helping you target your marketing. For example, are they drawn to the convenience you offer, your prices, or the charities that you support? Oftentimes, it is a combination of several factors.

Because the number of sticks and bricks shoppers is declining, ensure that your online platform includes many things about you besides just your products. For example, if you support a national charity, include a link to the good the organization is doing on your website, but make sure you also post pics of the summer league you sponsor in your own town.

In your community, make sure that organizations that you support have your logo and add it to tees and totes, so your value as a business and your values as a person are always out in the world.

How Did They Find You?

If you have customers out there touting your business, you need to know. You also need to know if someone is sharing unhelpful information so you can fix it and turn a former customer into a return customer.

Because many folks find surveys quite annoying, make sure you include your reward goals in your questions. For example, if your new customer found you through word of mouth, ask for their contact so you can thank that person with a 15% off coupon and let your survey recipient know that those are your plans if you expect them to share information about a friend.

Will They Be Back?

No matter the product or service you sell, making sure that your happy customers are not only sharing the benefits of your products but planning to come back is critical. For example, if you sell a consumable that is only used seasonally or purchased in bulk, get your promotional data on a rolling cycle and send out a coupon every 3 to 6 months as a reminder and a draw.

Repeat customers, particularly those with subscriptions, are critical to long-term business success. Send a discount at renewal time, or offer an additional gift to sweeten the deal. If someone drops off your list, offer one more discount, then let them be. Too many contacts can feel like harassment.

Why or Why Not?

It is essential to find out why a satisfied customer leaves. It could be because they moved, but it could also be because something they bought from you failed. In either case, you need to know.

When someone drops off, consider sending out a physical mailer and requesting return service or Do Not Forward. You will get your letter back with either a new address or a No Longer at This Address. In either case, you have a partial answer to your mystery.

For many people, getting asked to take a short survey is frustrating because the survey is not very short. Many people immediately decline. You may collect more data with a small gift offering, such as a discount. Chasing customers for survey responses can feel like harassment, so be ready to step back.

5 Questions to Guide Your Market Research

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