Marketing - What does this mean?
Companies usually have their own internal department to do Market Research or hire an external company to provide the services of highly trained people to report information about a product or service planned to be launched. This data collection is needed in order to provide information such as what to refine or improve regarding the product or service or possibly information that prompts the end of that project alltogether.
Nowadays, marketing operates at both local and global levels. Depending on the scale of activities, and type of decisions to be made,. It is important that all employees be aware of the intent of market research since they themselves can contribute valuable information that seeks out optimal solutions for changing conditions or problems. Never underestimate what data employees can provide since they are in contact with all of suppliers, customers and raw data. (Their input can sometimes be the „most“ useful).
1. Stratify, identify and group your customers to determine if there are unique or rare opportunities to serve customer needs better than the competition. Understand your specific groups within your market of customers and what makes them different? Do you know what your customers value or want? How might this or could this change? What are customers saying most often? This information may be sought through the use of focus groups, customer or investor interviews, online reports and printed articles. Always remember to take note of commentary from the origin of your chosen source. Other questions to ask is whether commentary from clients is accessible and available. Where is this documentation held? Who is testing your new product or service?
2. What is the size of your chosen or target market? – what percentage of people have an unmet need? Do subgroups exist within your given market segment? Can you define unique features and preferences within each of your offered segments? Can concrete information be provided about a specific demographic and/or societal group?
Observe each group for a while to notice what they do. Try to interview them later to see if the impression you wanted to achieve succeeded. Consider interviewing some members of each group separately and some together. Groups are sometimes more committed to giving full answers. Interviewing some particpants singly can ensure the consistency of your information and help you arrive at a more satisfactory conclusion.
3. Is there a best method to meet the needs of a target market? What benefits or features could be added to your product or service that would meet an unmet need? Does your company have the capacity to continue to meet that demand? Do you know if the market partipants would need and want your product or service and what whether they would spend the amount you have planned to charge?
4. Investigate the competition. Examine the products, services, marketing techniques, pricing, and location, of your competitors. Go out and use their services, visit their location, look at some of their advertising including websites and literature.
5. Clarify your unique value proposition.
Define your strategy. Talk about your ideas and form a coherent program to describe your company´s new position.
6. Conclude if the product is effective enough to meet the needs of it´s customers. Test your product or service to see if the market continues to respond in a postive way.
7. Conclude if your advertising and promotion strategies are effective or not. Perform some case studies to observe the effectiveness of your advertising and promotional efforts.
Without a Balance Between Energy Invested in Employees and Customers, You Will Not Be Able to Fullfill Promises Made to Your Customers
How to Get Information and Feedback from Customers
It is your customers who determine the longevity of your success. Do not forget that your customers are formed from both “external“ and “Internal“ stakeholders. It would not be wise to leave them out of the marketing process.
Your employees can easily get feedback from customers. Employees should be trained to achieve this if you work out a plan and share the details. Provide a way to document complaints-and-follow-up in such a way that the customer is treated fairly and/or compensated (if need be). Comment Cards Basic questions can be answered if the opportunity is made available: Were you satisfied with our services? Please describe how we could perfect our services. Are there any services you'd like to see that don't exist yet?
At the store counter level, train your employees to gather information about the competition since they probably know best who they are. What is the competition selling? Who shops there? WHat major items are available for sale? Start coaching your employees to take notice of what's going on with your competition.
Go out and regularly talk to customers. Talk to them when they visit your facility or go and visit your suppliers. Documentation and Records What are customers buying or not buying from you? By having this documented you can make comparisions to see if there appears to be any changes. Follow up on this imediately.
Focus groups are usually 8-10 people that you gather to get their impressions of a product or service or an idea. Surveys by Mail Try to not give out a discount without getting something extra in return. Provide a discount only if the condition is fullfilled in addition to returning your questionaire as a completed form to your facility.
Do you have summer students or part-time people calling for work? Give them some questions and telephone numbers with training how to do telephone surveys. In the same way as you could hinder an accident by increasing safety measures, you could maintain a healthy work environment by implementing safety technqiues that motivate employees to be careful of costly mistakes.
Supervise an employee regarding a new project or task so that they know what is expected. This takes skill from managers, to learn how to criticize with kindness. This form of management takes on a new name. It is called "Leadership Skills".
Being a leader means you know a little about your employees. You make a connection with them. By connecting with them you help make the difference whether they care or not about ththe assignments they are given. If your employees care about their work then they make an extra effort on the job. That extra effort is what you get for free and the value is passed on to your customers, your suppliers, your other employees, your stakeholders and essentially all stakeholders in your business.