Market research is crucial to any successful business. But a lot of small business owners avoid it because they think it’s complicated or outrageously expensive. I have great news! It doesn’t have to cost a fortune and you don’t have to hire some big fancy market research firm to do it for you! There are actually some things you can do yourself to research your customers’ behavior, your competition, and your business that can improve your ROI (Return on Investment) and make you more money!
Here are the 3 Critical Questions you should be asking every single customer:
1. “How did you find us? If you don’t know how your customers are finding you, how will you know where to advertise? Let’s say you’re spending thousands of dollars on the radio, assuming that most of prospective clients hear the commercials and come to you. Then you actually ASK them and find out that they found you through an organic Google search, wouldn’t that be worth knowing? Without knowing how your actual customers find you you’re probably wasting a lot of money advertising in all the wrong places!
2. “Why did you choose us over the other choices you had?” This is a gold mine. The answers you get will tell you what your competition is lacking, where they let customers down, or how their marketing is perceived. This is your answer to “How are we different?” And you need to grab hold and run with it! This is what makes you stand out from the crowd and tells the world, “THIS is why you should buy from us and NOT them!”! How valuable is that? You can use this information in your marketing to set yourself apart from all the other businesses out there who say they do what you do and start attracting more customers immediately!
3. “What made you decide to make this purchase today (not last week or next month)?” This is called a “Timing Trigger” and knowing this can save you a ton of time, money, energy, and resources chasing people before they’re ready to buy. Understanding what makes them move this purchase up the priority ladder will help figure out where you need to be to reach them. Let’s say you’re a contractor who does high-end remodels, or a travel agent who specializes in luxurious vacations abroad, a timing trigger for you target market might be the last kid is out of college, so now you have the money to spend on yourself. That tells you it’s probably not cost effective to concentrate your marketing on 20 somethings, and that clubs and organizations and publications geared toward people over 50 might be great places to advertise! How cool is that? So understanding what makes people buy when they do is a huge market research data point that is critical to improving your ROI!
There you go, 3 very easy and do-able Market Research questions that you can implement today and start improving your marketing tomorrow!
Do you ask every one of your customers these questions? Do you have any others you ask? Share them with us; we’d love to hear them!
So what do you think? I’d love to hear your thoughts!
By the way, if you liked this post, I’d really appreciate your Retweet!!! Thank you. 🙂