Time is Money; Research is Fuel

Dec 05

Time is Money; Research is Fuel

Finding and retaining a solid customer base is the key to running a successful business, so identifying how and why consumers spend their money is always the ultimate aim for any company. If you can create and market a product people want or need, then you can certainly claim to operate a successful business. The best way to examine consumers buying habits is to ask them, and that involves some form of market research. Companies that understand their customer can use that knowledge to their advantage in many ways.

As a general rule, market research is useful for all marketing and sales activity, as it provides valuable insights into who you are selling to (or trying to), why they’re buying your product or service (or why they might), and how you can potentially help them solve any problems. Market research should be used if you’re developing a new product or service; altering your sales strategy to existing customers; breaking into a new market; looking to invest money in your business and deciding where it would be best utilised; or making any changes to your business that could affect your customers.

Many companies will only conduct market research when they really have to. This is predominantly due to the time it takes to get tangible results, and, as anyone in business will tell you, time is money. However, by regularly researching your customers and your market, you’ll continually receive up to date information that will allow you to shape, adjust, and manage your business accordingly. The data you gather will fuel your business; everything you learn will give you a better understanding of your customers, and allow you to improve or tailor your business to their desires. If you’re concerned about the turnaround time for market research, then Decision Fuel has provided the answer. They help clients make informed decisions by conducting lightning-fast, cost effective online surveys. How do they do this? The company have developed a system whereby clients can create a tailor made survey, in less than ten minutes, by completing just four simple steps. Decision Fuel then makes use of their tightly managed consumer panel and mobile technology; respondents answer your survey on their mobile phone, which is why results can be generated so quickly. Clients are able to have real-time access to the interim results; you don’t even have to wait until the survey is finalised to see the responses.

Discovering more about your existing customers will also enable you to find new customers. If you understand where your customers are from and why they choose you to do business with, then it becomes easier to know where to target your resources to expand this market. Market research doesn’t have to be daunting, and it doesn’t have to take forever to conduct. Make frequent use of companies that offer results quickly and efficiently, and your business will flourish. Time is money remember; but research is fuel.