The value of market research like customer surveys is illustrated in a major magazine article about “My Biggest Failures,” quoting major business leaders who made colossal mistakes. In almost every case they blamed their error on jumping to a costly decision without doing good market research first.
Most clients whom Lawrimore works for have never conducted any formal research or customer surveys before engaging us. But they soon see it can be tremendously valuable in helping make smart decisions, reducing risk and discovering unknown facts. So we encourage you to review these options, all of which can help establish a rock-solid foundation for developing any kind of success initiatives:
Market Research Options
(1) Customer Value Survey– Nothing is quite as exciting and energizing as having a clear picture of your customers’ or prospects’ perceptions, needs, values, satisfactions, and suggestions for improvement. Valuable results can be achieved with anywhere from 10 to 800 calls, depending on your budget and number of customers. Professional telephone surveys are the ONLY form of market research that allow estimating statistical probabilities of results.
For example a random dial survey of 400 representative people has a 95% confidence level of representing the entire target population, plus or minus 5%.You can take that kind of confidence to the bank. Our Customer Value Surveys typically generate such valuable results that the lead to new income opportunities and more than pay for themselves.
(2) Online Surveys are growing in popularity as more and more people have experience with them. These can be constructed so that responses can be tracked in real time. Results are almost as reliable as random-dial telephone surveys and a lot less expensive. An email to a target customer group invites them to click a link and take the survey online.
(3) Focus Group – A group discussion involving 8-12 customers, prospects, or employees, allowing more in-depth probing and creativity than telephone surveys; especially economical if participants are within easy driving distance. Again depending on your budget, multiple focus groups with different segments may yield even more valuable results and allow comparisons of different groups’ needs and perceptions.
(4) Mail Survey – Still a very cost-effective way to get feedback from a large number of people, we can manage all the work or team with your staff to save time and money for best results
(5) Information Searches – Locating and analyzing the most current market information, especially trends and innovations, accessing proprietary data sources as well as the Internet, print material sources, trade association libraries, expert interviews etc. If you need valuable information, we are very experienced at finding it.
(6) Market Targeting – Analyzing your present customer base by SIC or NAICS Code (industry category), size and other factors, and selecting the most profitable market segments to target for development. Obtaining qualified lists of actual prospects in each target market and helping you import them into your in-house computer database if desired. Especially valuable when followed up with email marketing.
For more information about how Lawrimore’s market research services can help you, please contact us using the contact form right on this page or call president Buck Lawrimore at 704-332-4344.