You religiously prepare budgets every year with your business objectives, goals, and challenges in mind. Of course, every business has the fundamental aim to increase its profits. So, how do you select the best tools to guide your firm towards expansion and gaining new ground? If you apportion part of your budget for market research, you’re moving in the right direction. Let’s explore a few reasons why market research should be an integral part of your budget.
1. User non-customer surveys to generate new leads
In their annual budgets, most businesses aim to generate new business to increase their profits. Perhaps your business isn’t operating at a loss or facing any new challenges. Your customers are satisfied with your firm’s services and products. But to grow your business, you have to tread in the unchartered territory to acquire new customers. For instance, you can’t reach those who match your customer persona but rather take their business elsewhere. A non-customer survey is your solution.
An experienced market research company carries out such studies. You’ll get valuable insights as to why your target buyers don’t bring you their business. Research is conducted using a non-customer survey through the internet, by phone, or by mail. They will ask a series of questions based on your organization. It will help determine your target buyers’ behavior, level of satisfaction with their preferred provider (your competition), and how likely they are to switch. Market research will also offer you unadulterated customer feedback about the market.
2. Customer experience program to increase customer retention
Customer retention is your brand’s ability to keep customers with you for a length of time. High customer retention proves that your business keeps returning customers satisfied. It also means that despite the competition, you’re not losing your customers to similar brands.
If you invest in the services of a market research firm, it will create a customized customer experience program for your business. Your market research firm collects data regularly, and they measure ongoing positive and negative changes. Your business can halt the impact of negative feedback and thus reduce the loss of customers to the competition.
3. Eliminate high employee turnover – employee survey process
Many firms spend significant amounts of their budget enhancing customer-centered strategies, while little or nothing is done towards their employees’ needs. Losing your top-performing employees is costly. High employee turnover translates into recruiting new staff and spending more on training programs. Hire a market research company to do an employee survey process.
You have a third party handling your employees, encouraging honest and unbiased feedback about your organization. The responses from the employees will remain confidential and anonymous. With this information, your firm can measure its progress on career development, demographics, compensation, and benefits. Ultimately, your employees can be your best brand ambassadors, know their needs and keep them satisfied.
Market research unveils business and marketing strategies that will help your business acquire new customers. You can make informed decisions using actual data instead of operating a system of second-guessing. Market research is the springboard to your business’s future growth and expansion.
If you ready to get started on market research, Product Insights would love to work with you. Request a bid today and we can get started!