I’m wondering if using market research in several ways helps justify the budget and therefore makes a lot more sense for a company who views market research as too expensive and relys on “gut instinct.”
In a perfect world, you wouldn’t think twice about researching a new product or existing service and knowing that the research money is well spent! But I believe that marketing your market research can help you to improve customer relationships and even speed up the building of a relationship with a new customer by marketing your company as a business that cares what customers think. If your positioning strategy or company mission is “a company who cares”, you may find this concept something your company will embrace. You may even want to create a survey as a means of conducting effective market research for your business.
Posible Results of Marketing Some of Your Market Research Insights:
- To help all the stakeholders get insights into your customers’ preferences
- To share insights with potential customers as testimonials
- To provide current customers with the good feeling of being involved with a company they care about.
Of course you have to make sure you follow best practices when gathering your information. You don’t want to gather results that are not accurate and then base your decisions on information that was tainted by your desire to market the information as testimonials for potential clients.
Isn’t it the Hawthorne Effect that says just by involving employees in decisions in the company, moral improved?
Perhaps there is an official psychological term for asking customers what they think as well. It makes sense to me that asking customers what they think will improve your product. And certainly good testimonials helps you tell your company’s value story! But will the customers who were surveyed gain a stronger, better relationship with the company as a result of the survey?
Examples of marketing your Market Research:
- YouTube Video of the BART seat lab surveys
- Blog post about survey results from Word of Mouth Association WOMMA
It’s win-win isn’t it?
When you get favorable responses from the survey, it can become a testimonial. It will help your marketing efforts. When you get unfavorable responses, you have your insights for improvement and a great “to do” list.
Either way your current customers feel involved in the outcome and build a stronger bond with your company. And you’ve figured out a way to leverage your market research dollar across your marketing budgets.
It is a balancing act. Remember to always get permission if you’re going to use the results from the survey as testimonial. And make sure that the information you gather is actually representative of your customer’s feelings.
Have you ever leveraged your market research? Tell me about it in the comments below. Or if you think it is a bad idea, tell me why in the comment section below.