Planning A Market Research Strategy
With marketing you need to plan your strategy, you need to think; what makes you and your company different to everyone else in the industry?
Market Research Strategy Planning
You must make sure everyone in the company is in agreement and understands this unique selling proposition and make sure that it is the core of all your work.
Any market research agency will tell you that the first thing to be sure on is what you are selling. This may sound a bit odd considering the company will know what their product is, but you will be amazed at how many companies actually get this all wrong. Market research will help you to make sure you are distinguishable from the competition.
What your company needs to work on with your market research company is a customer value proposition. Why customers should choose you over a competitor.
There is a lot of sense behind the term so it is worth bearing with it.
Develop your unique selling proposition
Customers like getting value for money. They like to buy products and get services for a price which will give them more benefits to justify paying that price. This to them means they are getting value for money, simple.
There are a few products that can be priced at the higher end and people will pay a large amount of money for them but products need to been seen as valuable or they may well not sell.
A customer value proposition (CVP) needs to be built correctly because it is very important. Working out how people value your products and services will be one of the first things a marketing research company will take into account. There is a valuable framework used for CVP:
- Target audience: Who is your customer?
- Value: what can we offer the customer that they value?
- Superior: What do we offer that’s better than the competition?
- Profit: How will this make money for us?
- Banner headline: What would we say if confronted by a customer?
Another thing market research will look at is the unique selling proposition (USP).
This isn’t much different to the CVP in all honesty.
Quantitative and qualitative research will help you to find a USP that is desirable, different and defensible in every aspect because that’s how you will hook your customers.