This week we are officially into Spring in Europe, so we all now start thinking about spring-cleaning the interiors of our houses and apartments. Of course living in Switzerl and, where people seem to be born with duster and brush in h and, I can imagine that there is not much work for most of my neighbours, but I have to admit that for my place it is a slightly different matter!
This is the reason why today I want to speak about YOUR interior, however I am not talking about your home, but about your Market Research Toolbox. When was the last time you took a look inside? Isn’t now an appropriate moment to review the tools you have in there? Some may be a few years old and need updating, whilst you may now notice that some others are missing that you really need. If this is the case, then this post will help you to do your toolbox spring clean.
In order to decide on all the tools you need, I suggest you start by taking a look at your br and essence. What do you want your br and to st and for in the hearts and minds of your target customers and your stakeholders? Who is your target customer; what attributes describe your product or service; what is your br and’s personality and character, and finally what benefits can your target customers expect from your br and? Once you have these identified, you need to agree what measures you will use to ensure that you follow them effectively and efficiently.
The 5Ps of marketing have been around long enough to assume that many people still find them to be useful, so we will base our review of your toolbox around these five topic areas, keeping your br and essence in mind of course.
Here are some questions I came up with, to help you to identify whether or not your toolbox needs some cleaning or updating:
Who is your br and or service targeting? To underst and, you will need to gather representative data on your users, current, past and potential, and not just demographics, but as much information as you can gather about their habits, attitudes, preferences, values and motivations.
Are you pricing your br and based on cost or value? What do your current, past and potential customers value and what price estimate do they place on your offer? What are the psychological price barriers for your category and br and? Where is your price in comparison to your competitors’? If it is higher, what additional value are you offering to warrant the difference?
How effective are your communications? What tools do you have to help in their development and to test their performance; not just at the end before airing, but also early on in the process of their creation? What do your category users talk about online? Are you gathering information on and responding to these discussions? What promotions and rebates are you offering and what do your target customers think about them? What is their impact on purchase and loyalty? What is their ROI?
Where do your current and potential customers expect to find your br and? What is your level of distribution in these channels, as well as that of your competitors? Do you have out-of-stock? Where, when? What is the estimated sales loss due to a gain or loss in distribution? Are there new channels developing or others that are losing in popularity? Are you also selling online? Should you be?
How does your product or service perform in the market? What changes have been made to your own as well as to your competitors’ offers recently? What changes are important to make and which do your target customers value less? What are your customers’ pain points and how can they be reduced?
If you have information and answers to all of these questions, then your MR house is in order and I can only congratulate you. If not, then perhaps it is time to update your toolbox with newer, better tools.
Do you Spring clean your toolbox every year? If not, perhaps you should. The world is changing fast and what worked in the past, even just a year ago, may need to be tweaked or replaced today.
For more on identifying KPI’s and performance metrics please check out our website here: https://www.c3centricity.com/home/underst and/
What changes have you identified as being needed in your own toolbox? It would be great to compare our spring cleaning efforts!
If you need help in running your own Market Research Toolbox review, C3Centricity offers a 1-DayCatalyst intensive but fun session, working with your team to identify priorities & necessary changes in your processes. Contact us here for an informal chat about it.