This article first appeared here on Love Belfast on 14th August 2024.
Here we are in the midst of exam results season, and I’m sure we can all still remember that feeling of standing outside school, envelope in our hands, thinking “Should I open it or not?”
Whether we opened it or didn’t, the results weren’t going to change. And now, I say the same thing to business owners and senior management teams who shy away from market research.
Fear of the unknown can be overpowering, especially when it comes to understanding what your customers think and feel about your business. You’ve spent years crafting your art, the last thing you want is someone to criticise it! For that reason, many senior leaders and business owners shy away from market research, worried about what it might uncover. They prefer to bury their heads in the sand too rather than face potential criticisms or negative feedback. But here’s the reality: avoiding the truth doesn’t make it disappear. In fact, it can lead to missed opportunities, declining customer satisfaction, and ultimately, business failure.
As leaders, it’s our responsibility to drive our organisations forward, and that means making informed decisions. Market research is not about uncovering the negatives; it’s about discovering the truths that you can use in your business strategy for the future. It’s about understanding our customers properly, identifying their needs, and addressing their pain points. Yes, it might reveal some uncomfortable truths, but it also provides the opportunity to act on them and transform your business for the better.
So, what types of questions could and should you be asking in your market research?
- “How satisfied or dissatisfied are you with our product/service?” This fundamental question helps gauge overall satisfaction levels and can be followed by more detailed inquiries into specific aspects like quality, customer service, and value for money.
- “Do you feel that our product/service offers good or poor value for money?” This question can reveal whether customers perceive your offerings as worth their price, guiding potential adjustments in pricing strategy or added value.
- “What challenges or frustrations if any, have you encountered with our product/service?” Understanding customer pain points allows you to address specific issues that may be detracting from their experience.
- “How well or badly do you think we compare to our competitors?” This question helps identify areas where you may be lagging behind and provides insights into what customers value in your competitors.
- “What additional features or services, if any, would you like to see us offer?” This forward-looking question helps you stay ahead by understanding evolving customer needs and preferences.
Once you have the feedback, the next step is to act on it. Too often, businesses collect data but fail to implement the changes needed. I’ll say it louder every time, market research is not a vanity project. This is where senior leadership must step in, using the insights gained to drive strategic decisions. Consider the alternative: avoiding market research and ignoring potential problems. This approach might seem easier in the short term, but it’s a dangerous path. Ignoring customer feedback can lead to dissatisfaction, negative word-of-mouth, and a loss of market share. In our local, competitive market, businesses can’t afford to operate in the dark. Understanding and responding to customer needs is not just beneficial; it’s essential.
So, take the leap. Dive into market research with an open mind and a willingness to learn. Your customers – and your bottom line – will thank you for it.