Using Market Research to Understand Existing Customers
Many entrepreneurs become complacent once they start selling their products/services and earning revenues. However, if you already have your own large customer base and are seeing huge sales, you should still take some steps to learn more about your existing customers and understand their needs and wants.
Why you need to understand existing customers
Knowing more about your customers might seem like a waste of time. After all, they’re already buying your products or services, which means you’ve already grabbed their attention and earned their trust, right? However what you will start to realise is that customers’ loyalty can shift over time. Most people are always on the lookout for lower prices, better quality, and the latest trends, and they can shift from one brand to another as time goes by.
Fortunately, you can counter this trend by gaining a deeper understanding into how your existing customers think, how they see your company, and how they value your products or services. You can then use this knowledge to improve your brand’s strengths and find ways to solve your weaknesses. This, in turn, helps you sharpen your competitive edge and keep your customers loyal to your brand.
How market research can give insights into current clients
There are several ways to learn more about your existing customers, however one of the best strategies is to use market research. Doing this allows you to know:
- What factors are influencing their buying decisions? Are they after the highest possible quality, or do they look for the cheapest possible options?
- Why they prefer your brand to others. Do they like the quality of your products, or are they a fan of your customer service? Do they believe that they’re getting value for money from your products or services, or do they just buy from you simply because it’s more convenient or because it’s trendy? Having this information can help you identify your strengths and improve them moving forward.
- What would make them switch to other brands. For instance, if your competitors would offer lower prices, would they leave your brand and switch to the more cost-effective option? The answers to this question can help you figure out how to maintain customer loyalty and stay ahead of your competitors.
- What their positive and negative experiences are with your brand. Have they encountered a rude store employee or telephone representative? Do they find it difficult to return products? Was there a time when they were not satisfied with the quality of your products/services? These will give you insights on what needs to be done to improve your business as a whole and give customers mainly positive experiences when dealing with your brand.
Market research can help you not just in attracting new customers but also in maintaining the loyalty of your existing clients. Fortunately, there’s no need to conduct market studies on your own since you can get our help here at BDP. We specialise in providing bespoke B2B data that help entrepreneurs make informed decisions and bring their business closer to success.