Someone once said he knew 50% of Market Research was a waste of money – his problem? He didn’t know which 50%!
Well perhaps this will help.
The first , second and third focus of successful leaders is people. People who are your clients and customers, who could be customers, and the people who staff your company, make your products and services. The challenge is how to reach them without wasting your cash. And this can be done by taking steps every day that cost little, sharpen your focus and certainly do not require potentially misguided external market research.
- As the leader your default mode should be to talk with your people. Make it a habit. Set aside one day a week to talk with customers, and one to debate with your staff. You have to know your people up close.
- Make all staff an extension of your leadership, the way we do things here – so they too should talk with the customers, watch the competition, look for ways to strengthen your cutting edge as part of their general attitude. Give prizes, celebrate staff who provide insight.
- Hold regular feedback discussions with staff and customers to reinforce attitudes, build on feedback, and cement the new habits.
- Never ignore a lost client. Find out why they moved from you, where they went, why did you lose out?
Only then, after this customer focussed action has become a habit do you contemplate external Market Research – by now you can be precise about the questions you want answering, now you will really know what you are looking for.
Have a good day.