Customer research can provide valuable insights to drive improvements giving you a competitive edge
JWPM has specific expertise undertaking customer research in b2b and industrial markets. We provide two types of customer research...
Researching your existing customers
Existing customers fall into two important categories: Current customers these are the firms or people who are currently buying from you (generally "have purchased" in the last 12 months). Finding out what they think and feel about your company, products and services, and how you compare to competitors, can provide important information. What are you doing right, what are you doing wrong and suggestions for improvement. Lapsed customers (haven't bought from you in the last 12 months), asking these people "where have you gone and why?" can be very illuminating. You thought it was price driven; however, there can be many reasons - not knowing why means that you are destined to keep making the same errors.
Researching potential customers
A common requirement is understanding why the rest of the market isn't buying from you. This exercise can be expanded to developing a sales target prospect list.
JWPM routinely undertakes customer research either as part of a larger strategy development project or as a standalone exercise.
Customer research in b2b markets is a great tool for discovering...
- Brand strength and image: How well is your brand cemented into the minds of your existing and potential customers? What values do they attribute to your brand? Who do they consider to be the market leader and why?
- Customer attitudes toward your firm: How do your customers think you perform? How can you improve?
- Potential interest in products and services: Do they have a potential interest in your products and services?
- Industry trends: Customers have a diverse insight into what is happening in their industry. Asking their point of view may unearth new opportunities.
- Buying criteria: What drives their decision making?
- Profiling questions: These can be straight forward demographic questions (age, sex, geographic location, company seniority) but can also extend to identifying decision makers, buying process and also their industry focus/product application.
- Identifying their problems: Selling is much easier when your product or service can solve a customer's problem. Or, solve they way they need to buy a product or service.
- Comparison questions or bench-marking: How do we compare on price, service, quality, delivery speed, understanding - are we easy to do business with? These questions can be very insightful.
There are many questions and each project we undertake is tailored to your needs.
Importantly, it is far more effective if we ask the questions; customers are more likely to be honest with a third party.