Market Research has been around formally since the 1920’s.
Entrepreneur.com defines it as:
The process of gathering, analysing and interpreting information about a market, product or service to be offered for sale in that market - and about the past, present and potential customers for the product of service; research into the characteristics, spending habits, location and needs of your target market, the industry as a whole, and the particular competitors you face.
They go on to say that accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the competition, and the industry in general.
I really want to focus on the sentence above, so I’m going to say it again:
Accurate and thorough information is the foundation of all successful business ventures. It provides a wealth of information about prospective and existing customers, the competition, and the industry in general.
In other words, successful businesses ventures are based on solid market research. No surprise then that one of the most important steps within market research is customer research.
The majority of business owners can reel off a list of their competitors and tell us all about their industry with a much deeper level of insight than we can. But when we ask them who their customers are, when we ask them to describe who is actually driving their business (the people who are putting items in their baskets and checking out) they can’t actually tell us. They may throw out ABC1, or describe their ideal customer, but both are assumptions at best and this is totally bananas!
Customer research is probably one of the most important steps for a business, yet so many brands just aren’t doing it. If they are, they’re either well established multinationals running focus groups every quarter (which is crazy expensive and requires big resources, two things multinationals have lots of), or they’re smaller businesses paying through the nose for a large body of lukewarm work that’s delivered with little enthusiasm, takes them months to get through, and is very difficult to action.
The customer research category and the businesses that make it up are simply not catering properly for the growing number of online SMEs out there. They’re too expensive, the process is way too long, they’re not engaging enough, they’re dead boring, and even we have a hard time wrapping our heads around what they really delivering.
Google Customer Relationship Management (CRM) Services. You’ll get hundreds of fast paced providers, all offering something a bit different. Do the same with Website Designers and you’ll find hundreds of them, but if you google Customer Research Services the options suck. They are big, confusing, expensive, and are simply not relevant for small businesses, which make up the majority of growing businesses out there.
If you’re an online business with good data (i.e. frequency of purchase, total spend, complete with matching email addresses) then you could be doing a very exciting level of customer research that could help your business and its teams to make better, more commercial decisions across the board.
WBYS? is disrupting the customer research world. We are helping to make what is probably the most important step in business (identifying your lead persona) fun, simple, and engaging for the first time ever.
What our clients say: “Invaluable, sales have already improved. Simply genius stuff.”
What we say: If any of the above makes you fidget with the realisation that you don’t really have much idea about who your customer is, then give us a call. We’ll happily introduce you to your lead persona.