Using Customer Data in Market Research
November 21, 2011 4 Comments
“There are a lot of companies that have data, but not information.”
I was lucky enough to be on the receiving end of that quote at an event during Triangle Entrepreneurship Week in Raleigh and Durham, NC a few weeks ago, where I met a great group of entrepreneurs and small business owners. The unfortunate aspect of this quote is that it is very accurate.
Being able to utilize data from customers is of the upmost importance when trying to find more of them. “Birds of a feather flock together.” Well, this is true in regards to customers. Similar customers buy similar stuff. By understanding who your customer is, where they are, and (most importantly) why they buy, you can use that information to attract more customers just like the ones you already have.
Today’s market is much more complex and less receptive to media and advertising messages. However, by narrowing the target of your customer, you can send targeted advertising specifically to them.
How does your marketing process gather intelligent information on your core customer’s needs? And how do you use this information to target other potential customers?
–J. Nolfo helps companies understand their customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your customers, email him at firstname.lastname@example.org.