The Value Of Market Research In Business, Part 2

Quirks Marketing Research Review, January 2013

Several weeks ago, I wrote “Part 1” of this blog.  It’s a little misleading as I often times blog about the value of market research.  However, this series of blogs are inspired by an article I read in January’s Quirk’s Marketing Research Review with the article Research as a profit center? It’s closer than you think, written by Kathryn Korostoff, president of Research Rockstar LLC, a Marlborough, Mass., provider of market research training.

Now in the article, Kathryn Korostoff talks about one path, Market research online communities (MROCs) as sales incubators.  In that portion of the article, she writes about the fact that many MROCs are already blur the line between pure market research and sales.  The example she references is a company that test the effectiveness of coupons, bundling and discount offers by testing them with their MROC.  She continues on indicating that these MROCs could be claimed as revenue for the company.

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The ABC’s of Business

Sold Home For Sale Sign in Front of New HouseOwning and running a business is not as easy as reciting your ABC’s, but the basics of business can be just as easily remembered. 

Here is the first three letters:

Always
Be
Closing

Regardless of your position withing your organization, if you and your employees are always closing (sales),  then you are already ahead of a large percentage of your competition.

This attitude is especially needed in micro and small businesses.  Sometimes their very survival is based on an ABC closing.

In what ways does your organization promote every employee to ABC (Always Be Closing)?

–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 jnolfo@rhinomarketresearch.com.

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