Research your Target Market!
It is critical that you know what your customer target market is thinking. What changes are they being exposed to? How are their needs changing? What are your competitors offering? And then to integrate such thinking or understanding into your own future business plans.
This is true of whatever type of business you are involved with; trading, manufacturing, service or raw material supply; consultant or service agency; B2C or B2B.
Such research must be informal, daily and ongoing but also turned into a fixed review or commitment. Perhaps it is an annual or twice annual formal process. Or after every launch, exhibition or seminar or training event. Perhaps it is completed internally, professionally or externally? There are plenty of options to integrate research formally into your style of business.
And although your sales management and key account managers will be exposed to the customer thinking on a daily basis, never assume that they do so with an independent and open minded perspective.
And it is always important to participate yourself. That might mean you as CEO or MD, and your Production, Logistics, Service and Financial Management teams. And I assume your Sales and Marketing Management will be intimately involved.
It is far better that all personally participate and when the results are formally presented, all have a better framework to understand the views being expressed. And when the critical question of “what should we do with our target market learnings” is asked all the minds of your management team will be moving in the same direction.
It is not important that you as a management team participate in very interview. But it is critical that you do participate in a sampling, perhaps with the more important clients will be sufficient to catalyse your own thinking.
A freelance agent can be successfully used in this kind of situation. You as a management team know the kind of questions you need to explore. And will be fully able to integrate the results into your planning. But having an independent face dealing direct with the target customer opens minds and mouths that will lead to a deeper understanding.
However you decide to do it, in these days of rapid change it is critically important to do regular research.
Garth has over 20 years’ experience marketing dominant brands in South Africa, established multinational and local start-up brands in Saudi Arabia, Dubai and the GCC. A scientist and teacher by training he has learned his craft experientially with from mentors from a traditional FMCG background. Garth is an integrator by nature; bringing the best of the brand, the people and the environment together to maximize the brand position, its success and profitability. In his unique manner he has assisted a number of brands to reach their full potential. He enjoys the mountains; walking and mountain biking. If you would like to explore how Garth might assist you in maximizing your brand, you can connect via LinkedIn or garthsu@gmail.com