According to a University of Scranton study, 45% of Americans usually make New Year’s resolutions.
ColemanWick is still busy with our resolution from last year: “We shall endeavor to create moderately entertaining content”. This isn’t super easy, since customer data isn’t exactly the sexiest of topics. In the checkout line you never see research studies selling next to the tabloids (even though “Inquiring minds want to know” pretty much sums up the psyche of a researcher).
So, you want to make a case for a customer analytics budget. The (ideal) problem is, your company is growing rapidly, your product is being sold to the right people, and marketing efforts seem to be effective. In this case, your boss may ask, “Why do we need customer analytics?” which is a valid question. After all, why spend resources when things are going well? Well, here is why…
Want the 411 on your industry? Don’t ask.
I recently attended a conference where coffee, danish and slightly faulty advice were served. The speaker claimed that the marketplace will be going through many changes in the next couple years, and so companies need to gather as much intelligence as they can to stay up on things within their industry.
To gather such information, his suggestion was to have salespeople ask questions of their clients — nose around a bit, get the lay of the land.
Your sales folks might indeed be able to glean some useful tidbits that way. But I’ve observed that the best companies don’t put too much stock in such an approach.
At ColemanWick, our clients often ask us, “What type of market research should I conduct?” There are three types of market research, and what you choose depends greatly upon how much you already know about the research problem and your research goal.
The three main goals of research are to: (1) use background information to develop hypotheses; (2) measure the factor(s) of interest; and (3) test hypotheses to learn about the relationships between two or more factors. Depending on your research problem, you will need to use one or more market research types, so let’s learn the basics of each design.
The Difference Between Quantitative and Qualitative Research to Build a Customer Centric Organization
The realm of market research is defined by two main types: quantitative and qualitative. The difference between quantitative and qualitative research is clear but how does know which to choose when conducting market research? Here a simple breakdown of when market research should go the quantitative or the qualitative route.