Make Strategic Decisions with Customer Research

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Make Strategic Decisions with Customer Research

Customer research is more than a process. It is often known as a reality check that organizations need to
have for formulating future product expansion strategies. It challenges the status quo and offers few odd
surprises here and there. Customer research is an effective way to find out what your target customer is
really thinking. You get actual feedback when someone outside the sales process is conducting it.

Why customer research is important?
Most companies that have been actively involved in customer research have been surprised many times
by the consumer trends that the research highlighted. Effective customer research programs allow you to
locate the need for product innovation, assess partnering opportunities and get access to valuable
competitor information.

However, the actual value of customer research can be experienced when the data is collected
systematically by an expert researcher or a service provider. This data is further used to distinguish the
trends prevailing that otherwise can be termed as hearsay without much evidence. When the trends are
identified with adequate evidence it acquires a strategic dimension allowing organizations to arrive at
smart business decisions.

Industry Offerings in Customer Research Solutions
Today leading brands in Product R& D Services have come up with new age customer research
solutions. This enables an organization to achieve a better understanding of their consumer's psyche.
These companies with their new age methods and able project execution engineers offer users with the
very basis for continuous collaboration if used regularly. In addition to that, other incorporated procedures
help clients to engage their respective stakeholders in product planning and outline new product features
through the development lifecycle. Some of the core focus areas are listed below:-

Customer Requirements
Product Requirements
Product Usage / Features
Future Products
Pricing Models

Customer Research and Marketing Initiatives
One of the popular definitions of marketing defines it as the "process of planning and executing the
conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that
satisfy individual (customer) and organizational objectives". The central point here is the role played by an

individual and his association with a particular service and product. To know what the customer associate
with a brand and its offerings customer research is the key element. It helps enterprises to understand
what factors contribute to brand loyalty.

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