MARKET RESEARCH - Why Should You Care?

Market research is the systematic gathering, recording and analyzing of market information. It is easy for you to do, it is inexpensive and it is accurate. If you do your market research before you spend time and money on your web site or advertising you will improve your marketing R.O.I. (return on investment). --- Market to make money from lifetime customers.

Lack of market research means you are marketing blind!
Marketing blind is the number one reason why marketing fails!
Marketing without knowledge practically guarantees failure!

Learn how to get more customers.
Reduce your advertising risks.
Quit wasting money on poor advertising.
Make better marketing decisions.
Learn and understand your market.
Identify and profit from opportunities.

Market to bring in more profitable sales.
Spot problems and potential problems.
Reduce your business risk.
Learn how to keep customers happier.
Reduce customer loss.
Make better business decisions.

What is testing worth to you?

Market research is testing your brochure, print ads, direct mail, web site, flyers and other media such as email. What is testing worth you, your business, and your sales?

Headlines 10 times R.O.I.
Features (phrases and naming) 2 times
Benefits (phrases - why they buy it) 5 times

Pictures 3 times
Special Offers 15 times
Testimonials 5 times

Your minimum R.O.I. should be 2 to 1 but your overall "target" R.O.I. is 10 to 1.
EXAMPLE*
Cost	R.O.I.	Ratio
$1,200	$2,400	2 - 1
$1,200	$7,200	6 - 1
$1,200	$18,000	15 - 1
*Do not include overhead in ROI.

Want to know more?

Your marketing research goals should be to learn more things about your market. (markets change so you should do market research every two years)

What type of people make up the market for what you offer?
What type of people make up your current market?
Are you in the market you want to be in?
What is their "Customer Profile"?

Are you offering the right products or services?
What do they want? How do they want it? How is your company performing?	How do they perceive the value? How to price what you offer? Why have customers left you?

Learn the keys to winning customers, not losing them to your competitors:
What are they buying? What do they "think" they are buying? What motivates the buyer? What offering is most popular? What offering is most profitable?	What are your strengths and weaknesses? Who are your real competitors? What are their strengths and weaknesses? How do your customers think about them? How can you compete and win?

What attracts new prospects to you?
What would they respond to? How do you reach them? Are your marketing philosophies on-track? Are your ads targeted correctly? Are your promotions effective?	What influences them to purchase? What influences them to re-purchase? What influences them to refer friends? Why some buy from you? Why some buy from other companies?

Are all people the same as you?
Then why do you use yourself as a guide? Never use an employee as a guide. Never use a single person's input to decide any marketing issue. Don't use slang and don't use industry terms in your marketing.

Market research when done often, is the proactive way of serving your customer better, build your business smarter and staying informed to be a better marketer:

Never assume you know what your customer's needs are.
More importantly --- don't assume to know what motivates your customers.
Learn your customers pain, fears and desires.
Learn how to make your company different and better.

No one can tell you what "headline" works best on your web
site or ad unless you do your market research.

Find out more about inexpensive marketing research for your company.

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