49. Conduct Market Research

As the direct link to customers, you and your coworkers are in the best position to conduct market research. Think about it. Who else can provide better data than the source you are studying? Your customers! Learn and then train your coworkers how to research your customers, and you will gain a valuable source of raw data.

Performance Prompts

Learn how to conduct basic market research:

• Observe and listen to customers as they shop in your store, come into your place of business, or call you on the phone. What do their attitudes say about your business?

• Get to know your customers, and find out why they come to you.

• Pay attention. Listen closely. Customers will tell you what they need from you.

• When customers make purchases, ask how they are going to use the products.

• Make a list of customer comments—what they do like, and what they would like.

Initiate a customer survey and feedback system:

• Do this through comment cards, follow-up calls, or mail/ e-mail surveys.

• Ask specific, open-end questions that require more than a yes or no answer.

  • What do you like best about our company?

  • What don’t we do that you would like us to do?

  • How well do our employees meet your needs in:

    • Greeting you?

    • Answering your questions completely and accurately?

    • Helping you find the right solution?

    • Making sure you are completely satisfied?

  • What can we do to improve our service to you?

When you receive response data:

• Pay attention to customer feedback.

• Analyze responses.

• Act on viable suggestions for improvement.

When This Happens ...

You trained your coworkers to conduct a short survey at the end of phone calls by asking what can we do to improve our service to you? They are to note the responses on the form you provided and turn the forms in daily.

Try This

At the end of the week, you begin to see a trend. Most customers are satisfied with your company, but seven were unhappy with the installation date policy and one did not like the music when placed on hold. You realize it is time to analyze what can be done to improve installation time frames. By asking your customers what you can do to improve, you will be able to identify trends, set goals, correct problem areas, monitor your progress, and most importantly, stay close to your customers.

When you act on suggestions for improvement, you will develop a loyal customer base.