Jul 24, 2018
How to Know What Your Customers Want by Doing Market Research Today we're talking all about how to know what your customers want. When it comes to determining what our customers really want, we have the temptation to return to our middle school days of fortune telling. Stay with me here. Do you remember the origami cootie catchers that told us where we would live and who we would marry? Did you ever pick the pedals off flowers, "He loves me, he loves me not, he loves me!" Raise your hand if you've ever asked a Magic 8-Ball a question. Y'all, we love to predict the future. We all want to know how things will turn out, and if we're honest, we'd all love to read our customer's minds. Related: Communicating Clearly with Your Customers Using Market Research to Determine What Our Customer Wants Wouldn't it be incredible to figure out exactly what our customers want? To determine exactly what they need? To know the words they use, so we can use those words and reach them directly? We can. We can know those things-what they think, how they feel, and what they need. We can learn all that and a whole lot more. And here's the good news: You don't need a Magic 8-Ball to tell you. How do you find out? You just ask. The simplest things are the things that are most often overlooked. Instead of doing the most logical and effective thing, we tend to just guess what our customers want. We overlook asking them what they feel, want, need, think. We can demystify the whole thing by simply asking our customers directly. We're all great at asking questions, but many of us have just never thought to apply it to our business. There's a fancy term for asking your customers what they want: Market Research. Related: The Two Things You Need to Know About People Two Methods of Market Research There are two methods of research you can use to ask your customers what they want: quantitative research and qualitative research. Both methods are going to help you understand your market, learn, and grow. By asking your customers the right questions, you can gain a better understanding of their thoughts, feelings, and needs surrounding your product. A helpful hint to understand the difference between quantitative research and qualitative research is to remember the root of the word. Quantitative research is all about quantity. Qualitative research is all about quality. Understanding Quantitative Market Research In quantitative research, you ask questions that can be quantified and produce a metric for you to measure. You might do this through yes or no questions, multiple choice, ratings, or another method. Quantitative research is helpful in your business to not only understand your market, but to supplement your marketing, branding and promotions. Have you seen those commercials that say 9 out of 10 dentists recommend this toothpaste? They did a quantitative market research study to find that number. Understanding Qualitative Market Research Qualitative research can't be quantified. This type of research takes exponentially more time to sort through results, analyze and identify themes. But that doesn't mean you should avoid it! Qualitative research provides open-ended, non-leading questions that will allow your customers to provide answers in their own words. That's the reason it's so valuable! You really can understand your customer, their motivation, their mindset, and their language. Qualitative research can also be used in marketing in the form of marketing copy, testimonials, endorsements, and quotes. Lots of the words that we use in Business Boutique are things you've told us. We love to hear what sticks out to you so that we can improve, grow and get better. I love market research! It is such a simple and direct way to get feedback from your customers. Related: Ep 20: How to Create Engaging Content for Your Business In this episode I'll talk about: The different...