Research your customers
You can collect customer data first-hand through email, online surveys, interviews, and talking directly to your customers. This kind of direct customer research can help you discover what their needs are, what they're willing to pay for different products and also anticipate demand for your products. Finding out how your customers think and behave, as well as their likes and dislikes can also help you better target your marketing efforts.
Using existing data on customers
If you've been in business awhile, you may already have tools and information on customers that could assist in your research.
Internal tools that may hold useful data on customer behaviour and purchase insights, could include your:
- Customer Relationship Management (CRM) database
- Customer Loyalty or Reward Program information
- Point of Sale (POS) system and sales records
- Inventory Management System
- records of customer complaints
- records of customer feedback or suggestions
- internal reports on customer service benchmarks and targets
- website statistics and traffic information.
Example of how research can help
If, based on research, you find that your customers are looking for an affordable family-friendly restaurant, your business could draw on strategies that would cater to that need. Marketing is about working out what problems your business or product can help solve.