Wednesday, May 24, 2017

The Easiest Market Research You Can Do

During a conversation with a client yesterday, I discovered that the client was struggling with uneven marketing of product demonstrations and yet had no data to identify problem causes.  This example can illustrate some of the easiest market research a business can do.

Larger businesses install POS (point of sale) data recorders for their sales.  Many larger businesses collect all manner of data on their sales transactions, customers, and product reviews, among others.  They are able to perform a wide range of business analytics as a result and can immediately spot areas of concern, weak products or services, and less successful sales agents, for example.\

Small business can do some of the same simply by recording -- in a spreadsheet or ledger or even a notebook -- information on every transaction.   Such details as who is the buyer, when was the transaction?  were there additional prospects? how many?  In my client's case the subject was sales demonstrations which also called for collecting data on location, number of guests, demographics of guests, specific orders placed, number of invitations, and time of day.

With data in hand, patterns can be discerned that spotlight problem causes.  Was there a particularly good or bad day and time for demonstrations?  Did some invitation drives and prospect lists yield better results?  Were there noticeable demographic differences at the more successful demonstrations?  And more.

Bottom Line:  Collect data while it is fresh and periodically review those data to fine tune your marketing.  Weed out the less efficient channels, prospects and messages, and more clearly see the route to success!

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