Market research seems like just another buzzword in business today … but what is it exactly? If you’re a fan of the thorough answer, Entrepreneur magazine has a definition for you:
“The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face.”
If you’re a fan of the succinct, here’s an alternative:
“Learning what your customers want.”
To learn just what your customers are looking for, you need to see the world through their eyes. You need to assume your shoppers’ view of the world and the market.
Because that strategic vantage point changes everything.
If you know the route your grocery shoppers are taking, you’ll know how to best arrange your store. If you know the values prevalent in a certain region of the country, you’ll be able to make a better case there for your products. And if you know something as simple as which colors are most appealing to your audience, you’ll know how to better design effective packaging.
At Shoppers’ View, our methods are often called “mystery shopping,” but they could just as well be called on-the-ground market research. Contact us today to start learning what your customers want.