“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.”
~ Jeff Bezos
As you may recall, this week I am discussing the different types of market research you need in your business plan to start and/or grow your company.
Today’s research focus is customers.
There are 3 types of research you must conduct with regards to customers:
- Detailed Identification of Key Customer Segments
- Demographic Profiles of Customer Segments
- Ancillary Needs of Key Customer Segments
Today I will discuss detailed identification of key customer segments. Tomorrow, I’ll cover the other two.
Detailed Identification of Key Customer Segments
Customers are the key to any company’s success, and investors want to know exactly who your customers are. Importantly, identify the distinct customer segments you are or will target.
For example, if you operate a hotel, there are several distinct customer segments you will serve. For example, you will serve customers traveling on business versus those traveling for pleasure. And you’ll serve customers who are extremely price sensitive and those who are less so.
By understanding the different customer segments, you can determine which ones you’d like to serve and develop strategies to expertly target and serve each segment.
Let Us Conduct Your Research for You
Over the past 10 years, we’ve developed an amazing market research service in which we conduct the research you need quickly and expertly.
Having this research is critical to you getting funding (if needed) and having a solid growth strategy.
Today’s Question: What famous children’s book author created an imaginative ad campaign for an insect spray called Flit?
Previous Question: In the 1925 edition of the Encyclopedia Britannica, who was credited with writing the article on mass production?
Previous Answer: Henry Ford.
The encyclopedia credits Henry Ford, although the entry was actually written by the Ford Motor Company’s official spokesman, William Cameron.
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