Business Finance Marketing

Congratulations, you’ve researched your market and surveyed your target audience. You’ve built a better mouse trap – or written a better e-book and now you’re ready to watch the world beat a path to your door. What could go wrong?
According to market research experts, most marketers who even take the time to survey their marketplace don’t understand how to use the information they capture and in fact, they unknowingly allow their surveys to lead them down the wrong – and costly – path.

For example, the severity of a problem mentioned just a few times in your survey responses can be just as important – even more important – than a response that is mentioned with more frequency.

It’s easy to assume that the frequency of a given response is the same value as the importance of response. But frequency and importance are separate concepts and understanding the distinction is where you’ll find the best opportunities to capture a market opportunity. The difference between these types of consumer feedback is where the real market gaps exist – and this is how you can stand apart from your competition.

Effective marketers emphasize and promote the benefits of their product or service ahead of features. What you want to discover is; what are the purchase motivating benefits that will really appeal to my target market?

Purchase motivating benefits are also know as point of difference benefits and these types of benefits address those things which consumers perceive as the hard to find answers and solutions to their pressing problems.

Point of difference benefits are distinct from price of entry benefits which are things that every product in a given market must have in order to even be considered for purchase. However, price of entry benefits are not the reasons why most people actually buy, and certainly not benefits that separate your product offering as unique among the competition.

Your objective is to tap into the level of frustration and difficulty that your target audience has in finding what they’re really looking for and then zero in on those areas that are most difficult for them - and then, they truly will beat a path to your door – and may even break it down.

Go ahead and discover how your business can successfully enter new markets with virtually no risk by using a systematic, step by step, market research approach. Go to CaffeineMarketing.com and find your Real Marketing Muscle.

This entry was posted on Tuesday, March 13th, 2007 at 1:56 pm and is filed under Business, Business Leads, Database Marketing, Marketing, Small Business.