Why do we need to analyse our customers? We need to analyse our customers to try and figure out who our target market is, how much our customers are worth to us, can we encourage customers to form relationships with us and how can we offer a better product or service to our customers?
In order to find out more about our customers it may be necessary to conduct market reserach. There are a number of steps involved in the market research process:
Step 1 Problem definition
Step 2 Secondary data
Step 3 Primary data
Step 4 Data analysis
Step 5 Recommendations
Step 6 Implementation of findings
Ethical issues in marketing
There are a number of ethical issues to be considered when conducting market research.
- Have to ensure that the participant or respondent is willing to take part in the research
- If information is supplied by the respondent, the researcher has to ensure that it will not be passed onto a third party without their consent.
- Invastion of privacy
- Deceptive practices
- Impositions
By conducting research it is possible to find out what customers value in regards to our services or products.
When we analyse customer value we need to look at the following factors:
- What attributes and benefits do customers value?
- What are the importance of these benefits and attributes to the customer?
- Where do our customer see our company in relation to the competition?
- Need to monitor customer values over time.
Relationship marketing
The idea here is to create relationships and not transactions. However, not all customers will be equally worth the effort needed to move them up the ladder. The company needs to ensure that their is mutual trust between all parties involved. Companies need to ensure that there is employee involvement and commitment to relationship building and maintaining those relationships over a period of time. In order to build relationships it is necessary to:
- Building in loyalty benefits
- Create structural ties
- Create delighted customers
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