Customer Needs and Opportunity Research
- When it comes to product and service development, we’re with Henry Ford. “If I’d asked people what they wanted they’d have said faster horses” declared the father of the motor car. But what Ford was really saying is not “customers can’t guide product innovation” but “customers can only guide innovation if you ask them the right questions”.
Understanding customer needs
Customer expectations are a function of their needs, their customer’s needs, and the ability of your competition. While customers may “try you out” because you offer a new product or service, a lower price, or a premium quality, they won’t do business with you long-term if you fail to meet their expectations across the critical points of interaction.
We focus on understanding what the unmet needs are from a customer’s perspective to ensure that you develop products and services that ensure a long-term, sustainable relationship with your client base.
What is customer need research?
Customer needs research is an invaluable tool for businesses looking to develop products and services that will appeal to their customers. It involves gathering pertinent information about customer wants, needs, and desires through various means such as surveys, interviews, focus groups, and ethnographic studies.
Determining customer needs allows businesses and researchers to gain insight into customer behaviour, preferences, and decision-making processes – providing useful direction for the development of successful products and services. Conducting detailed customer need research can give organisations a major competitive advantage by ensuring they create products that truly meet the needs of their customers. Customer needs analysis should be a key component of any marketing strategy.
Why is it important to research customer needs?
Researching customer needs is an integral part of any successful business. By taking the time to better understand the requirements of their target market, companies can develop products and services for satisfying customer needs. This effort can pay off with greater customer satisfaction and loyalty – translating to higher sales and profits.
Additionally, market research into customer needs can open up new possibilities for businesses; understanding consumer demands can allow them to see where there are opportunities for product or service development, as well as inform its decisions about marketing and advertising efforts that will be most effective in reaching potential consumers. All businesses should take the time to carefully investigate the needs of their customers, to reach their full potential.
How is market research used to identify customer needs?
Insight Survey can help you with identifying customer needs through surveys, focus groups, and tailormade customer needs research designed specifically for your brand.
Example of questions we help you to answer:
- How are your and competitor products/services currently being used?
- What goals – both practical and emotional – is the product or service meeting?
- What frustrations and disappointments are experienced with existing solutions?
- What outcome, assuming absolutely no limitations, would the ideal solution deliver?
- How can you better anticipate and address the requirements of your business customers in future?
Then once new product or service concepts have been developed based on the market needs and opportunities insight, we follow an iterative process to:
- Gauge the market’s reaction
- Identify improvements and establish whether commercial success is likely
- Identify the most profitable price point
Based on our experience, we usually conduct Online Surveys or Telephonic Surveys with customers using our in-house telephonic survey unit. However, depending on the target market and your needs, we conduct Personal In-depth Interviews or Focus Groups Discussions with B2B customers.
For more about our research process, click here.
Customer Opportunity Research
What is customer opportunity?
Customer opportunity is the set of chances and prospects available to a brand to better serve its customers. This could range from existing areas for improvement, to new products or services that can give a business an edge over its competition.
Knowing how customer opportunity works is beneficial for any organisation, as it provides a chance to recognise potential problems and strengthen current offerings. Opportunity research can help brands identify these customer opportunities and threats, as it involves studying current customer behaviour, whilst also monitoring future trends, to develop the optimal strategies.
Opportunity research goes beyond traditional market research, by looking at customer experience in greater detail, which helps companies both anticipate problems before they occur and create solutions that give them an advantage. Ultimately, understanding customer opportunity is an invaluable asset in helping brands succeed.
Trust Insight Survey for Customer Needs and Opportunity Research that helps your business thrive
Insight Survey provides expert customer needs and opportunity research to guide your business decisions. Our analysis is precise, accurate and reliable – giving you the critical insights you need to succeed in today’s competitive marketplace. Our research will help maximise customer satisfaction and loyalty, and ultimately drive sales volumes and profits.
Don’t take unnecessary risks when it comes to managing your business – trust our comprehensive research process for dependable results that will help inform choices for growth. Contact us today and let us show you how Insight Survey can be the foundation of success for your business!
Our B2B Market Research Services
Our B2B market research services can help your company make smarter business decisions by identifying key data and intelligence based on your specific needs.
