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Assess Available Information
Assess the information that is immediately available. It may be that current
knowledge supports one or more hypotheses, and solutions to the problem may
become obvious through the process of defining it. Weigh the cost of gathering
more information against its potential usefulness.
Gather Additional Information
Before considering surveys or field experiments, look at currently held
information: sales records, complaints, receipts, and any other records that can
show where customers live and work, and how and what they buy. One small
business owner found that addresses on cash receipts allowed him to pinpoint
customers in his market area. With this kind of information he could
cross-reference his customers' addresses and the products they purchased to
check the effectiveness of his advertising. Customers' addresses tell much about
them. Lifestyles - and buying habits - are often correlated with neighborhoods.
Credit records are an excellent source of information, giving information
about customers' jobs, income levels, and marital status. Offering credit is a
multifaceted marketing tool with well-known costs and risks.
Employees may be the best source of information about customer likes and
dislikes. They hear customers' minor gripes about the store or service - the
ones customers don't think important enough to take to the owner. Employees are
aware of the items customers request that you do not stock. They can often
supply good customer profiles from their day-to-day contacts.
Those who can't afford high-priced marketing research services should
consider asking nearby college or university business schools for help.
For More Information on This Topic:
Missouri SBDC's "Market Research Workbook" Inc. Magazine Market
Research Articles
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