How to do strategic planning for market research
Posted: Tue Jan 07, 2025 5:40 am
Are you looking to improve the basic day-to-day functioning of your business? Have you considered managing customer experience ? Then it may be time to focus on strategic planning in conjunction with your market research.
Identifying how and by whom strategic decisions are made in your company, what information is used to make those decisions and how to best use the information you have about your consumers will increase your ability to sell a product to your ideal customer to achieve business growth, in addition to beginning to correctly build customer satisfaction .
Understanding your strategic process
According to the book, “Capturing Competitive Advantage: Using Insights to Tame the Strategic Planning Beast,” only 6 in 10 companies worldwide consider themselves “primarily consumer-focused,” with only half reporting “a clear understanding of their customers’ needs and tastes.”
What do you think about your business? Do you consider your company to be close to being “consumer-centric”? Or do you also feel alone in the darkness about the true nature of what your customers want?
The best strategic planning for your business is one that is tied to namibia phone number what the consumer wants based on certain behaviors and fact-based discussions. These are the factors that should act as the driving force behind the decisions that will shape your strategy.
Think about how your company currently approaches strategy. Who drives and who is involved in strategic decision-making? When does the planning process typically begin? What type of data is used for your current planning methods?
Using consumer insights in strategic planning
Once you have gained a greater understanding of your company's strategy-forming process, the next step is to conduct a consumer perception audit to learn what information you currently have and how that information was gathered.
Once you've found the information that will help you in the planning process, you can begin to develop an idea of who your ideal customer is by putting together a list of characteristics that define your customers in quantifiable ways. Here are some examples of how to do this:
Our consumer is best described as:
Our consumer needs and is motivated by:
We know that at the time of purchase, our consumer:
You are creating a summary of your consumers' behavior, so if you do a good study, it will be much easier for you to find the right consumer demographic that provides the most growth opportunities for your business.
Identifying how and by whom strategic decisions are made in your company, what information is used to make those decisions and how to best use the information you have about your consumers will increase your ability to sell a product to your ideal customer to achieve business growth, in addition to beginning to correctly build customer satisfaction .
Understanding your strategic process
According to the book, “Capturing Competitive Advantage: Using Insights to Tame the Strategic Planning Beast,” only 6 in 10 companies worldwide consider themselves “primarily consumer-focused,” with only half reporting “a clear understanding of their customers’ needs and tastes.”
What do you think about your business? Do you consider your company to be close to being “consumer-centric”? Or do you also feel alone in the darkness about the true nature of what your customers want?
The best strategic planning for your business is one that is tied to namibia phone number what the consumer wants based on certain behaviors and fact-based discussions. These are the factors that should act as the driving force behind the decisions that will shape your strategy.
Think about how your company currently approaches strategy. Who drives and who is involved in strategic decision-making? When does the planning process typically begin? What type of data is used for your current planning methods?
Using consumer insights in strategic planning
Once you have gained a greater understanding of your company's strategy-forming process, the next step is to conduct a consumer perception audit to learn what information you currently have and how that information was gathered.
Once you've found the information that will help you in the planning process, you can begin to develop an idea of who your ideal customer is by putting together a list of characteristics that define your customers in quantifiable ways. Here are some examples of how to do this:
Our consumer is best described as:
Our consumer needs and is motivated by:
We know that at the time of purchase, our consumer:
You are creating a summary of your consumers' behavior, so if you do a good study, it will be much easier for you to find the right consumer demographic that provides the most growth opportunities for your business.