Today’s entrepreneurs face a challenge when entering a marketplace and competing with successful firms that have already developed their client base. However, one way they can get a leg up on other businesses is to trust in a market research panel, according to a recent survey conducted by global provider of marketing intelligence software Cint. 

“Brand loyalty has diminished in recent years, due in part to the troubled economic environment as well as increased competition,” said Bo Mattsson, CEO of Cint. “As such, not only is customer opinion useful, but in seeking it, customer loyalty can be established and built upon.”

Develop loyalty by learning what customers want
Many businesses roll out a suite of products and/or services, and fail to ask customers want they want and how they can meet their needs. Lacking these insights can prove to be fatal down the road, as the smart entrepreneurs are taking part in market research to supply customers with what they want. According to the research, 62 percent of people are more inclined to buy from a brand which has sought their opinion through a survey. Building a loyal customer base through market research can allow firms to use forecasting software to its greatest potential due to the amount of consistent cash flow it will see.

“Customer loyalty is a significant factor in any business success and is a very powerful attribute,” said Mattsson. “Having a market research panel with which to consult regularly is a huge advantage and a tactic which should not be underestimated.”

Focus on quality, not price
While market research can provide entrepreneurs with the information they need to deliver products and/or services that customers want, it’s also important for them to deliver on quality, instead of worrying about a certain pricing strategy. Of course price is going to play a role in some purchasing decisions, however, a recent article for Inc. magazine outlined how customer will often return again and again if they have a good experience with a brand and its products and/or services meets their needs.

  • The customer always come first: When entrepreneurs are rushing to complete orders and provide services for their client base, it is easy to forget that the end game is about pleasing customers and meeting their needs. Treating every client like they are the firm’s most important will not only demonstrate that the company places customer needs above all, but it will also show them that their business is truly valued. Providing a first-class experience at every step of the way will lead to clients spreading the word about the company, leading to potentially higher sales numbers.
  • Be as consistent as possible: Customers are more likely to pay more for a company’s products and/or services that meet their needs every time, instead of another business’s offerings that don’t always give them what they ask for. Remembering that consistency is king can go a long way for entrepreneurs who are hoping to build their client base and become a leader in the marketplace.
  • Remember value over price: There are some customers that will purchase a company’s products and/or services strictly due to price, but often, those are the same ones that care less about quality and more about their budget. Clients that want a higher quality of product or a better service will opt for the companies that had offerings presenting a great value at a fair price.

Keeping these pricing strategy tips in mind will help entrepreneurs continue to grow their customer base, as well as their revenue streams, as orders pour by increasing amounts.

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