SUCCESS
DEPENDS ON INFORMATION
We
live in an information age. In order to successfully compete, companies
need information, which will give them a winning edge.
The winning edge is simiple. It has to do with knowledge about your customer. Success
or failure depends on knowing what drives customers to act to buy your product or service, and what drives them away from your product or service.
Consumers
derive benefits (whether tangible or not) from purchasing products or
services, and different groups of individuals may derive completely
different benefits from buying similar items.
Understanding
what drives consumer attitudes, perceptions, and ultimately, behaviour,
is fundamental to the creation and implementation of a successful
marketing strategy that will appeal to these different consumer segments.
In addition to using research to determine what customers want, it is also important to understand what makes your existing customers unhappy. Unhappy customers switch to your competitor's products or services. Understanding what factors attributed to your company or your product or service makes them unhappy is valuable information. Keeping existing customers is just as important as acquiring new ones. Once you understand what factors can drive a customer towards your competition, you can make the necessary changes to maintain existing customers.
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Tap
into your customers' Mind
Asking the right questions provides
insight into consumer attitudes, preferences, and decision making
behaviour. Possessing this information is crucial to understanding your
products' strengths and weaknesses, and those of your competition. Exploiting
your competitors' weaknesses leads to increased market share
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Simple
Truth of Driving Sales
Understanding what drives consumer
purchasing behaviour is essential for the development of successful
marketing plans, which translate into increased sales, market share,
and brand loyalty. It also facilitates an understanding of the
weaknesses in competitors' marketing strategies. Incremental Sales are
achieved through the exploitation of these weakness.
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Strategic Planning
Consumer decision making behaviour
lies at the heart of why some companies succeed while other fail.
Assessing this behaviour prior to the creation and implementation of
strategic plans will ensure their success.
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