“Customers buy for their reasons, not yours.”- Orvel Ray Wilson
Before you can market—and eventually sell—to customers, you first have to understand exactly who those customers are. Understanding customers is critical to creating, delivering and managing customer value. Without this understanding of customer needs, it is impossible to develop successful marketing strategies. This understanding must transcend simple demographics like age, industry and geographical location to encompass the buyers’ wants and needs, as well as their buying habits. This is also critical to uncovering opportunities you’re your clients and target clients. Market research is a key part of defining your position in the marketplace, who your target customers are, and understanding what they want and desire. At the beginning of any marketing campaign, it is crucial to conduct market research that will provide you with answers to these all-important questions. After all, a good marketing program is built on solid market intelligence—in other words, cold, hard facts that will help reduce the risks associated with your campaign.