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April 9th 2020
Market research is also nothing more than egg hunts!
A sunny Sunday. The market hops across the meadow. What has he brought with him in his basket? It's insights! In the thicket between trends, global competition and, unfortunately, Corona, the market is hiding its Easter eggs. Like children on Easter Sunday morning, we market researchers are waiting in the wings for your signal to start running.
Whether you're a startup looking for a detailed market analysis, an emerging business looking for a suitable financial calculation, or an established industry player looking for a detailed touchpoint analysis including customer journey, market research can be the tool of choice when it comes to entrepreneurial growth and seizing opportunities.
Don't believe me? Have you ever heard of the customer journey? ...
The customer is king, I think we all agree on that. The customer journey is built on this foundation. It represents the customer's itinerary along his buying process and analyzes all the touchpoints your customer passes during his journey. The exciting thing is to determine at which points the customer breaks off his journey and jumps off, possibly switching to a competitor and starting all over again. We call this the "moment of truth." The moment when a buying process owed to necessity, the fulfillment of a long-awaited desire or a spontaneous desire to buy, suddenly turns into a buying nightmare.
Online shopping offers a tremendous data basis for a thorough analysis of all touchpoints. And since, in the days of Corona, shopping has been (almost) completely transferred to the online world for the time being, there is hardly a better time to do it. You can hardly generate more digital foot traffic!
Enough talk, let me briefly introduce you to the concept of the customer journey:
1. Awareness
How do you present yourself? Here, advertising, store, blog, banner or newsletter are put under the microscope. It is important that you make an impression that is not only positive, but also memorable. People who do not know you will not buy you.
2. Consideration
As a company, you should not only present yourself, but also have something to offer the customer. A kind of promise. For example, on your landing page or in your app. What do you offer? Or rather: What do you offer that no one else offers? Because this promise ultimately decides the buying process.
3. Conversion
If you've done everything right up to this point, this is where the customer begins the buying process. This process should be comfortable, uncomplicated, and stress-free. In this process, all touchpoints that affect the buying process are analyzed: Shopping cart, checkout, form, order confirmation, shipping status, packaging, delivery, product...
The focus here is on the customer experience. How does the customer experience the buying process? For example, have you ever tried to configure a car online at VW? I can tell you it's about as fun as doing your tax return.
4. Service
What about your service qualities: Store, FAQs, hotline, voice computer, return label, return slip, cost absorption?
Good service is half the battle! And friendly employees, too. I remember well when I wanted to buy a tablet dressed casually (in sweatpants) on my day off. When I entered the store (I don't want to name names at this point) and asked for the said tablet, I was, contrary to my expectation, not advised which model to take, but asked for my ID. Please what? You can imagine that was my last visit there. Always remember:
An unsatisfied customer will not buy again!
5. Loyalty
Creating a bond with the customer means creating a community from your own customer group. Lively exchange in community forums or apps, regular updates via a newsletter or even involving the customer in decision-making processes via surveys. The stronger your bond, the more likely he is to become a voluntary brand ambassador for your company. The silver bullet of the customer journey.
Ultimately, market research is about breaking down insights that shed light on customer behavior in terms of motives, attitudes and needs. Market research with insights brings the necessary enlightenment into the darkness of uncertainty, explaining customer behavior in terms of motives, attitudes and needs.
Armed, we market researchers stand at the edge of the meadow and wait for your starting signal. In our method case, we have a flashlight and a magnifying glass to illuminate the thicket. And our advantage is that we know the field and know where the most beautiful, valuable Easter eggs are usually hidden.
If you look at it this way, market research is nothing more than hunting for eggs at Easter! So, let's start searching!
Herbert Höckel is a managing partner here at moweb research GmbH. He has been a market researcher for more than 25 years. In 2004 he founded moweb GmbH, which he is still the owner today. moweb from Düsseldorf operates internationally and is one of the first German market research institutes specializing in digital processes.