EOC: Using Market Research To Make Money

Market research allows the marketing or sales program to focus on the division of prospects that are "most likely" to purchase your offer. If done properly, this will help to insure the highest return for marketing/sales expenditures. Marketing establishes what the need is and who is most likely to experience that need. Marketing research can identify many problems and collect data to increase problems. Prospects might be businesses that are downsizing (right sizing), businesses that have products in the mature stage of their life cycle or individuals with credit rating problems. Prospects might be businesses that have traditionally low profit margins, businesses that have traditionally high inventory costs or individuals that live in expensive urban areas. Prospects might be businesses that have traditionally low profit margins, businesses that have recently experienced depressed earnings or individuals with large families. Prospects might be businesses with complex, multi-discipline manufacturing processes. Prospects might be service businesses in highly competitive markets, product businesses requiring considerable post-sale support or individuals in remote or rural areas. Prospects might be businesses where potential employees are in short supply. Prospects might be new entrants to a competitive market. Prospects might be businesses or individuals looking for books on business planning, or seminars on Total Quality Management. Prospects might be businesses concerned with environmental protection, employee security, etc. or individuals who believe in say 'no' to drugs, anti-crime, etc. Prospects might be businesses or individuals interested in safety, security, economy, comfort, speed, quality, durability, etc. All of these segmenting factors are ways market research makes money for prospecting businesses.