An Open Mind Accelerates Success
By: Susan Spaulding

In today’s competitive environment, knowledge is power when you want to reduce your risk and increase the probability of success.

CEOs of companies of any size today recognize that there are three key marketing issues that have a direct impact on the company’s ROI.
1) With the high cost of getting a new customer and the greater profits associated with a loyal customer, what is the degree of customer loyalty and how is defection prevented?
2) With the investment made in communicating to customers, what is the value of our brand and how do we ensure that the brand promise made is relevant to the customer and matches the customers’ experience?
3) With the rising costs of introducing new products or new programs, how is a greater success rate achieved?Whether your company is large or small, there are ways to assess your situation so that you do have the knowledge, self awareness and power to change and can rally everyone in your company around common goals to improve your status.

Qualitative vs. Quantitative
There are two types of primary research Ð qualitative and quantitative. Qualitative research is used to explore the feelings and motivations of people, understand why a person is loyal (or not), what perceptions are associated with a brand and what are reasons for new product interest. Qualitative research includes your conversations with customers and prospects as well as dynamic discussions of focus groups and in-depth interviews. These can take place in-person, by phone or online.

Quantitative research is used to identify 1) what proportion of your customers and prospects are loyal, favorable, indifferent or at risk -- just where are they in the customer relationship lifecycle, 2) what are prospects’ needs and wants relative to your product category and how well does your brand promise and your brand performance relate to them and 3) what is the revenue potential for a new concept. Quantitative research includes very structured interviews typically conducted by telephone, online, mail or through a central location like a mall.

Toward the Same Goals
A final critical marketing element that CEOs have recognized is the importance of getting everyone in the company on the same playing field working towards the same goals. Applying the same research methods to your employee population quickly tells you what degree of understanding and commitment they have toward your company, your brand and your customers. Comparing what they say to what your customers say quickly shows you what communication, education and training is needed to ensure that employee actions are aligned with customer needs.

Including your employees in the process: