key words:
CUSTOMER NEEDS Benefits & Pains
“As per research demonstrate that when customer contact companies for service, they care most about two things; is the frontline employee knowledgeable? And is the problem resolved on the first call?”
BUSINESS DIRECTION
“Find out a target market segment where we might enter the market in which we offer the customer clear and compelling benefits, or- better yet- resolve their pain, at a price it is willing to pay?”
The main objective of this project is to find out the Psychological and Functional benefits for the customer. Therefore, the project will serve customer and their needs resolving their pain “Finding and Filling needs”.
INTRODUCTION
Customers have their own specific needs and special requirement in each certain market and industry. Therefore, the modern competitors are continuously looking to find out such needs – in term of customer’s benefits and pains – and then apply such wants. For example, the customer in Kuwait may require such specific criteria on a product, which is more valuable to them comparing with other global region.
The idea behind initiate such product, is to follow the Marketing modern methodology which is “customer derives market”. Thus, a company can achieve and satisfy the following benefits by applying such project;
Improve sales, by developing and creating products
Maximize the profit margin, by saving capital and resources, satisfy customer segmentation and specialty
Leading the market and setting standards
Grow competitive advantages
Market growing rate, by setting the current targeted customer
TYPE OF NEEDS
The customer needs can be divided and classified into different types such as,
Functional needs – Tangible, such as Faster, Cheaper, Material quality, etc
Emotional needs – Intangible, such as Personal image, Respects, Acceptable, etc
Values, adding some unsaturated criteria
Pain, solving customer problems
Available, as it may be provided by other competitors
Unavailability, as for creating a new product or development
Continuously, some customer needs should be available during the year
Partial, while other should be available in some times
METHODOLOGY AND APPROACH
The company is aiming to contact 5 - 7% of the total end user market -through different approaches and ways, such as;
Survey (Calls, Documents and On-line ), Understanding customer size, customer satisfaction, customer thinking, ..etc.
One- on –One Interview , Understanding the customer needs and requirement, by lessening to their pain. Also this method will allow understanding the customer feedback and their suggestions for developing a product.
Observation – PR, Efficient tools for evaluating customer emotions and trends, beliefs and behaviors.
Focus Group Research, Generating ideas and needs
Experimental Research, Finding the customer requirement and pain
REAL CASES FOR APPLYING MARKET RESEARCH
iMod’s success in the wireless market is an example of how important it is to have a product offering clear and compelling benefits to carefully target market. In just two years, the company becomes the most widely used mobile internet service in the world.
Hero Honda – Agreement between Hero Cycles of India and Honda Motor Corporation – won 5 Million customers and 40% average annual growing sales within 4 years.
Whole Foods customers forked out an average of USD 826 per square foot, comparing with the market average of USD 487 per square foot.
EMC overtook its competitors, becoming the data storage leader, with a 41% market share, up from just 5% three years earlier.
BEYOND THIS PROJECT
The following are some additional benefits to a company after receiving such project
Developing uniquely appealing products and services
Develop marketing campaigns and pricing strategies
Extracting maximum value from customer’s data
Development of tailor made packages for different sections of customers
Recommended segmentation
Evaluate competitors products and services
Voice and insight of customer
Customer satisfaction index –CSI
Customer persuasiveness
Initiate marketing tactics and strategies
Saving resources by improving focus
Related topics
Customer Surveys
Market Segmentation
Market Size & Market Share
EXCPR™ Consultancy and Business Management
P.O. Box 21407 Safat 13075 KUWAIT
Sharq, Ahmed Aljaber Street, CBK Building, Level 6
Tel: +965 229 71156
Fax: +965 224 78734
Mob: +965 600-excpr (600 - 39277)
Email: info@excpr.com