Market research, customer profiling and creating customer segmentation

1

What is market research?

The success of every organization is fundamentally determined by the relation it has established and maintains with its clients. It is essential for the owner and for the manager to know how satisfied the customers with the company are, what kind of products/services they require, what their thoughts are on the issues of the world and mainly their thoughts related to the firm. 

The answers for these questions are less clear, since the leaders, product developers can only guess what clients’ perceptions are. This is especially true in the case of companies with a huge number of consumers. It is important to get to know the opinion of the clients, so they can be served more efficiently. Hence, misguided product launches can be avoided, which may happen even in the largest organizations (due to the lack of market research).

2

When is a market research necessary? What can I use it for?

Market research can be used in almost all parts of a company’s operation. Product development is an ordinary target of market research: customer demand, customer behaviour can be determined at the early development phases. It is also advisable to test the parameters of a designed product/service to see if it meets the needs of the clients. The parameters of a product not only include the price, but also the name, the appearance, the service included in the product etc. 

More and more companies recognize the importance of their clients’ opinion. To keep developing the firm it is necessary to regularly measure the consumers’ satisfaction. This can be done after every purchase or even on a weekly, monthly, yearly basis – it depends on the company’s profile and on the product/service slate.

3

How can a market research be done? How is it conducted? What do I, as a potential client, have to do?

The market researcher works closely together with the customer: essentially, he/she helps determine the optimal survey method (using a small/big sample for the research, online, by phone, in person etc.) based on the company’s suggestions. It is important to note, that the questions, the topics should come from the client, as he/she must determine the aim of the research. 

The market researcher helps translating this goal, conducting the research, then he/she presents the results and based on the results helps create new action plans. 

4

What does Danube capital offer me?

Due to our own market research competence, we articulate how the client’s need can be most effectively reached with professional methods. In addition, we can conduct the research ourselves – if needed with the involvement of a specialized agency – then we present the results to the client. In addition, the goal of a market research is to assess the results and determine an actionable plan. We support the client in shaping this.

5

Why is it worth involving a professional in conducting a research?

Why is it beneficial dealing with market research? The opinions of the clients qre crucial and can hardly be determined from the HQ of the company. Still many organizations fall into the mistake of trying to guess what the needs of a client are. These guesses usually come from specifics groups, which have specific social, economic knowledge. This significantly narrows the point of view, which cannot be considered as the reaction of the customers. If a sentence during a meeting regarding the opinion of the customers starts with „In my opinion”, it is obvious that an objective market research is essential. We think a correct statement starts with the expression „according to the research, 55% said…”. Danube Capital’s professional team brings the knowledge which helps understand the thinking of the clients. 

6

How long does the market research take? What will it cost?

A market research depends on the nature of the task and its complexity (whether only the company’s clients need to be asked or also the clients of the competitors, only a few customers should be asked in person or a bigger online model is needed etc.). A more serious research usually takes 1-3 months, starting from the occurrence of the demand to the presentation of the results (naturally, partial results are available beforehand). 

Remuneration is always based on an individual agreement, you can request an offer at our contact details on danubecapital.hu or at dc@danubecapital.hu

7

Why should I choose Danube Capital? What kind of references do they have?

For the past four years, Danube Capital’s professional team has been providing MKB Bank with market research activities, during which it gained great expertise. During the work with MKB Bank we created an online community of responders made up of the bank’s clients. We have done several surveys among retail and corporate circles. We use diverse methods (traditional quantitative research, using focus groups, eye camera research). Not only did we prepare/validate product development ideas, but we also measured the success of advertising campaigns, as well as managing several projects concerning multiple banking areas. (e.g., customer satisfaction research).

For the past four years, Danube Capital’s professional team has been providing MKB Bank with market research activities, during which it gained great expertise. During the work with MKB Bank we created an online community of responders made up of the bank’s clients. We have done several surveys among retail and corporate circles. We use diverse methods (traditional quantitative research, using focus groups, eye camera research). Not only did we prepare/validate product development ideas, but we also measured the success of advertising campaigns, as well as managing several projects concerning multiple banking areas. (e.g., customer satisfaction research).

For the past four years, Danube Capital’s professional team has been providing MKB Bank with market research activities, during which it gained great expertise. During the work with MKB Bank we created an online community of responders made up of the bank’s clients. We have done several surveys among retail and corporate circles. We use diverse methods (traditional quantitative research, using focus groups, eye camera research). Not only did we prepare/validate product development ideas, but we also measured the success of advertising campaigns, as well as managing several projects concerning multiple banking areas. (e.g., customer satisfaction research).

For the past four years, Danube Capital’s professional team has been providing MKB Bank with market research activities, during which it gained great expertise. During the work with MKB Bank we created an online community of responders made up of the bank’s clients. We have done several surveys among retail and corporate circles. We use diverse methods (traditional quantitative research, using focus groups, eye camera research). Not only did we prepare/validate product development ideas, but we also measured the success of advertising campaigns, as well as managing several projects concerning multiple banking areas. (e.g., customer satisfaction research).

For the past four years, Danube Capital’s professional team has been providing MKB Bank with market research activities, during which it gained great expertise. During the work with MKB Bank we created an online community of responders made up of the bank’s clients. We have done several surveys among retail and corporate circles. We use diverse methods (traditional quantitative research, using focus groups, eye camera research). Not only did we prepare/validate product development ideas, but we also measured the success of advertising campaigns, as well as managing several projects concerning multiple banking areas. (e.g., customer satisfaction research).