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PLEASE NOTE IF YOU’RE A FIRST TIME FOUNDER, WE SUGGEST STARTING WITH Adi’s Guide to Market Research for First Time Founders
Which customer data helps drive revenue growth?
This is a question that should be at the forefront of every business owner’s mind.
BUT things get in the way of marketing and branding. You’re busy running a company, managing client needs and before you know it growth has stalled and you find yourself calling someone like me to help you get it back on track.
What if you can’t afford to hire a growth advisor and consultant? What if you need to figure out how to solve the growth problem on your own?
Start with studying the data to look for logical and scientific ways to grow your customer base and build brand loyalty using the lists below.
The first list outlines the questions to ask about your qualified market, the second list outlines where you can find the answers to these questions.
To confirm, yes this is the type of data I collect to guide my comprehensive growth assessment and roadmap. If it is an existing brand with a large customer base & lots of internal primary data, then I just focus on collecting information about their highest retained & happiest customers (NPS 9 & 10).
What can I learn about the customer’s:
- Social status
- Club memberships
- Choice of entertainment
Do they have hobbies & activities? If yes …
- Are they seasonal?
- How often do they engage in these activities?
- Is the activity required (for work, school, etc.)?
- Do they spend money on the activity? If yes, how much and what are the payment cycles (pay per use, subscription, etc)
- How emotionally invested are they in the activity?
Other questions I like to collect the answers to :
- Do they have any specific opinions that I can leverage or include in our marketing material, branding & ToV? Such as opinions about: themselves, social issues, political issues, fashion, family, food, business, economics, education, products and services.
- If there is an existing brand, how do the customers perceive the company and products?
- How do these products fit into their lives? Does this data indicate an opportunity to increase acquisition via a referral program or increase wallet share by adding more service / product offerings?
- What do current customers hope to achieve with this product or service?
- How does this product or service address one (or more) pain points?
- What objections do people have to making a purchase? Are these objections held by actual customers? (You’d be surprised by how often competitors create fake accounts to complain about your brand online).
- How big is the qualified available market (people who are interested in your industry category, have the financial means to purchase your product / service and are legally able to make such purchases)?
- What terminology & key phrases do the people within this target market use on a regular basis?
Where do you find customer data?
FREE: Secondary data
- A simple Google search can give you wonders. You’d be amazed by how much free information can be found with the query “Data on Millennial buyers”
- Amazon.com reviews
- If you have a product similar to those sold on Amazon, the amazon customer reviews section is a gold mine of data for you. From pictures to paragraphs, this corner of the web is a total G-d send.
- Walmart.com reviews
PREMIUM: Secondary data
- SpyFu (keyword research & competitor research) – this is my favorite place to go when I start my search
- Trade Association Subscriptions
- Nielsen (example – https://www.nielsen.com/us/en/insights/report/)
Primary data (these can be free or premium thanks to the rise of social media).
- HotJar – I gather a lot of information about user behavior here.
- Pick out questions from this mega-list to help you create your short list of questions for the following types of information collection.
- Website surveys
- Online quizzes
- Customer interviews
- Focus groups (people tend to give the least consistent answers when in face-to-face groups)
- Customer interviews
- Social media polls
Read more about consumer research via the resources below:
This post was written by Adi Soozin of MD9.co. If you enjoyed this post and would like to see more like this: follow MD9 on Telegram, or drop your email in below to receive our Pineapple Report (1 – 2 times each month). The Pineapple Report contains exclusive updates, founder invitations and Adi’s latest password protected growth hacking strategies.