Market Research

Most businesses should spend 7 – 9% of their gross revenue on marketing.  To make sure that you’re spending your money wisely, don’t assume you know what your customers think and feel about your business:  ask them.  Hendrickson Business Advisors are experts in conducting market research that will help you identify the wants and needs of your clients and we will tell you how you’re doing. 

Market research can take many forms:

• Focus Groups – this is where we bring in several groups that represent your target market and ask them carefully crafted questions in a controlled environment.  Many communities have access to focus group facilities with one way glass so you can observe the sessions, but a public meeting room can also be used.  Using a third-party expert with experience in conducting focus groups is essential to achieving the intended outcome.  Keep in mind, focus groups are considered qualitative research which means they are not statistically representative and should not be used to make major decisions.  They are; however, excellent indicators to identify hot buttons and make sure the right questions are asked on a survey.  They can also be used to test a new marketing concept or the usability of a new website.
  
  
• Surveys – these can be done in-person, by mail, online or a combination of all three.  We typically recommend holding at least two focus groups before conducting a survey because many times the focus groups will uncover an unmet need or a hot button that we want to measure scientifically through a statistically accurate survey. 
  
  
• Mystery Shopping – one of the best ways to get a handle on the customer experience is to use mystery shoppers.  Hendrickson Business Advisors performs this service for businesses and for churches (see our Faith Perceptions program).  We work with the client to establish the method of shopping – either over the phone, via the Internet, or in person – and develop a questionnaire that measures all the relevant criteria.  We provide reports monthly or quarterly, whatever works best for you.
  
  
• Geographic and Economic Analysis – if you are thinking about expanding into a new business line, opening a new location or acquiring an existing business, it makes sense to study the market first.  We use sophisticated analytical tools to help you make decisions based on data – not a gut feeling.