Customer base study
Customers are those whom every company looks for in any market; knowing current and potential clients is important part of any market research project – and this is what we also do.
1. We begin our Customer study with understanding of customer base in the market:
- Customer segments
- Approximate number of the customers in target market
- Approximate customer concentration (e.g. top 20 customers account for XX% of demand, etc.)
2. The next stage is identification of top (major) customers – current and likely future.
3. Understanding of customers' decision-making processes and strategies is another important part of the research:
- Decision-making models used with customers
- Customer segmentation by decision-making model
- Product/service selection criteria with each customer group
- Supplier selection criteria with each customer group
- Drivers for purchasing from suppliers
- Key decision-makers
- Decision influencers
- Informal factors in decision-making (like corruption, etc.)
- Decision-making in governmental agencies, non-profit organizations, etc.
4. Understanding of product/service requirements and needs with customers is the next stage in customer study:
- Qualitative requirements to product/service asked with each customer group and the largest customers
- Perceptions of the features and willingness to pay for them
- Perceptions of suppliers relative quality and service
- Impact of the main requirements over demand structure in each customer group
- Probable shifts in requirements in next 5-10 years
- Unfulfilled needs – product/service related and supplier related