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What Should I Sell and Why? Market Research Matters

By: Jeremy Bergmann, BI & Data Analytics Manager at Brightstar Omaha

As a professional in the wireless devices industry, has your company asked the following product-related questions?

  • “Who are the consumers within my customer base?”
  • “What products do my customers like?”
  • “What variety and quantity of products should we offer?”
  • “What product opportunities are we missing?”
  • The ultimate question: “Will anyone buy this product?”

What if we told you there was a better way to find these answers than by trial and error? Decision-makers are inundated with sales data and numbers; Making sense out of this “flood of data” to make informed decisions can be paralyzing.

Today, we’re taking the guess work out of the questions you need answered. We’ve highlighted some best practice marketing techniques we use when working with our clients. Experts agree that these techniques lead “Reduced Costs, Opportunity, Identification, Minimizing Risk and Improving Product Success Rates“. [1] [2] [3]

Understanding the Customer Base

Who are the consumers we’re trying to reach?
Using sales and customer demography information, this technique focuses on delivering the “right product” to the “right customer”. When accomplished, profitability is improved by increased sales volumes and margins.

Market Demand

Will anyone in the market place buy this product?
This study compares wireless products against similar products in the wireless retail channel. The insight gathered from this research allows for the reduction of product risk through predictable sales results and the reduction of dead inventory.

Identifying Product Trends

Is your product “Hot or Not?”
Identifying product opportunities and trends in advance of other competitors gives our customers the ability to “be ahead of the curve” when sales opportunities arrive, and properly manage products throughout their sales lifecycle.

Targeting Markets – Products and Promotions

Who should we be selling products to and when should we do it?
Once market segments are defined, and market demand and trends identified, it’s time to turn strategy into action!

In this phase, our marketing team works to target the best market segments to test a product, and the right communication channels for product pushes and promotions.

Want to Learn More?
At Brightstar Omaha, we have the collective experience, insight and data about the wireless marketplace to answer these important questions. The insight gained from market research naturally leads to a “competitive edge” over your competition, by improving profitability, reducing risk, and identifying emerging product opportunities.

If you’d like more information about our VMA program, please contact Bruce Kenekel our Director of Vendor Relations, or your National Account Manager at Brightstar Omaha.

About the author: Jeremy Bergmann is a BI & Data Analytics Manager at Brightstar Omaha. His professional background includes analyst roles in Data Mining, Survey Research and Finance. He holds an MS degree in Statistics from the University of Nebraska-Lincoln.

Sources: 
[1] Rick Suttle, (2014) Key Costs & Benefits in Marketing Research
[2] Inc. (2006) How to Profit from Market Research
[3] United States Small Business Association, (2011) MARKET RESEARCH –A Valuable Business Process

 

 

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