Facebook groups Facebook has risen up as one of the major community building platforms for business. Type your industry into Facebook search and you’re bound to find a variety of related groups.
Competitors A tool like SEMrush can tell you which content ranks the highest in search engines. Both are good ways to identify potentially high-value topics. Beyond content, look at the other marketing materials your competitors put out.
What kind of messaging are they using on their website?
How are they creating cross-sell and upsell opportunities?
What does their team look like—who’s actually doing their marketing?
As you grow your business, this kind of information becomes more useful. There’s no guarantee that your competitors are doing everything the best way—but seeing how they are managing their business can spark ideas to improve your own. Here’s how you do this kind of research:
Collect all of the info your competitors make publicly available
Comb through their website and about page, download flyers and brochures, and check out the events they attend.
Make absolutely sure you get on their email list, so you can see what kind of messages they like to send.
It’s worth taking competitor research with a grain of salt. Again, there’s no guarantee that competitors have done the level of customer research you’re looking for. Still, looking at competitor messaging is a useful way to infer the features and benefits that matter to your audience. Competitor research isn’t a substitute for contacting your audience directly, but it can be a good starting point to figure outwhat kind of contentis popular in your niche.
Behavior and analytics Tracking behavior on your website or engagement with your emails and messages is a great way to see which of your marketing efforts are most popular—and can help you adjust your marketing in the future. Google Analytics is one powerful tool that can show you exactly how people engage with your website.
Ask your audience Even though people don’t always say quite what they mean, there’s no substitute for direct, one-on-one conversations with your audience. A market research interview allows free conversation that leads to deeper insights than survey or written answers. If you can get people to open up, you’ll be rewarded by detailed information about their pain points, struggles, and successes. The style of the interview is less important than getting interviews done. You can do phone interviews, in-person interviews, even email interviews—and still get actionable insights. The lessons you learn from talking to even10customers can change your business strategy, marketing, or client service. The ability to speak to customers using their own language is like a marketing superpower.
5. Share determinants of “Customer Perceived Value” and explain relations among them.
Customer perceived value is an important marketing term that affects how marketing professionals advertise and price their goods. Factors like convenience, pricing and reputation can contribute to a customer's perceived value of a product. If you're a marketing professional or you want to become one, you may want to learn more about customer perceived value and how it can affect profits. In this article, we explore what customer perceived value is, why it's important, the different types of perceived value and tips for increasing your perceived value.
These are different perceived value types that may influence how a consumer views a product:
Form
The form of a product or service refers to its design or appearance. Improving the aesthetic qualities of a product can increase perceived value for customers who prioritize the appearance of an item or even a service. For example, some consumers may be more likely to purchase an application or program with a simple interface and clean design than one that may be more functional but has an unappealing appearance.
Task
Increasing the task value of a product or service means improving the item's ability to save consumers energy, time or money. This can include services that replace household duties or errands. For example, a grocery delivery service is an example of a product that offers high task value. House cleaners, subscription services and automated deliveries all reduce the time and effort a person must put in to maintain their daily chores.
Availability
The availability value refers to how quickly and easily a customer can choose your product. For example, a grocery store that stays open all night may increase its availability value. Vending machines, overnight customer service and digital or online products are more examples of items with high availability value.
Emotion
Emotional value refers to how the product or service appeals to the customer on an emotional level. To do this, marketing campaigns can relate products to important holidays or events, or make them a common part of family traditions. Marketing professionals may also donate part of their profits to charity or organize fundraising activities to show ethical action and create an emotional attachment for the customer.
Pricing
Pricing is another aspect of a product or service that can affect a customer's perceived value. This applies to both luxury and budget items, as the price of a product can communicate the quality to the consumer. For example, if a customer is looking for a purse to go with a luxury dress, they may be less likely to purchase a purse that doesn't match the dress in terms of pricing. If the purse is on clearance or doesn't match the dress in price, it may communicate low quality to the customer.
Conversely, some consumers may be more likely to purchase something if the pricing communicates that they're getting more value than what they're paying. Discounts and sales are great tools for creating budget pricing that appeals to customers. A different consumer may see the same purse on clearance and assume they're getting a great deal for the price.