Why market research is imperative for revenue and growth

Business,  Principals

If you fail to understand what your customers want, or what drives them to make decisions, how can you hope to deliver a stand-out experience?

Customer insights and market research are more valuable than oil, and with good reason. Only through a grounded knowledge of what customers are looking for can sales professionals deliver the right product.

The massive importance of accurate market research is what separates Blockbuster and Netflix, and it’s becoming frighteningly clear that anybody who ignores it will go the way of Kodak.

Managing Director of The Loyalty Zone Craig Cherry says being aware of customers’ motivations is key to improving service and driving up revenue.

“If you understand exactly why your customers are loyal to you, and if you understand what the most important changes are to improve their experience, you’re able to make a big impact quickly,” says Cherry.

“Learn how to effectively research the customer, and use that data to drive revenue growth.”

In real estate, understanding customers and market insights can provide guidance on who’s buying, how much they’ll spend, and what features they’re looking for.

Agents can then pass this information on to their vendors, educating them on what kind of upgrades they can make to their home in order to improve their chances of sale, or to boost the value of their home.

The same is true for property managers; knowing what tenants are looking for allows landlords to specifically tailor and market their home for the right demographic.

Through a combination of research and training, Craig Cherry and his organisation have improved customer revenue with sales increases in excess of $100 million.

Cherry’s course has been run in 28 different countries; he’s worked with companies such as Shell, McDonald’s, Rolls Royce, and Australia Post, and now he’s coming to the REIQ.

Craig Cherry will be giving a presentation at the REIQ titled ‘Get Fired Up and Ready to Go!’, where he will teach you how to use customer research to increase revenue and help you deliver perfect customer service day in, day out, and help you ensure that your team is ‘fired up and ready to go!’

The REIQ will be hosting the event on Wednesday, 20 November at 1:30pm, and it will be worth 50 CPD points.

At just $100 for members, it’s a must-attend for real estate professionals serious about driving revenue, improving customer service, and growing their business.