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Brian Tracy! Art of Marketing! Market research and market information

Art of Marketing!

Chapter 4. Market research and market information

Often, in the real world,

it’s not the smart that get ahead but the bold. — Robert Kiyosaki

There are many similarities between marketing strategy and military strategy.

The goal of both of these strategies is to win,

in the marketplace and on the battlefield.

Every successful campaign is based on outstanding intelligence

and understanding of the opponent.

Every successful marketing campaign

is based on effective market research and market intelligence:

knowing what your competitors are doing

and what’s going on in the market.

Remember you are not Steve Jobs.

It’s not a good idea to rely on your own feelings

or opinions about your customers’ needs and tastes.

You need to base your thoughts,


and ideas on the harsh reality of market research

and the opinions of others.

Never give up.

Today is hard,

tomorrow will be worse,

but the day after tomorrow will be sunshine. ― Jack Ma(Alibaba)


Ask question

Market research can now be done in a variety

of cost-effective ways.

Maybe your first choice is to survey customers through the Internet.

Our favorite site is SurveyMonkey.com,

a free service that allows you to ask a series of questions

to quickly survey a large number of potential customers

and gather accurate answers

to those questions about your marketing.

You can create an e-mail list of customers

and non-customers from the past.

As I introduced in the previous chapter,

another way of doing market research is

to call one of your loyal customers directly

and ask for their opinion and advice on your new product or service.

Begin, be bold and venture to be wise. — Horace



You can invite them to lunch or meet up after dinner.

Their frank opinions and objective observations can be very helpful to you.

Another way to do market research,

one of the oldest and most popular methods,

is to use focus groups.

Get a group of your customers or prospects together

and ask as many questions

as you can about their thoughts on your new product or service idea.

They’ll tell you the product’s strengths and weaknesses,

their thoughts on pricing,


and pretty much everything else

— including your competitors.

Persistence pushes me to be bold

and seek out the opportunities I’ve wanted.

It starts by envisioning what you want,

no matter how big or small,

and believing that you can achieve it. — Belinda Johnson


4 questions

Successful market research is based on careful analysis

and precise answers to the right questions.

There are four important questions described just below

that need your attention.


Who are your customers?

Who are your current,


and future customers?

What are your age,



current tastes or consumption patterns,

occupation, family structure?

These are demographic studies of your customers,

observable factors in a customer,

and they are the starting point for all market research.

You also need to know about customer psychology,

or their thoughts,









and inspirations.

Before you can become a millionaire,

you must learn to think like one. ― Thomas J. Stanleyt 


Where are your customers?

Geography is extremely important in determining

when and how you market your product or service.

Are your customers mainly urban or rural,

living in an affluent neighborhood or in a middle-class area?

The first cookie shop Debbi Fields opened was a flop.

She was indifferent to retail marketing,

placing the store a few steps away from

the main intersection where people normally pass.

Of course,

no one walked past her shop

and she only sold a few cakes.

When opening the second store,

Mrs. Fields,

she had to pay a pretty high rent for the space,

but it was on the main sidewalk,

where people frequented the front of the store

and couldn’t help

but see the cakes displayed in the glass cases.

Eventually, Debbi Fields opened more than 300 stores

and made a fortune of $500 million.

“The wealthy know big money requires thinking about it in non-linear terms,” ― Steve Siebold


How do your customers buy?

The third question focuses on whether your customers usually buy products

through direct mail,


retail or online?

Napoleon Hill once wrote:

Never try to invade human nature and win.

He meant that everyone is a habitual entity.

They are used to buying things a certain way.

It may take them a long time to get used to buying a product

or using a service in a way

that is different from the way they know it.

Of course,

there are many exceptions.

Amazon is an example.

People who are busy with work

and family responsibilities can get a product

or service faster by ordering them from Amazon

instead of having to go directly to the store to shop in their free time.

“The bigger the solution,

the bigger the paycheck,” ― Steve Siebold


What is its effect?

The final question is:

“For what purpose is the product used or purchased?”

What do your customers intend to do

with the products and services they purchase?

They are not buying the products and services themselves,

they are buying the benefits,



or outcomes that they expect to enjoy

from the purchasing decision.

You must understand

about how and why your customers benefit from buying

or using your products or services rather than

if they did not buy them from you or from competitors.

We are all in the gutter,

but some of us are looking at the stars. ― Oscar Wilde


A simple discovery

In my business career,

I’ve gone through all the challenges of market research.

A good example is when we started importing Suzuki cars from Japan.

We have 65 distributors across Western Canada

and get a lot of sales results,

some very good and some bad.

We hired a market research firm to do some preliminary research

to learn about our customer segment

and the area with the highest revenue potential.

The company called several hundred of our customers

and found that those who buy usable vehicles in complex terrain

they often live near mountains

and other areas that are convenient for car use.

People who live in flat areas

and in cities where cars are less valuable are not potential customers.

When we got our hands on this study,

the results made more sense to us.

But until we did the research,

we didn’t realize that was important.

In light of these findings,

we changed advertising budgets,

promotional activities,

and vehicle allocations to dealerships.

Our sales skyrocketed.

We stopped trying to sell cars to non-potential customers

and focused all our efforts on those most likely to buy.

Go the extra mile,

there’s no one on it. ― Grant Cardone

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