Don’t Lose Them!

Needless to say, we are aware that it will not be easy to do business in (gloomy) 2009. In fact, countless world economists predict global growth conditions will worsen dramatically.

Yet, are we prepared? Are you ready?

Well, honestly, at this time of the ‘global crisis’, we think you should not focus on only gaining new customers. Instead, keep your existing customers.

Don’t give them a reason to leave! If they leave, they may never come back. You have got to give your customers numerous reasons to stay loyal and confident with you.

At this point, you need a good customer retention strategy.

Yeah, it may sound corny, but we suggest that you conduct a feasibility survey. It is indeed a straightforward method for finding customer behaviour and satisfaction – particularly, in terms of current and future sales impact.

Beyond that, the research data should be up-to-date and useful enough to help you to formulate successful customer retention marketing strategies. Then, you can implement them accordingly.

You have been warned – therefore, do value customers, especially the satisfied ones!

Corporate Testimonial

A few months back, we had the opportunity to work along with IMRS. Throughout the research project, both teams worked hand in hand to ensure project success.

Here is a testimonial we have received:

“I have had opportunities of working with Maria on cross country market research and consultancy projects. I was pleasantly surprised by her attention to detail & ability to manage all small and big details of projects without getting hassled at all. It was also surprising to see how quickly she grasped nuances of the Indian market. She definitely has a strong grounding in market research fundamentals and has the inherent instinct which makes her a brilliant professional to work with.” January 5, 2009

Shubhra Misra, Director, IMRS

New Year Greetings!

We at BMI Research Malaysia & BMI Research Indonesia want to wish you and your loved ones a Happy New Year.

Thank you for the fantastic year and we look forward to a great 2009!

Hear Ye! Hear Ye!

Just the other day, a friend complained about her employee’s misconduct. She then tried to explain the negative impact it had on the company, but her employee just walked out of work. She wondered, “Why are people so hard to deal with?”

In most cases, one would side her friend. Yet, after hearing her complains, I could not. Subsequently, I asked her directly: “Do you really listen to your employee?”

In reality, no one can deny that employees are one of our most important assets. You can actually find out information that will help you succeed when you actively listen to your employees.

As an employer, it’s advisable to make yourself more approachable, and eventually you would get the information from the horse’s mouth. Be more than an employer. Get to know them. Don’t overlook the employee’s perspective. An approachable manner would encourage honest and open communication between management and employees.

Also, be prepared for what you want to discuss as well. Open up your mind to what they can offer, and then let them loose with their proposals. Determine what their goals are with the company. You and your company have to be a part of their plans to reach those goals, and you have to help them achieve that.

In addition, listen to the concerns of your employees. Discuss with your employee how to make changes in the way certain procedures are handled. Guide your employees instead of instruct them. Explain to them how their jobs relate to other department and to the business as a whole. And, it’s necessary to empower, train, motivate and praise your employees.

Lastly, it doesn’t make sense to spend all that time and effort to employ the best people for your company if you’re going to ignore their input. Therefore, listen up!

Oh-ya, hopefully, my friend will start listening to her employees!

Stop Frowning!

Financial crisis.

Inflation.

Recession.

Decline.

Devaluation.

The use of such words have been attracting much attention lately. Current economic situation is not only challenging to your cash flow, but worse still it makes your company fragile!

So, as a boss, what do you do?

Do you begin worry to a point where your lack of confidence is written all over you when you’re interacting with your employees, customers, suppliers and investors?

Of course you shouldn’t!

First of all, simply stop worrying. Worry is not thinking! Worry blocks your mind from thinking rationally, and solving the problems effectively. The more optimistic you are about it the better, as your employees, customers, suppliers and investors will sense your apprehension. This takes a lot of “self-strength”, yet just think and act like a winner – and you will truly be amazed at the results.

At this time of crisis, in fact, you have to be a leader, not just a boss. Don’t boss around, but be the type of person people look up to. Everyone, particularly your employees, will seek for your guidance, confidence, reassurance and inspiration. Your positive attitude and actions will create equal positive reactions. Everyone will have more confidence, be more supportive, and eventually more productive.

Therefore, stop the frowning now.

(That shouldn’t be difficult, right?)

Information is Power

Research is one of the most important components of a marketing strategy. Through market research, you may find useful market information and resources.

In other words, information is power. But, if you want to make more sense of it – learn how to turn information into useful knowledge.

Although information have been thoroughly collected and analyzed by market researchers, it faces greater difficulty when the results are in. That is, the client will often query to what extent the results will actually be used?

Hence market researchers should produce value from the data they already have! The first step in using data as an asset is to understand exactly what data you have, and eventually convey the key data together.

Therefore, at the initial stage in the research process, discussions with the client about the business or marketing objectives; and how the results will be used is very important. This will help to enrich data into valuable information and finally an insightful knowledge for the client.

Often enough, our clients simply want positive results. Unfortunately, research findings don’t always get good results! This of course would ruin the client’s overall marketing planning strategy. Yet, negative data is important findings as well!

In actual sense, both – positive and negative – data will provide informative guidelines to help you make a good decision, and select the right marketing strategy for your company needs.

For this reason it is important to be open minded to new information found in the research findings. Also, both client and market researchers must ultimately understand the exact objectives and expectations of the research project.

You can achieve competitive advantage from research process. Let us know you company needs, and we’ll offer fully customizable surveys that generate data, information and knowledge – for you.

Maria Azlan

Chief Operating Officer

BMI Research (Malaysia)

From Sales Gimmick to Real Deals

Companies have known for years that sales promotion play a very important role in today’s integrated marketing programs. It’s effective to increase business presence, and retain customers.

Indeed, research shows sales promotion can positively boost a company’s sales. The activity designed to boost the sales of a product or service may include:

• Sampling/ Distribution of free samples
• Price promotion / Price discounting / Clearance sale
• Coupons / Vouchers
• Gift with purchase / Premium promotion
• Competitions and prizes contests
• Money refunds / Rebates / Cash backs
• Frequent user incentives / Loyalty incentives / Bonus stamps
• Point-of-sale displays / Point of purchase materials

However, it’s equally important to choose the right sales promotion tools that communicate how you want to be perceived and attracts the customers you want.

Thus a good marketing person will emphasize the function of sales promotion in showing to customers how the products offered will satisfy customers’ needs, and then stimulate the desire to buy the products.

Unfortunately, many customers often perceive that sales promotion technique is just a sale and marketing gimmick. Could we not change their mindset?

Of course, we could!

Most successful sales promotion campaigns don’t happen by chance, you know. In general, market research studies can be used to assist you. Here are 2 basic guidelines:

1. Pretesting / (Before)
Before you set a technique for your sales promotion plan, a simple survey should be conducted to determine if the tool is appropriate; analyze customer suggestions and complaints; and analyze competitors’ sales promotion techniques. Consumers can be asked to rate or rank different possible techniques. I.e. you could describe the sales promotion idea to potential customers and ask, “Would you buy this product?”

2. Evaluating / (After)
After each sales promotion conducted, a consumer survey can be conducted to analyze the types of people who took advantage of the promotion; what they thought of it; why they bought before/after the promotion; and how the promotion affected subsequent brand or choice behaviour. I.e. you could study on post purchase consumer buying behaviour and ask, “Which elements of this premium gift most affect your future buying behaviour?”

All in all, if you intend to develop a sales promotion technique any time soon, BMI Research can provide you with more market research consultation and information.

Maria Azlan

Chief Operating Officer

BMI Research (Malaysia)