Inadequate market analysis
Topic of this content: How to improve inadequate market analysis
Who might be interested in reading: professionals and organizations
In the second text of this month, we will address inadequate market analysis, one of the factors that can contribute to organizations failing to understand customer needs.
Inadequate market analysis represents a failure of the organization to stay up to date on market trends, competitors' strategies and emerging technologies that may influence the expectations and needs of its customers.
If so, this can lead to an increase in customer churn, which is a direct consequence of customers not having their needs met and ceasing to do business with the organization.
"Without data, you're just another person with an opinion." - W. Edwards Deming
One possible solution may involve developing detailed customer personas that represent the different segments of the organization's target market.
This is a mechanism that helps to understand the different needs, motivations and pain points of each segment identified by the organization.
Still, it is important to note that having this data is one thing, but analyzing it - correctly - to understand the customer's needs is another, and the lack of experience in data analysis can be a significant barrier or obstacle to the functioning of this mechanism.
When applied fully, when organizations understand and satisfy their customers' needs, their satisfaction levels increase, which results in positive experiences and evaluations, increasing their loyalty and also the likelihood of customers recommending the organization's products and services to new customers.
Author's note: this text expresses a personal perspective framed within some parameters, it is not a scientific article, of a medical, prescriptive or binding nature. It is also important to note that it was not intended to be an exhaustive analysis, in the future there will be new texts that will address other ways of looking at these same topics.
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