Market Perception Studies
What is a perception study?
A survey or series of surveys that assesses the market’s opinions of a target company’s:
- Service performance
- Brand image
- Competitive positioning
- Degree to which it is meeting customers’ needs
Typically a combination of:
- A standardized “quantitative” survey
- “Qualitative” one-on-one interviews (by telephone or in person)
May be preceded with a series of focus groups and ideally conducted on a regular/periodic basis (e.g., annually).
Benefits
Standardized questionnaire provides:
- Reduced costs and faster time to prepare the survey for distribution
- Faster analysis turnaround
- The ability to compare the market’s perceptions of your clients to industry norms
Correlational analysis provides:
- Provides the ability to identify the perceptions that most relate to competitive superiority and positive word of mouth
- Is less biased and more predictive than asking “importance” of various items
- Reduces the questionnaire length, increasing participation rates
Value of perception studies:
- Reduce costs of sales by improving the likelihood of repeat business
- Understand what aspects of the relationship/service are most important to their client’s decision to hire a general contractor
- Understand how well the firm is performing on the aspects of importance to the client
- Provide a foundation for developing process improvements designed to improve performance on selected aspects of their service
- Establish baselines of performance against which follow-up surveys can track improvements and changes in service delivery
- Build a competitive advantage for securing and maintaining customers
For more information about FMI's Market Percpetion Studies, please contact Jay Bowman at 919.785.9336.