Buying and selling a house are highly emotional experiences. The stakes are high financially and in terms of one’s quality of life. What gets activated in people is a fear of the unknown.
Want to Ring the Profit Bell? Break it Down.
What is the difference between maximizing profit potential following a consumer-insight project, and making no difference whatsoever? The secret is breaking down the findings into specific actions that each person involved can both understand and accomplish. Answering the question about what your customers truly want is not enough. Setting up a clear, direct action plan to deliver on those “wants” will make all the difference in capturing opportunity from consumer-driven insights. The secret to getting the most from research and to ringing the profit bell is to break down the information into an actionable To Do list.
Even before the consumer-insight project is launched, there are steps you can take to improve your chance of a successful outcome. Whether you are launching customer satisfaction surveys, new product research, feature studies, or the like, including these steps will improve your results:
- Involve the team from the beginning. Team members involved directly with customers often have the most insight and know the most important questions to ask, so involve them at the start. It’s a great way to check that you are asking the right questions, and to set expectations that research may change a direction we are taking.
- Establish what is important to ask. What are you truly trying to learn? Get your team involved.
- Evaluate the findings. What do we want to change? What is possible, or suitable, and makes business sense?
- Categorize the actions to be taken. Note who will be involved in the action?
- Break down the steps to achieve each action into manageable steps.
- Create the action plan. Assign an action task, along with any sequence of events, due dates, who’s responsible and how action plans will be shared and progress reported.
- Work with each team member to confirm their understanding of the task.
- Go to it. Make the changes.
- Revisit your goals and steps to confirm you are on the right path.
- Track your results.