Market Perception Studies
A perception study is 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
The survey is typically a combination of:
- A standardized "quantitative" survey
- "Qualitative" one-on-one interviews (by telephone or in person)
Additionally, it may be preceded by a series of focus groups and ideally conducted on either a regular or periodic basis.
Benefits
A standardized questionnaire provides:
- Reduced costs
- Faster time to prepare the survey for distribution
- A comparison of the market's perceptions of a firm's clients to industry norms
A correlation analysis:
- 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 questionnaire length, increasing participation rates
A perception study provides:
- Reduced costs of sales by improving the likelihood of repeat business
- An understanding of what aspects of the relationship/service are most important to the client's decision to hire a general contractor
- An understanding of how well the firm is performing on the aspects of importance to the client
- A foundation for developing process improvements designed to improve performance on selected aspects of its service
- Baselines of performance against which follow-up surveys can track improvements and changes in service delivery
- A competitive advantage for securing and maintaining customers
