Every business is anxious to maximise its sales, particularly in times of economic difficulty. This is especially the case when a business is starting up or launching a new product range, but it doesn’t matter how long you have been in business. Even if you are an established market leader, you should reconsider the assumptions you work on regularly. As methods of collecting and interpreting data become more sophisticated, you may find previously reached conclusions no longer apply. Times and people change. It is therefore well worth investing in market research and soft skills training to update your knowledge base.

Many companies specialise in very specific methods of measuring and it is well worth shopping around before parting with your hard earned cash.

The areas to look at include customer demographics such as age, marital status, gender, occupation and education. It is also worthwhile understanding your customers’’ psychological profiles. What that means is examining their attitudes, values, opinions, principles and buying habits.

You should also consider the location of your customers. After all, people in different locations have different needs and buying patterns. You need to ensure your marketing and distribution departments are serving your customers’ needs.

Find out which benefits of your product or service customers most value so that you can direct advertising accordingly.