Market Perception Studies

Market Perception StudyWhat 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.

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.