Research can provide you with information and intelligence that will help you run a better business. Research can focus on:
- Communications (and your current customers will be able to give you valuable feedback about your current and previous communications). Asking your customers for feedback will assure them that you take their experiences seriously and are actively seeking to improve your offer.
- Identifying opportunities – both in terms of new markets and new products. You can tailor your products and services to meet the needs of new customers and ensure that your supply will respond to demand.
- Benchmarking: comparing the way you do things with the way other businesses (including competitors) operate. Can you do it better? Keeping an eye on your competitors will help to do just that.
So you could focus your research on getting new customers or you could focus on getting more from your existing customers. Which is the best strategy to follow? Only you can make that decision, but your strategy should be informed by research.