Step 5: Solve the problem

So let’s go back to our original item, step 1: what is it you want to know?

Let’s assume for a minute that you wanted to know “are my prices keeping up with the competition?” You’ve gone out and gathered plenty of information about the competition, gotten menus, photos of average servings, etc. The data you’ve gathered should answer the question: are your prices in line with your competiton’s?

In this example, the answer was no. The restaurant was horrified to find out that in many cases they were easily 30-40% lower than the competition’s comparable dinner meals, and typically the client was serving twice as much food for that same, comparable dinner.  In other cases, like bar drinks and menu items for the bar area, they were easily 80% lower than their competitors.

Notice – I’m not providing a “solution” to the problem. That’s a different skill set and step. In the marketing research process, we’ve walked through the five steps and provided the client an answer that they might have suspected all along, but have now given them the information and reality check to do something about it. Developing the “next steps” is part of the strategy and planning process that inevitably come as part of this!

Category: Market Research

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