Why market research matters to accountants and vendors

It’s always interesting to talk to firms and those who supply to accountants about the power and usefulness of market research.

It’s clear that there is a  sense of drive and confidence out there that each are serving their markets appropriately – and I don’t doubt the sincerity.

But when it comes to renewing or testing this, there is  mixed feelings about the appropriateness of going back to our audiences and running the rule over them.

What’s holding us back?

Main reasons are either a perceived  lack of time, not enough sense of ‘need’, or ‘priority’.

Yet much of our livelihood depends on ensuring we are solving the needs of our clients and prospects, that we are doing so effectively, and that we are able to adapt and respond to shifts in the market.

Feedback suggests that market research is tarred with the same brush as ‘client satisfaction surveys’ which have the reputation of being a massive inconvenience to organise, unnervingly uncover client dissatisfaction, and tend to produce recommendations that  don’t get implemented. Best to just leave alone.

Similarly some vendors appear to be living intently off a small section of client feedback, and perhaps out of date data. Although accountants provide good feedback when asked,  some believe that their views are not always taken into consideration, or a commitment to listening to customers is just lip service.

Understanding the worlds your clients and prospect inhabit is key to reflect a needs based service, or specifically to angle your services to the needs of others.

The power of asking underlines the discovery of best practice.

Discrete market research gives you access to:

  • Vital information on the problems your prospects have and how you help solve them
  • Authentic voices reflecting back on you, your brand and your service
  • Legitimate commercially focussed areas of improvement and opportunity

Understanding your customers journey to you, gives you the ability to comprehensively out-think- outsmart – your competitors, to find meaningful and powerful points of difference, and to be a magnet for the kinds of clients that will make the greatest impact on profitability.

To do this you need to know, in an evidence and anecdotal way, all you can.

The power of asking underlines the discovery of best practice.

For more information about how we can help frame market research projects  – contact us today

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