Some of the best market research you can do should come from your customer feedback.
The customer feedback I’m referring to isn’t the “comment cards” you see some establishments use but rather the actual communication with the customer. If you aren’t the one involved in this communication than you must find a way to get proper feedback from the people who are.
As an example, if you are a hotel and every week get multiple calls asking if you have long term rates it’s not good enough to simply say “no”. If enough people are asking about long term rates, wouldn’t it make sense to start offering them? (the real answer is…maybe, it depends on other factors)
If you are a restaurant and regularly get a request for a certain combination of foods, wouldn’t it make sense to consider adding that to the menu?
The mistake people make is they don’t take advantage of the information that is at their disposal because they don’t create a methodology to track the requests and comments that come in on a regular basis.
Have a great day!