So, ask the honest question: what are we doing to understand what our customers really want right now. If your answer is, “We already know what our customers want,” you may be handing the keys to the front door to your toughest competitor. Over the last month, while you were busy cutting expenses, your customers changed.

More than just trying to retain customers, focusing on existing customers is essential for growth. Wells Fargo, highlighted in the best-seller “Good To Great,” expects to get 80% of their growth from existing customers. It’s eight times more expensive to get a new customer than it is to sell a current customer. In fact, one marketing executive said that he considered keeping customers happy as almost another sales channel.

But back to the “right now” part of the question. Customer wants and needs change rapidly, especially during volatile times. Don’t know exactly what your customers are buying right now and what they wish they could buy? When was the last time you asked them?

How can you gain market intelligence into your customers’ minds with little to no budget.

Let’s look at a few practical steps.

1. Make it a priority. Most companies give lip service to research but never do what is needed to actually get vital market information.

Set up a “customer needs” assessment group within your company or your marketing department.

This group is charged with collecting information on what your customers want right now and what they will need in the near future.

Then use simple, low-cost ways to find out what your customers want and need.

2. It can be as simple as getting every employee who has contact with customers to ask, “Is there something else we could be doing for you that we’re not currently doing?”

The question, “Is there something else we could be doing” can be rephrased to be more specific to your circumstances, but however you ask it, it gives your customers an opportunity to tell you what they want. Second, and just as important, it reinforces your brand as one that cares about customer wants and needs.

But what if your customers can’t tell you what else they need? What if they don’t seem to know? Or, what if they only tell you what they think you want to hear?

You have to ask the question more often and in different ways.

3. Conduct a blind survey. Every quarter mail out a “How are we doing?” survey to each of your customers with a self-addressed, stamped envelope included. Ask them to fill out the survey and return it anonymously – no name, no company, no address. Ask them to rate your company in no more than six areas with a five-point scale, 1 being excellent, 3 being average, 5 being bad. Here’s where you give them the important opportunity. Among the questions, you ask again, “Is there something else we could be doing for you that we’re not currently doing?” and include several blank lines for them to fill in the answer.

Christiansburg Printing in Christiansburg, Virginia mailed a questionnaire to around 25 customers and enclosed a single dollar bill, asking nicely: "We're mailing this to a select group so every one counts." They got almost a total response; over 20 completed surveys.

The company asked for name and address but let the recipient know these data were optional. And then they secretly coded the questionnaires by a discrete dot somewhere that they matched against a cheat sheet. So when a survey came back, they knew exactly who sent it even if the customer didn't identify themselves.

The company "flight checked" their questionnaire with 2-3 people before sending it out. That way, the company could determine if the questions were clear and would yield the answers they needed.

4. Extra bonus points – as Christiansburg Printing demonstrated, a small incentive can “lift” the response. You can also offer a small incentive for the best new product or service suggestions.

Remember, you’d willingly pay way more than you’ll spend for the one “thank you” gift, just to find out what your customers want now or in the future, so don’t be shortsighted.

5. Last idea – have a few of your best local customers over for dinner. That’s right, host a casual dinner in your conference room for your best local customers. Tell them in advance that you value their opinions and would like to pick their brains. Then, while enjoying a meal, get the conversation going to the subject at hand, “Is there something else we could be doing for you that we’re not currently doing?” Then keep the conversation going until they talk about what they wish they could get from you or they describe their biggest problem. Food changes the equation. You’ll have the equivalent of a small focus group but in a much more relaxed, interactive environment. If you deal with customers in many different cities, host a breakfast for customers in the same area.

By the way, once you have assessed the suggestions from your customers and feel confident that you have a few good ideas for new directions, be sure to test the market before your company invests in developing the suggested products or services. Opinion is never as trustworthy as behavior – but that’s the subject of another issue.

In closing, if you are not always looking for new ways to extract market intelligence from your customers, your competition already has the advantage. Remember, it doesn’t take a budget or formal research – it just takes the determination.

Here’s to your marketing success.

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