Consumer insights research, in simple words, means the practice of discovering what is driving and motivating your consumers. Either you are selling a product or delivering a service, it is vital to really understand what your customers need, want or demand. This article is going to tell you:
- Why consumer insights research is necessary
- What consumer research in marketing is
- How it benefits your business of any size in any market
Do I have to do it? Absolutely!
There is fierce competition out there. The market is changing rapidly and the key to survive and stay alive is adaptation. That means you need to fit your product or service into the needs of your customers. Conducting a consumer research helps you understand:
- the market,
- the customers' behavior,
- and last but not the least, the competition with your rivals.
It goes without saying that one of the primary goals anyone starts a business is to make money. How would it be possible to achieve that goal if you don't have the right idea of what to sell and how to sell it?!
So, What is consumer research?
The process of collecting data about consumers' needs and preferences, analyzing them and detecting the insights is called consumer research or consumer insights research. It is usually conducted regarding a specific product/service or a provider.
For example, Coca Cola can run a consumer research about "Zero Coke" or about its own brand and what it is associated with by the public. Here are some popular methods to conduct a consumer research:
- Asking customers for feedback
- Sending out surveys
- Product sampling
- Group interviews
- Social media monitoring
- Review mining
Some brands have their own teams to do the research on customers' behavior. However, many others seek help from professionals due to shortage of resources (human, budget, time, etc). For example, Peekage runs personalized research by product sampling. It collects data from the surveys and feedback they receive from the customers. The data helps you have better market visibility and have a clearer understanding of your performance in delivering the product. The collected insights help you find out where your future efforts should be directed at.
You may also be interested in: Ultimate Guide: Product Sampling Strategies, Methods & Techniques
How could I benefit from consumer research?
The outcome of a customer insights research tells you where you stand in the market, what your consumers think or feel about your product, what motivates them to repeat their purchase or recommend you to a friend. The results show you where you should focus your effort and resources, what are the trends in today's market and what are the patterns in your customers' behavior.
With that powerful information in hand, you will be able to:
It gives you the right direction to move toward, as well as new insights from your own customers.
- Modify the products
You can refine and and improve your product in accordance with your consumers' feedback.
- Increase the sales rate
The information guides you through the process of design and delivery of your product or service in the most demanded way.
- Minimize risks
It helps you save time for the labor-intensive trial and error.
- Consumer insights research is the practice of collecting data about our customers' needs and preferences.
- It is conducted in various methods such as surveys, interviews, review mining, sampling, etc.
- It is vital to a business to do consumer research because you need to keep up with the needs of your customers in order to survive in the competitive market.
- The results of the research can help you navigate and improve your business by refining the products.