Market Research is an investment, not a Cost
We talk to a lot of companies who rely on internal knowledge, gut feel and anecdotal stories from their sales reps rather than investing market research. This might be ok for tactical changes, but it is short term led. To be strategic you need to be in touch with your customers so you can adopt, adapt, and transform products, services and messaging. You need to do more than read about ‘consumer trends’ and invest in the future of your brand by listening to real people in your market as fundamental to making informed business decisions.
Why invest in Market Research?
Market research allows a business to market itself more effectively and win in the market. Market research is a vital part of any business strategy, no matter the size of the business or if you are a B2B or B2C, government, NFP or start up.
Market research is crucial to the success of all businesses and should be considered a vital investment in the marketing budget. Investing in good market research allows informed business decision making to develop winning strategies; avoid making costly mistakes; and find amazing new business opportunities.
5 Consumer-Led Reasons to Invest in Market Research
- Consumers Need to Know you are Listening
Consumers today have high expectations, and a lot of power. They are all over your brand one day and then gone the next. They may leave feedback, but often they don’t. If you think changing the size of your packaging or number of service inclusions will go unnoticed. Think again. They expect brands to listen, but also to behave proactively.
- Customers do their Own Research
Your customers are out there researching the benefits of your product or service. It’s never been easier, and they are more knowledgeable than you think. Importantly they can tell if you are not doing your research. You need to understand what is important to them, what they need and where they want to find it.
- They make their own Decisions
They make both considered and irrational, impulsive purchase decisions. Decisions are based on anything from emotion to happenstance. You need to find out the triggers and barriers to decision making today and into the future for your customers, to adapt your marketing strategy.
- They are not one Mass Target
Market to everybody and you market to no one. Do you know who your idea customer is? Is it the shopper, the key household decision maker or the end user? Do you know who your most valuable segments or how many segments exist in your market? How do needs change according to segment? Marketers need a deep understanding of who the customer is, and your specific market and segment/s of interest. This allows appropriate and targeted developed of products, services, promotions, and messaging.
- They love to see the results of great Market Research
We’ve run loads of focus groups. Customers are very clear that when a brand has invested in market research they can see and feel the benefits. Salient brands earn respect because they are talking to consumers, not forcing them to find you. Brands with new products and services that make sense mean that the business has asked consumers what they want, not just churned out a mass of meaningless products or services that don’t fulfil a real need.
Talking to and listening to consumers just makes good business sense. It is a key business differentiator and leads to stronger consumer engagement. It isnt a cost, its an investment in business success and beetter decision making.
Want to find out more? Please do not hesitate to contact our team of market research experts here at Ruby Cha Cha who are happy to answer your questions and help you make the most of your marketing budget.