In the fast-paced business world, time is limited and stakes are high. Because of this, many businesses rely on stale consumer information or personal assumptions to attract and maintain customers. However, there is simply no substitute for investing the time and energy into learning all there is to know about consumers, their marketing preferences, and how to leverage this information than through a research study.
One of the top benefits of conducting a research study is learning more about who patronizes your business. A research study puts a face to your customer, showing that they are more than just demographics.
Perhaps more importantly, a research study can provide a basis for better targeting. Rather than guessing the types of customers you should be targeting, research studies allow you to select the best and most efficient groups of potential customers to target. This is particularly reflected in the types of questions asked. A good research study that asks specific questions, paired with demographics like age, could potentially help a business determine if their most engaged clientele is “aging but fashionable”, “young and hip”, or none of the above.
Do your marketing efforts often seem like a guessing game? Is your business simply relying on what has worked in the past to get you through the present? A business that fails to evolve is a business that ultimately dies off. Supplementing tried-and-true techniques with actual data can help a company better improve its marketing efforts.
For more established companies, nostalgia for an old jingle, slogan, or logo might grab attention and create brand recollection for an older client base; for others, a fresh approach might be warranted. Research studies can help you focus on which customers your business attracts, whom you should be targeting, and what the best way to appeal to a wider segment may be.
Oftentimes, companies look to competitors for ideas and ways to model their marketing efforts. However, when a business uses the data that is specifically aligned with their unique brand, you can typically expect to see the largest return. According to Forbes, Frito-Lay performed a marketing research study designed to have customers and potential consumers pick a new flavor of corn chip. Through the study, the company learned that their targeted demographics had a wide variety of opinions on unique flavors based on location. This helped the company determine a more efficient regional marketing strategy: “churro” flavors for New York, “onion ring” flavors for California, etc. This type of information is readily available through market research studies and directly benefits a company’s marketing and, ultimately, its bottom line.
When hiring an outside company to conduct your research study, you can use this opportunity to gather details about how your potential customers feel about your competition. This information may be about brand awareness or brand loyalty. It may also be used to analyze a competitor’s marketing efforts to determine what may or may not work for your business.
The information and data is out there, ready to be mined. For business owners willing to put in the time and energy into conducting a research study, the returns will certainly be fruitful. From learning more about your client base and competitors, to designing a marketing strategy that is unique to your business, investing in such a study will yield results with the potential to take your business to the next level.