Consumer Research: the primary differentiator between success and failure of companies

Consumer research is the process of collecting, analyzing, interpreting and presenting consumer data, with the aim of finding solutions to problems that companies face. For this reason, consumer research is important for decision making, as it is based on real data. Discover 6 reasons why your company should organize a consumer survey. The need to conduct a survey varies from company to company. In general, it arises from the verification of a problem/opportunity that requires the identification of strategies to solve/take advantage of it.

Identification of business opportunities

The process of opening a new business is not easy and involves several risks, especially if your product or service is innovative and still little known by the market. It is important to know and evaluate business opportunities in a market, besides understanding how your solution will be received by the target audience. Therefore, it is necessary to reduce risks and assess whether the investment is really viable. So, try to develop a consumer research and evaluate –

  • The existence of an audience for your product/service,
  • The ideal location for your business,
  • The proper pricing of your product/service,
  • Possible threat from competitors in the market.

Better understanding of the consumer market

Consumer market data can help you build your entire marketing strategy. They allow you to –

  • Know more precisely the profile of your potential customers,
  • Discover the existence of possible new markets to diversify your sales,
  • Understand the real demand for your product or service,
  • Evaluate the knowledge that the market has about your brand or about the solution offered by your company,
  • Know the usage trends of the solution that your company offers,
  • Assess the satisfaction of the market with the use of the product/service,
  • Evaluate the results that the market has with the use of your product/service.

With the analysis of this information, it is possible to build more complete profiles for the personas of your company, understand how your product or service can be improved to increase consumer satisfaction and develop better marketing tactics.

Assessment of trends and benchmarks in your sector

From the data obtained in a consumer survey, it is possible to know the best practices of leading companies in an industry to use them as benchmarks. Information like this can be very important to promote continuous improvements in your business and to boost your results.

Lead generation

Did you know that consumer research can also be part of a Content Marketing strategy and generate Leads for your company? This is because the information obtained can become the basis for a report with numerous market data, which is extremely relevant material for your audience.

Sales enablement

Market data obtained from consumer research works as a great sales enablement tool. Through them, salespeople get to know their potential buyers better and are armed with arguments and statistical information about market trends.

Increased brand authority

The inclusion of statistical data gives credibility to content and, therefore, it is a widely used strategy. This represents a huge opportunity to generate authority for those who conduct their individual marketing research. The more often the consumer search is cited, the more your company name will appear as a reference in the market and the greater the chances of your site receiving external links. Besides, research reports in general are content that has a high number of shares on social networks, which also contributes to the recognition and the building of brand authority.

So, now that you know the importance of conducting consumer research for your company, it is time to outsource the process as soon as possible, because if you are not doing this, remember, your opponent will.

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