Is market research useful for a small business? I never thought I would ever go into marketing research but I chose it as a career path as a smart young lady. I enjoy my work and I have to keep myself on track and also remember that I am a marketing person, not an expert on any particular product.
Market research is one of those rare businesses that put a lot of emphasis on the psychology of the customers and more importantly learning how they decide. These are the key principles that I use when it comes to customer analytics.
For instance, when a customer decides on a brand new product they are looking for, the number one question they are always curious about is how they can get that product. It’s with this question that market research enables us to find out how many people are willing to buy it but also to what extent their decisions are also dependent on how much the product will actually cost.
Another example would be when a customer says that they have a friend who uses it. There are tons of people that will tell you the most flattering ways that your product looks for them and I can tell you that a good 80 percent of the time, these customers are telling you not to even consider your product as it does not look as good as they think it does. Market research is important to know this, because you will have enough answers to make sure that you see your target market in the right places.
Also, just like a study of artificial intelligence, there will be thousands of people that will all fill you in when you ask, “Why did you use the company?” Or when you say, “Remember when we first met?” and they all tell you what a great experience they had. The market research also gives you an example of how brands have always been in different places based on a given time period. Let’s take examples such as perfume company, Pantene! For example, their target market was in the late 70s early 80s and as the content of advertising shifts, their marketability chances. Also, consumers will always be more selective about their preferred products as they get older and reflect more negative effects of the products they had in the past. A great example of this is the recent Tropicana advert where you have people eat you having an orange juice when you are not supposed to eat juice but also that Tropicana case looks like “negative’s leaf ring.” This shows just how a superior product can really come into its own at the right time in customers’ lives and also in markets.
How are you using market research?
One of the things that I particularly enjoy is the ability to design new markets. A great example was when I did a brand redesign study for an award-winning company and I was able to bring attention to a product that it lacked a feature that was very high of a priority for customers. At the end of the study, the organization was awarded a prize and I thought of how they had not gone into the category for design and this showed that the organization could truly beat the competition and change the product to where customers absolutely loved it!