So you’re thinking about conducting consumer research, but you haven’t pulled the trigger.
You are not alone. As consumer research specialists, we’ve found that many clients have trouble making the leap from considering consumer research to actually doing it. Often, the stumbling block is cost. If you aren’t saying it out loud, you are probably thinking it, “How much did you say this research will cost? That’s more than the price of going to market! We can’t possibly afford that, just forget it.”
While you might feel some sticker shock initially, consider the long-term value of the information you can glean about your customers by surveying them. The reality is that without making some investment to talk with and listen to your target audience, you could be missing a huge opportunity.
What can consumer research do for you?
Research sheds the kind of light on consumer behavior that can keep you from blindly taking risks that lead to failure. Customers can make or break a business, so understanding what matters to them is vital. Let their way of thinking guide you. Consumer research can help you:
- determine market demand for a new product and confirm whether consumers have a real need for what you’re offering.
- gain insights about a target group about whom you have little or no understanding.
- gather feedback about new concepts that you are interested in pursuing, so that you can modify your plans or switch gears before it is too late.
- assess the impact of marketing on product sales at the store level, before a national roll-out.
Make consumer research work for you
Consumers can’t make decisions for your business, but the insights that come from surveying them can help you make informed decisions that have a critical impact on your business.
According to Rich Thoma, vice president of sales and marketing for Yerecic Label, conducting consumer research was one of the smartest decisions his company made for their marketing programs. “Taking new products to market that are supported by consumer research not only brings validity to our products, but also increases our access to potential clients who are hungry to hear from consumers,” says Thoma.
Thoughtfully-conducted consumer research can generate real results, like increased sales. MilkPEP studied consumer reactions to the positioning concept for a new program to increase milk usage, Latte Love, which ultimately drove a 1% increase in milk volume sales. Progresso Soup used consumer research to determine its competitive advantage over other soup brands among the Hispanic population, which lead to targeted messaging that increased both dollar volume and Hispanic-specific dollar volume.
Consumers are not only our targets; they are incredible resources for our industry. Making the investment in consumer research gives you a wealth of knowledge that can translate to real dollars and cents. So if you want to know what consumers think, it’s worth it to ask.
If you’d like to learn more about talking to consumers, please contact Mary Pat Anders at email@example.com.