Market research is the process of analyzing, interpreting and gathering information about a product, market or service. There are so many reasons why market research is important. This valuable step in the public relations and marketing process can lead to increased sales because you are more aware and equipped with information about your product’s chance of success and potential vulnerabilities. Research might seem tedious at times, but companies that utilize research have a better chance of growth and success than those who do not.
The key to research is to look beyond the data. Research should be done with a goal in mind and special attention should be given to understanding the underlying messages. Market research is especially important when it comes to consumer management. By understanding the “heart” of the research, your organization shows it cares about its consumers in a personal and engaging way. Staying attentive to your consumer base builds loyalty, increases sales and can lead to a trajectory of growth for your organization.
In one example, Trader Joes was one of the most “Customer Obsessed Companies” by Forbes in 2017. The store records one of the highest customer satisfactions particularly because of their mission to personalize every customer experience. They do this through fast checkout, friendly service and product recommendations.
Frito-Lay used a more digital and interactive form of market research to choose their latest chip flavor. They used social media sites to ask consumers which flavors they would rather buy. They found that answers varied around the country and were able to release different flavors that would be popular based on geographic location.
People evolve and change every day. Keeping up with trends and changes that influence your consumers will ensure your organization is consistently staying up to date with the needs and wants of their consumer audience.