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Consumer Research: Rethinking Marketing Strategies

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Every company aspires to raise profits on a yearly basis. No matter what product a company manufactures or which services they provide, at the end of the day, they want a profit. To achieve noticeable results by the end of a fiscal year, however, a company has to invest wisely in its marketing strategies.

All those colorful advertisements splashed all over the place are definitely part of rigorous marketing by companies. Advertising is clearly one of the most successful and established strategies for marketing. As noted in an article by the consumer research company America’s Research Group, ''The secret of great marketers is not only knowing when to ‘hold’ and when to ‘fold,’ but when to revise successful marketing strategies.''

Companies cannot, however, rely solely on advertising — or on distributing flyers, or word of mouth, etc. — for successful returns. They have to supplement these strategies by gaining their customers’ confidence. One way of doing this is by conducting consumer research to see what customers have to say about a product or service. By doing so, a company can get to know what their customers really want.

By getting regular feedback from customers, a company can keep track of changing consumer desires, and that in turn can help the company renovate their marketing strategies accordingly. Trade associations are one place where one can find statistics on consumer research. As discussed in an article from Red Rover Marketing, consumer research includes insights into issues like consumer preferences, purchasing criteria, the amount customers are willing to pay for a certain item, the levels of satisfaction for a purchased item, and other factors that may be useful in planning marketing strategies.

Direct dialogues with customers can be one among many ways of doing consumer research. Not all companies, however, are willing to engage in direct dialogues with consumers as some firms perceive such dialogues to be risky. Despite the element of risk, though, direct dialogues can be very useful in gaining the consumer’s confidence, as such discussions reflect well on the human side of a company. Consumers like it when they know that companies are willing to talk to them about their products and services, and are willing to take customers’ concerns seriously.

Consumer research can also have a positive impact on sales. Consumer research conducted on the Woolmark label showed that 78 percent of respondents were willing to pay more for a washing machine that had a Woolmark approved cycle. Knowing your customers in such specific ways means that you can cater to their specific needs, and that in turn can increase sales for your company. Consumer research can clearly initiate insightful, consumer-based marketing.

Put simply, then, consumer research — that is, knowing what your costumer really wants — can be the key to successful marketing.
On the net:When Is the Right Time to Change the Corporate Marketing Direction?
Do You Really Know Your Customer...Using Consumer Research to Create Successful Small Business Marketing
Consumers Trust and Take Confidence from Woolmark If this article has helped you in some way, will you say thanks by sharing it through a share, like, a link, or an email to someone you think would appreciate the reference.

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