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.
