Businesses today should worry about losing sales due to poor decisions. That’s why Creative Consumer Research can be a helpful tool to provide insightful data.
Why Does Good Decision Making Matter?
Businesses today should worry about losing sales due to poor decisions. That’s why Creative Consumer Research can be a helpful tool to provide insightful data.
What Matters Most in Today’s Management Decision Making?
Today, businesses have more data and information about their consumers than ever before. This, in turn, allows them to work to provide specific services and to develop programs that are ideal for those particular consumers. By being able to identify what the consumer base wants, it’s easier to manage risk and to identify changes quickly. However, doing so means that changes need to be made relatively often, and creative teams need to adjust their processes accordingly.
For instance, if a business has a consumer base on Facebook, it’s easy to reach out to that audience and ask for reviews on products or services. Gathering data on what consumers think, can help the business decide if one of those products or services is costing more than it’s bringing in. Or it may show which services are valued most by consumers, allowing the business to put more time and energy into those services directly.
What Are the Best Ways to Gain Insight on Consumer Thoughts?
There are literally dozens of creative ways to collect data on consumers, from using social media to having large focus-group meetings at a business that are open to the public. Taste tests, one-way mirrors, and other interesting set ups can help directly interact with consumers, also.
A good financial analyst manager will want to gather direct data on what the consumers want from the business. This data, however it’s collected, can be put to good use. For example, if a company is designing new pasta sauces, they could choose to create all four flavors and risk the expense of one not selling. However, Creative Consumer Research panels allow for taste testing. By having a variety of people test the new flavors, the company can identify the best one or two flavors instead, reducing its risk of financial losses.
To get started with Creative Consumer Research and to gain better customer insights for a variety of industries, including packaged goods, public utilities, and insurance market research, contact us, today.