Market Research Versus Consumer Insights Research
Do you know the difference between market research services and consumer insights research services? We’ll highlight the key differences between the two along with the essential benefits each provides.
Market research is the factual and statistical organized effort to gather information about entire markets. It provides information that defines industry trends and is critical to determine current and future needs in the market.
Through methods such as online surveys and focus groups, we gather accurate and reliable data about your audiences. The data provides deep understanding on how consumers view your brand in the marketplace. Market and audience desires change over time and once armed with market research you’ll be able to make sound business decisions based on up-to-date attitudes and perceptions.
Why Conduct Market Research?
No matter what industry your business is in, there is research to be done. For example, an energy company might need to understand how their audience feels about oil and gas versus renewable energy sources. Should they put more resources into renewable energy? By conducting market research they’ll have the data to decide whether or not they should invest more into renewable energy or stay the course.
Ultimately, data gathered from market research allows you to identify missed opportunities, understand the competitive landscape, and fulfill your audiences’ current needs.
Consumer Insights Research
Consumer insights research is the process of analyzing the information gathered during market research to make relevant, specific, and actionable conclusions for your organization. It takes the data a step further and allows you to predict how your audience or specific segments will react to your brand, product, or service. With data-backed predictions, you can plan accordingly and create messaging that resonates.
Understanding the customer can also help businesses prevent waste by targeting resources to activities that will be the most effective and efficient. With a deeper understanding of consumers, organizations are able to better meet and exceed their needs and maintain a competitive advantage.
Why Conduct Consumer Insights Research?
Sound data collection is important, but how will the data be used? Transforming data into actionable insights helps build smart strategies. For example, a beverage company planned to introduce a new fruit flavor soft drink in three countries. Data analysis showed that the product would sell well in the two countries that consistently preferred beverages flavored by native fruits. The consumer insights research pinpointed where the product would succeed and where it would fail, resulting in saved time, money, and effort.
A Coordinated Effort Between Market Research and Consumer Insights Research
Market research and consumer insights research work together to help you understand where your business currently stands in the market as well as what actions you can take to improve your position. By providing accurate and trustworthy information, research minimizes guesswork and decision making based on gut feeling.
While conducting research is not always at the top of an organization’s priority list, research is essential to avoid producing products or services that don’t resonate with consumers. While there is an upfront cost of conducting quality market research and consumer insights research, rolling out a new product or service without research can result in costly mistakes. The benefit of testing a product or service is well worth the investment. By conducting research, your organization can avoid missing the mark and losing revenues, market share, and customers.