While market research is deemed an important tool in the measurement of consumer perception of brands, products and service offerings, it is under-used as a resource to aid in all business decision-making, suggests Cint, a global provider of market research software and panel management solutions.
Market research can go above and beyond obtaining the opinions of current and potential customers. It is a valuable channel that can be used advantageously on a much larger scale than is often currently the case in order to provide business intelligence, which assists management to make informed decisions. For example, a brand could better understand whether opening a new distribution center or offices in a new location would be beneficial or if the conditions are right to move into a new geographical market, perhaps in another continent.
The arrival of DIY tools has made gaining market insight even more accessible to businesses that need to reach very specific target audiences and also more cost efficient. Furthermore, the boom in internet and mobile device use has revolutionized the way in which research is carried out, meaning brands can obtain answers fast, whether that’s to inform a move into the Chinese market, a marketing strategy, or a product’s color.
Bo Mattsson, CEO of Cint, comments: “Market research in relation to customer perception and customer satisfaction is a widely-used tactic and can provide companies with real insight. However, it isn’t being fully exploited by businesses; many are unaware of the scope and potential that gaining opinions can bring outside a consumer research remit, for example, in relation to competitor analysis and other key business factors.
“Market research can provide businesses with the intelligence to enable them to make the right decisions about key issues such as the direction of the business, the introduction of new products or services and other success-defining aspects. The ill-perceived hassle-factor and price tag can be a barrier to companies using these methods, but new technologies are actually user-friendly, reliable and cost-effective.”
For further information on Cint’s range of market research options, please visit www.cint.com.
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