Posted on: October 8, 2021
Across such a broad range of platforms, competition has never been greater. A strategy that works for one audience may not necessarily work for another. These days, numerous factors influence purchase decisions, requiring brands to use market research and consumer insights to determine what business tactics will resonate best with consumers.
What Do Consumer Insights Offer?
Businesses can benefit by developing highly effective consumer marketing strategies based on consumer insight research. Personalization allows brands to transform their marketing efforts from mass to tailored. The brand can then drive greater consumer engagement, conversions, and ROI by focusing and prioritizing on consumers that are already looking for their product or service. By understanding your customers’ attitudes and behaviors, your business teams can provide better value and in turn develop a more dedicated customer base. The long-term growth of a company’s bottom line depends on its ability to gather quality data and use it to develop effective strategies.
How does market research differ from consumer insights?
An attempt to gain information about a market or about customers is known as market research. Customers, competitors, and market needs are all analyzed, which in turn offer valuable information regarding the market being looked at. Whether it be emerging trends, consumer sentiment, or a variety of other factors, market research can offer valuable information to help you focus your communications strategy.
Consumer insights are similar to market research, but involve using the data gathered to predict customer behavior contingent on certain business decisions. As a result of this knowledge, you can make changes to your business that will impact your bottom line and improve customer satisfaction. For instance, if market research shows that customers are aversive to a certain business practice, consumer insights research will tell you how individuals will react to a variety of other business practices. In turn, you’ll have actionable conclusions that can then be translated into business decisions.
Benefits of hiring a market research company
In addition to cost savings and scalability, consumer insight research offers numerous other benefits as well. It can be expensive to hire and train in-house market research teams, so outsourcing market research to a partner that can interpret data into actionable insights enables you to streamline processes and focus on what you do best.
To determine the most effective way of communicating with consumers, Bastion DB5 conducts market segmentation, brand tracking, and advanced analytics. Our market research is objective and driven by business goals outlined by our clients. Experienced senior strategy and analytics consultants make up our team of professionals, allowing us to deliver world class strategic, foundational research to fit the needs of your business. Our services cover every aspect of your needs, providing strategic, foundational research solutions tailored to help you grow.
You can count on us for strategic consulting or fast turn data and insights based on a full range of methods, with particular strengths in segmentation, product viability, pricing, copy testing/creative evaluation, message testing, brand tracking, and customer journey. Contact Bastion db5 today and see what we can do to help improve your business marketing strategies and bottom line.