High Score Labs News • Sep 14, 2020
Irrespective of either a firm is a multimillion dollar – “Fortune 500” company or a tiny start-up business. The need for a comprehensive market research and inferential analysis of data obtained from market surveys can never be overemphasised. The reasons are not farfetched. Carrying out a comprehensive market research is a beautiful way to help business owners identify consumer needs.
There is no better way to get into the hearts of customers. And at the same time, identify their concerns and preferences other than to analyze the data collected from market surveys. Here are four points that will help business owners identify and address consumer needs effectively.
Means End Approach
The last thing every business owner wants is to watch their business go bankrupt. Every company must work hard to identify and develop products that correspond exactly to the need of consumers. When sales are declining, one must take immediate action to investigate the root cause. This can be done by investing in a unique type of research called “Means-End Approach”.
With the means end approach, business owners can crawl into the heart of their customers and understand their decision-making process. They found this approach on the knowledge that consumers buy a product after considering the following factors.
- Characteristics of the product
- Benefits & consequences of buying the product.
Product and Brand Substitution Analysis
The Sage Journal identified Brand substitution as a factor that has an effect on the purchase intentions of consumers. Will this effect be positive or negative? The best way to verify if substituting a brand or changing its name or identity will benefit a company is by carrying out a brand substitution analysis. They can embark on a little survey where the opinion of a representative proportion of the target audience can be sampled. They should analyze the resulting data to know how consumers will react to changes.
Alternative Usage Occasion
Every consumers’ interest must be represented in a market research, market surveys must have a representative proportion of the target audience as respondents. The opinion of these respondents can therefore be used to determine why a brand is effective or ineffective for a particular purpose. To achieve this, respondents are presented with alternative uses of the brand under consideration. Hence, information obtained about why a brand is useful or not useful in a specific occasion is collated and analyzed. This will definitely help in widening the scope of a brand’s usage.
Consumer Brand Attitude
Consumer Brand attitudes are meant to be identified by brand owners. To aid the identification process, producers must identify the degree to which consumers like or dislike a particular brand. In addition, how convinced they are about the accuracy of their perception must also be known. Inferences deduced from the analysis of data obtained from the aforementioned survey will be used to improve the likelihood that a consumer will like the brand.
To address customer needs effectively, every factor influencing consumers’ decisions must be considered. Precise questions must be carefully coined out to help identify exactly how consumers feel about a product. Customer satisfaction should always be on top of our scale of preference. With this, we will create amazing products/services and propel consumers to literally beg for more.