Let’s face it – you probably don’t have the resources to run a proper marketing campaign.
You are running your business and trying to earn money while keeping those pesky customers satisfied… or at least keep them coming back for more (shhh).
The idea of keeping up with what consumers want is not an easy task. And for most small businesses, it’s even more complex because we don’t have the budget for such things.
So How Do We Know What Consumers Want? Well, by Understanding Their Behaviors…
What Is Consumer Behavior Research?
It is the process of studying consumers’ responses to marketing & advertising. The goal is to understand how consumers respond to different information, products, and marketing messages.
Consumer behavior studies look at what makes people buy things and make decisions. This way, consumer behavior research helps companies find new ways to market their products and services.
It also allows companies to create more effective advertising campaigns by understanding what motivates consumers to buy certain products or services.
A significant advantage of consumer behavior research is that it helps companies identify their customers’ needs and wants to develop new products.
How Does It Work?
There are several steps involved in conducting a consumer behavior research study. These include:
Step 1. Define Your Question
The first step is clearly defining your objective, which is the exact question you want to answer. This will help you determine the type of research that you need and what data should be collected.
The more broad and open-ended your question, the more likely it will be answered by consumer behavior research.
To address it further, you can also consider building a survey or questionnaire based on this particular question.
Step 2. Decide on the Number of Participants You Will Use
The key to a successful consumer behavior research study is to make sure you have enough participants for your study. A minimum of 100 participants is recommended. The more people you have in your study, the more data points you will have and the more accurate your results will be.
Step 3. Determine Who Your Participants Are
You will need to find out who your participants will be and where they live. This is the beginning of your research process. If you want to conduct a survey, you will need to decide who will fill out the survey, where they live, and what they look like. You may want to interview some of your participants to get more information about them.
If you are interested in seeing how people use social media, it would be wise to go through their profiles and take some notes on what they post about themselves, their interests, and their hobbies. You can also ask them about their lives and see if any trends emerge from these conversations/interviews.
Step 4. Develop an Instrument for Collecting Data About Your Consumers
A consumer behavior questionnaire is the most critical tool for conducting consumer research. It is the only way that researchers can get information about consumers’ buying habits, attitudes, and behaviors.
The questionnaire should be developed in a way that is easy to understand and can be answered directly by consumers. This will help you gather more accurate information from your target audience.
Step 5. Create a Questionnaire for Collecting Data From Each Participant
The researcher usually fills up the questionnaire, but it may be completed by the participants as well. This questionnaire should have all the necessary details about the product or service you are testing and an option to rate how much you like or dislike it. It should also have questions about your product, such as its appearance, what makes it unique, etc.
You can also include questions about your survey’s purpose, who will take it, and how long it will take to complete. It should be clear enough that participants know exactly what they need to do to participate in your survey and feel comfortable answering your questions honestly and openly.
Step 6. Identify a Location Where You Will Conduct Your Study and Decide on Any Necessary Permits or Permissions, Such as Zoning Permissions And/or Parking Permits
If you are conducting your study in an area where you don’t have access to the physical space, you will need to identify a location where you can conduct your study.
This could be a public place, such as a sidewalk not owned by the university or city, or something like a parking lot or campus-wide parking garage that the university owns.
You may want to consider holding your research outside of these spaces to avoid issues with zoning regulations or other laws that may apply. If so, it is up to you whether or not to notify anyone about your plans.
Why Does Consumer Behavior Research Matter To Your Business?
1. Helps You Personalize the Buyer’s Journey
Research is about understanding your customers, which means knowing what they want and need. With research, you can look at past purchases to determine what a potential customer needs and wants in a specific product or service.
This information will help you tailor your marketing efforts toward specific market segments to attract more future sales.
2. Identifies Where Your Customers Are Coming From
If you are selling products or services online, knowing where your target audience is coming from is essential for ensuring that you reach them with the right message at the right time.
Identifying where your customers are coming from will enable you to identify how much money you should spend on advertising campaigns and how much time should be spent on promoting your products or services online.
3. Insight Into How Consumers View Your Brand and Competitors’ Brands
The third benefit of consumer behavior research is an insight into how consumers view your brand and competitors’ brands. When you understand how consumers perceive and use your brand, you can act on that knowledge to produce better results for your business.
For example, if a consumer perceives that a competitor’s product is inferior to yours, they may not purchase it. As a result, this can have an unintended negative impact on sales from the competitor’s perspective. You might also discover that some potential customers don’t purchase from one brand because they believe another brand has better products or services.
4. Chalk Out The Best Pricing Strategy
The pricing strategy should be based on your target market and your product or service.
For example, if you are selling a high-end product, the price should reflect the quality and exclusivity of your product. If you sell something less expensive or mass-produced, a lower price point is more appropriate.
The best way to determine what price to charge is by talking with potential customers who will be interested in your product or service. You should also consider how much your competitors charge and how they compare with yours.
To Sum Up
Let’s face it. Much consumer behavior research relies on charts, graphs, and stats. But at the end of the day, what do we gain from research?
What can you do with all those numbers other than reading them off to your client? As any good marketer knows, the key to successful research is not just getting it—it’s actionable takeaways for business success.
Read Also:
- What is Sustainable Marketing?
- Why Visual Elements Are Essential For Start-Up Businesses
- How Social Media Has Changed The Way In Which People Consume Information
The post What Is Consumer Behavior Research And How It Can Give Your Business A Competitive Edge? appeared first on Social Media Magazine.
