Market Research for Consumer Brands
Market research for consumer and CPG brands is a critical aspect of the consumer packaged goods industry. It provides detailed information about customer preferences and buying habits, which helps companies make better decisions about marketing their products. Market research is also used to identify new markets and opportunities for growth.
What is market research?
Market research is a broad term that covers various activities and techniques. It’s a way to measure the success or failure of a product in the marketplace, but it can also be used to predict future trends, test new ideas, and develop new products.
But what exactly is market research for consumer brands? And how does it work?
Many consumer brands sell something that meets a human need and can be bought or sold in a retail setting. As such, things like food and beverages, household supplies, personal hygiene products, clothing, and even cars are almost always associated with a brand.
Market research for consumer product brands includes:
Understanding how consumers feel about your product or service.
Asking them questions about their experiences with your product or service (especially if those experiences were negative).
Obtaining feedback on new products or services that you might offer your customers.
Consumer market research is usually directed toward the study of products and services. It’s a way to understand what consumers want and need, what they’re willing to spend money on, and how products help them achieve their goals. Market research can also be used to understand competitors’ offerings and strategies.
Market research is important.
With the growing number of consumer brands in the market, it is essential for any brand to conduct market research. This helps them gain a clear understanding of their consumers and their needs. It also helps them understand how informed consumers are about their product or service.
Market research helps companies understand what makes customers buy from them and not buy from other brands. It also forms an essential basis for setting up strategies that will help develop customer loyalty in the long term.
Through market research, trends in consumer behavior can be discovered as well as preferences and new opportunities that could point to new revenue opportunities..
Choose the right market research methodology.
Market research is a process companies use to understand their customers and the market they operate in. It aims to help companies decide what products to sell, how much to charge for them, and how to advertise them.
The methods used to conduct research in this field continue to evolve, and there are a variety of strategies available to conduct research about categories and products.
Consumer brands often use qualitative or quantitative research methodologies, depending upon the information that is needed. Qualitative methods involve collecting data through interviews or focus groups amongst a small group of people, whereas quantitative methods usually involve gathering data through surveys or questionnaires from a large group of people.
The primary difference between these two types of methods is in their aim – qualitative methods are used to gain insights into consumer preferences, whereas quantitative methods are used to identify or validate a product concept or marketing strategy.
There are several different methods of conducting market research, but here we’ll focus on five:
Focus Groups
Focus groups are usually conducted with 5-8 people at a time. A moderator asks questions about the product or service being reviewed, and participants are encouraged to answer them honestly.
One-on-One Interviews
One-on-one interviews involve an interviewer asking questions of an individual participant while recording their answers.
Online Surveys
Online surveys are similar to focus groups in that participants answer specific questions about a product or service via the internet.
Social Media Listening and Monitoring (SMM)
Social media listening and monitoring (SMM) involves monitoring posts on social media platforms like Facebook and Twitter for mentions of your company or its products/services.
Ethnography
Ethnography involves observing people’s behavior in real life rather than through surveys or interviews.
Market research begins with Thomas|Ferrous.
Thomas|Ferrous conducts market research in areas such as new product concepts, package design, product naming, copy, and website design. Our team provides the data and insights you need to make informed decisions about your products and marketing strategies, and together we can develop and implement a marketing plan to achieve successful outcomes. Contact us today and let’s talk about how to find answers to critical questions.
