Digital era has empowered customers way of choosing or attitude towards specific products and services. Before the internet era, consumers were dependent on local products and services. Information about a specific product or services was gathered from word-of-mouth, sales person, or media.
Today, with internet customers not just buy products from anywhere in the world as well as gather information about an organization from different online sources. Customer reviews can be read on forums, social network, and relevant blogs about a brand they purchased. It gives an idea on which companies to avoid, while determining to buy.
Voice of another customer influences buyer in the same way as word-of-mouth. So, business having customer’s opinion and judgment on their side gain an edge over the ones who ignore customer research.
Customers act as brand ambassador in this digital era. Besides spreading brand awareness there are many other things of high value to be considered. Customer research helps business to gain an insight of consumer attitude and outlook regarding their brands.
Why customer research?
Visit http://blueyonder.agency/research/shopper to gain a clear understanding of how shopper’s research works. Below are some reasons businesses need to care about customer’s insight about them.
Consumers help to make business success possible
Business balance sheet includes stock prices, physical & liquid assets, market share and more, which are the consequence of consumers spending cash on your product. Customers make your profit possible allowing a profitable statement presented before stakeholders. Therefore, getting to know how consumers review your product will give an idea to enhance the quantity of units sold.
Consumers help to stay ahead of the curve
You get an idea of what consumer needs are not satisfied by competitors and supplying these helps to gain an edge over competition. You get an opportunity to magnify product range and build a solid competitive position. Gaining an insight of consumer’s lifestyle and their expectations can help to reveal a plethora of great ideas to be applied in your new products.
Consumer’s involvement keeps NPD on right track
New product development [NPD] can be kept on right track including features which they seek for. Product development team are creative but designing products that consumers don’t need or find complicated to adopt is a waste of money and time. The NPD success is measured in terms of the performance of the product in the market.
Gain an edge on your consumers
Market, economy, and consumer needs are vibrant entities. It is crucial to monitor the pulse to spot dissatisfaction signs early and modify it before they extend amongst majority of consumers. To avoid such hassle, create a customer panel, where you can listen to their issues or what is crucial to them. Their needs change often and with early spotting, you can start corrective measures to avoid a huge damage.
Businesses are getting to know the power consumers have on their bottom line as well as the value market research fetches for them. The insights, wisdom and knowledge can be analyzed to create a better strategy, which enriches consumer experience.