Consumer research as a treasure trove of knowledge about brands and markets
Posted: Sun Dec 22, 2024 6:01 am
Market research results are widely used, including in other important business decisions. Often, when developing a chain of stores and selecting locations for new stores, the observed and collected information about customers is used to select the optimal location for the new facility.
Another example is a brand makeover. Often, companies with a strong track record in the market want to modify their image to reach a new target group or adapt to changing social norms. An philippines number list example of such a company is Old Spice, which, after conducting extensive research into consumer preferences, radically changed the image it had created. The result of a well-targeted marketing campaign and customized content was a huge financial success for the brand, an explosion of popularity among young customers, and a strong market position.
Careful selection of the type of consumer research technique ensures knowledge of evolving consumer behavior, needs, and expectations. This can be crucial for companies to make the right decisions. Especially in times of crisis, when the economic situation in a given market becomes unfavourable, customer behaviour changes very quickly and strategies established before the crisis may lose their effectiveness. Therefore, in these periods of uncertainty, it is crucial to maintain awareness of current buyer needs.
Another example is a brand makeover. Often, companies with a strong track record in the market want to modify their image to reach a new target group or adapt to changing social norms. An philippines number list example of such a company is Old Spice, which, after conducting extensive research into consumer preferences, radically changed the image it had created. The result of a well-targeted marketing campaign and customized content was a huge financial success for the brand, an explosion of popularity among young customers, and a strong market position.
Careful selection of the type of consumer research technique ensures knowledge of evolving consumer behavior, needs, and expectations. This can be crucial for companies to make the right decisions. Especially in times of crisis, when the economic situation in a given market becomes unfavourable, customer behaviour changes very quickly and strategies established before the crisis may lose their effectiveness. Therefore, in these periods of uncertainty, it is crucial to maintain awareness of current buyer needs.