Consumers feel that the retail sector, more than any other, would benefit from gaining more market intelligence, a survey has revealed.
From the 1,193 people polled by global market research company Cint, 41% said the retail sector had the most to gain from undertaking customer surveys, followed by banking (14%), travel (11%) and mobile technology (11%).
What’s more, more than half (56%) of those quizzed felt more loyal to a brand if their opinion had been sought and 62% said they were more likely to purchase a brand’s product.
Over recent years there has been a notable decline in customer loyalty towards particular brands and post-recession consumers are demanding quality products and reasonable prices more than ever before in exchange for brand love.
However, this research goes some way to prove that businesses can reap the rewards in terms of brand devotion and a sales increase if they make an effort to engage with their current and potential audience members through market research.
Social media
Similarly, the ever-increasing importance attached to engaging customers through social media is also indicative of how people want to converse and be made to feel special rather than at the end of a one-way dialogue.
It would be a shame if budgetary difficulties forced businesses to take a step backwards when it comes to seeking and acting on their audience’s opinions
Many companies have reduced their marketing spend during the current economic crisis but this survey highlights the importance of asking customers their opinions, meaning market research continues to be a very valuable tool in the marketer’s kit.
Whilst budgets are tight, companies should almost certainly be investing in this type of activity if they want to learn more about the preferences of their target market to ultimately be successful and remain competitive.
Brands can take comfort from the fact that 69% of people believe brands act on the market research results they achieve, another reason to conduct market research. Seventy-seven percent also felt that brands listened more than they did 10 years ago, so it would be a shame if budgetary difficulties forced businesses to take a step backwards when it comes to seeking and acting on their audience’s opinions.
If, after reading this, your business is now more likely to consider undertaking market research, you may wish to understand the preferred methodology. The clearest lesson is not to call people, as only 1% of those surveyed said they liked being contacted by telephone, compared to 91% who prefer to offer opinions via smartphone apps, SMS or online surveys.
Keep it short and sweet if possible as the majority (40%) stated they would only spend one to five minutes assisting a brand with research, with 30% saying they would be happy to give up 10 minutes of their time on a survey. Over half of respondents said money was their most desired incentive, but free products and vouchers would also persuade people to get involved if budgets allow.
