Insights:Do You Really Know Your Customers?
When you’ve been in a business sector for a long time it’s just natural to assume you know everything there is to know about your customers. But the truth is today’s consumers are an ever-moving target. Purchasing habits change, competition changes, market conditions change, technology advances and countless other factors that go into a consumer’s decision-making process are always in a state of flux.
One of the best ways to stay current with your consumers’ needs and wants is through market research.
There are four basic approaches to gaining up-to-date data about consumers:
1. Surveys – This qualitative research approach allows you to ask specific questions to a large group of respondents. Most surveys today are done online making it very affordable.
2. Interviews – Done either in-person, on the phone or through a video conference, this approach is a one-on-one discussion that often provides deeper insights than qualitative research.
3. Focus Groups – Similar to an interview but involving more than one person, focus groups can offer spirited discussion and reveal unexpected information. The challenge is ensuring that one individual doesn’t dominate the discussion and lead to a single personal opinion rather than a consensus of the group.
4. Observation – This involves watching a person interacting with your product or within your business to record what they do or how they choose to use your product or physical environment.
Insight has utilized all these approaches to create a clearer picture of our clients’ target markets. Each style of research offers specific benefits based on the information that is being sought. If you’d like to learn more about market research and the best approach for your business, give Insight a call at 605-275-0011 or send us an email. Together we can shed new light on how best to reach and convert consumers to your brand.