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50 Reasons to Conduct Quantitative Consumer Research

Consumer research is a valuable tool that can be used by literally any business to better understand the needs and thoughts of their consumers. Quantitative consumer research, specifically, provides ample amounts of data that can answer a variety of business questions and needs.

When it comes to understanding your customer, building a better brand, producing the right product, and improving organizational effectiveness, here are a variety of ways quantitative consumer research can help.

Understanding Your Customer

  1. Identifying Current Customers: First and foremost, consumer research can help companies in the first step of their product or marketing strategy by helping to identify who their customer is.
  2. Identifying Customer Qualities: Quantitative research can evaluate a variety of both psychographic and demographic qualities to build in-depth customer profiles to activate against.
  3. Identifying New Customers: Brands can benefit from regular consumer research in order to shed light on emerging or untapped markets that have an interest in their products or services.
  4. Identifying the Best Customers: Creating the most impactful strategies can come down to segmenting out the current or new customers that provide the greatest opportunity to target. And only quantitative consumer research can micro-target respondents enough to make this possible.
  5. Understanding Drivers of Conversion: Learning which tactics or situations drive consumers to purchase a product is instrumental before building a product or executing on a marketing plan.
  6. Understanding Barriers of Conversion: Just like understanding the drivers, knowing what’s keeping your consumers from purchasing your product—or purchasing more of it—is just as important to ensuring a successful product launch.
  7. Mapping Barriers and Drivers to Solutions: By scoring the relative importance of barriers, brands can start to determine the ways to improve their conversion rate by creating solutions that satisfy their top barriers or that satisfy more than one barrier.
  8. Understanding Needs: Identifying customer needs, and whether you can satisfy those needs can create a better customer experience and ultimately a better relationship between your brand or product and the customer. And testing those needs quantitatively among consumers can help prioritize which ones are more important to focus on first.
  9. Understanding Unmet Needs: Whether it’s the main objective or not, quantitative results can identify consumer needs when significant differences or correlations arise in the data.
  10. Optimizing the Customer Experience: When you combine all the elements above, from the drivers to barriers to needs, you can build a holistic picture into the customer experience and how to optimize it.
  11. Predicting Future Behaviors: When enough data points on the customer experience are collected, trends and patterns reveal themselves and start to provide a better idea of potential future behaviors.
  12. Building a Better Brand

  13. Garnering Awareness: Learning how consumers hear about your brand or product helps to develop the right marketing plans to promote customers through the brand funnel.
  14. Identifying Tactics for Awareness: At a minimum, consumer research provides you with the list of sources to get started on building brand awareness.
  15. Understanding Consumer Perceptions: At its core, building a better brand comes down to understanding brand perceptions—and measuring them often depending brand activities.
  16. Understanding Brand Evolution: Since brand perceptions can evolve and change over time, regularly measuring them can help a brand determine how they are evolving and where they are in their life cycle.
  17. Learning What Engages the Customer: Regularly measuring brand awareness and perceptions as a brand executes specific marketing plans also provides a means to analyze and assess what tactics engage the customer best.
  18. Maintaining Relevance: Further knowledge of perceptions and awareness provides valuable information that can allow brands to learn how to maintain their relevance with consumers and what tactics to use.
  19. Developing the Right Commercials: Brand perceptions can both be influenced by commercials but also influence what should go into them, so testing perceptions, before and after, is critical to understanding their impact.
  20. Optimizing Creative: A better understanding when it comes to your brand can help inform creative a more detailed level.
  21. Producing Proven Communications: By “proven,” we mean the ability to test ads (in addition to creative and communications) to understand that the message that’s being delivered in the communication is actually resonating with key consumers.
  22. Understanding Competitors: Quantitative consumer research can identify competitors on a broader, even global scale (e.g., substitute products and replacement products)—which is especially important in the digital world we live in.
  23. Competing with Competitors: Learning about things such as brand awareness, brand perception, or product usage of not only your product, but competitor’s product can help you better understand how to compete more effectively in-market.
  24. Creating More Effective Marketing Plans: A variety of consumer research from product testing to brand perception studies to shopper insights provide valuable information that can be leveraged by more than just the product or research team. As we’ve already alluded to it, marketing can also benefit by translating consumer insights into marketing tactics.
  25. Brand Benchmarking: What we mean by benchmarking your brand, is just having a better understanding of how your brand progresses through the brand funnel at various times and relative to competitors.
  26. Improving Your Brand: Regularly measuring a variety of branding metrics acts as a signal into what areas a brand could use improvement on.
  27. Leveraging Brand Touchpoints: As brands understand when and how consumers are interacting with their brand through the brand funnel, they are able to time their communications or brand touchpoints more effectively.
  28. Producing the Right Product

  29. Picking a Product: Concept testing is one area consumer research excels in most, as it can be difficult for brands to remain subjective and prioritize which product concept to move forward with from a list of many ideas. That’s why letting the consumer decide is a better option.
  30. Creating a Competitive Advantage: Through product trials and other forms of consumer feedback, you can learn what benefits your product provides that others may not—and ideally communicate those in messaging to gain a competitive advantage.
  31. Identifying New Opportunities: Sometimes conducting custom quantitative consumer research can provide a new opportunity that may or may not have been present to a brand otherwise—usually through the identification of unmet needs or new markets.
  32. Identifying Usage Occasions: Learning how and when a consumer uses a product is fundamental to ensuring your product satisfies functional needs.
  33. Using Usage to Enhance the Product: Identifying usage occasions, and when and how the product is being used, is also a way to learn how to improve upon a product and continue to satisfy customers.
  34. Garnering Shopper Insights: Sometimes one of the most challenging things for brands to understand is how consumers behave when shopping for their product. But consumer research can provide the shopper insights necessary to learning what external factors exist in the marketplace. For example, brands can learn things like how often, at what store, and which retailers’ consumers are shopping for their product.
  35. Testing the Product: You’d be amazed at how many brands build a product without real consumer feedback through the use of product trials. So, gathering enough quantitative product feedback in addition to trials provides substantial evidence for how a product is going to be adopted.
  36. Predicting Purchase Probability: With more than 70% of new products failing in every industry within their first year, consumer research can help reduce that risk, while also providing your product teams with predictions into how successful the product will perform in-market.
  37. Producing Effective Packaging: Creating a strong product offering is great but making sure the packaging (and other creative) is also up to par is important to providing consumers with a cohesive brand experience.
  38. Creating Innovation: Innovation isn’t always about the product, though it can be. But it’s also dependent on the combination of a marketing and product strategy that is brought together by consumer research insights.
  39. Improving Decision Making

  40. Maintaining Focus: While you may think one problem is more important to focus on than others, consumers could tell you otherwise.
  41. Identifying What’s Most Important: Quantitative consumer research also provides ample methodologies for consumers to rank and prioritize their needs.
  42. Learning What’s Relevant: More than just maintaining relevance as a brand, it’s also important to measure which products or communications are holding their own or ready to retire among consumers—helping to adjust a company’s roadmap.
  43. Prioritizing New Ideas: Whether it’s a product, marketing, or advertising idea, we know it’s impossible to activate against all of them, so use quantitative consumer research to help you make the confident decision on which ones to move forward with.
  44. Refining New Ideas: Picking up off of the reason above, quantitative consumer research can then guide you on how to improve ideas.
  45. Developing More Effective Strategies: There are many more ways quantitative research can help you develop more effective strategies within product, marketing, and even sales—like helping them close more deals.
  46. Solving Business Needs: Many times, the one-off consumer research projects we conduct can have a far-reaching impact on a businesses’ bottom line.
  47. Validating Stakeholder Views: All too often we may take the opinion of stakeholders to be true—which can cause ghastly mistakes. But consumer research is there to help validate those opinions before moving forward.
  48. Minimizing Risks: Many product launches fail—so too can the marketing strategies that back them up, but quantitatively testing products and campaigns with consumer research can reduce that risk and validate the strategies likely to succeed.
  49. Identify Growth Opportunities: Learning about consumer segments that are untapped, or which competitors are falling short, increases the chances that a brand will be able to determine where their growth opportunities lie.
  50. Forecasting: As a brand conducts their own internal marketing analytics, they can incorporate consumer research to help them forecast revenue.
  51. Making Better Decisions: Consumer research helps organizations feel more confident in the decisions they’re making and can provide the insight needed to make better ones.
  52. Becoming More Data Driven: When you begin to use more quantitative consumer research to back up your decisions, it’s natural that your organization will want to use other data-driven methods to conduct business.
  53. Getting Answers: Last but not least, quantitative consumer research can provide answers to the most pressing business questions, including topics such as product development, understanding your consumer, monitoring your brand, and everything in-between.

Although there are many reasons to conduct quantitative consumer research, your decision to do it comes down to your specific needs. To learn more, request a demo below or contact us at sales@trybe.com.

 

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