The Importance of Consumer Market Research in the Success of your Business
July 2nd 2007 02:46
Before, in the industrial and post-industrial era, products and services were offered based on what the manufacturers believed they could sell and not entirely on what customers needed. The formula for selling products and services was regimented, manufacturers chooses the product, pumps in millions of pesos in advertising, provides the salespeople and channels with incentives and voila - goods and services turn into cash.
Today, this no longer holds true as manufacturers and service providers face stiff competition with consumers having a strong voice in shaping products and services offered to the market. Even world- renowned management guru, Peter F. Drucker, concedes the marketer's fundamental role in business when he says, "there can be no company strategy that is not in some fundamental function a marketing strategy, where the sole business purpose is to create a satisfied customer."
Consumer market research captures insights on how consumers behave toward a product or service category, perceptions toward different brands in the category, what consumers like or dislike about certain brands, etc., which information is likely to lead to a new marketing direction. Fact is, consumer research should not stop at being a documented evidence of what marketers may already know but should actually be used as a tool to dredge more consumer insights that can be the basis of a new campaign. The only way to sustain business growth, and even ride higher than their competitors is to remain knowledgeable about the consumer market, which can only be best served through sustained consumer market research.
Today, this no longer holds true as manufacturers and service providers face stiff competition with consumers having a strong voice in shaping products and services offered to the market. Even world- renowned management guru, Peter F. Drucker, concedes the marketer's fundamental role in business when he says, "there can be no company strategy that is not in some fundamental function a marketing strategy, where the sole business purpose is to create a satisfied customer."
Consumer market research captures insights on how consumers behave toward a product or service category, perceptions toward different brands in the category, what consumers like or dislike about certain brands, etc., which information is likely to lead to a new marketing direction. Fact is, consumer research should not stop at being a documented evidence of what marketers may already know but should actually be used as a tool to dredge more consumer insights that can be the basis of a new campaign. The only way to sustain business growth, and even ride higher than their competitors is to remain knowledgeable about the consumer market, which can only be best served through sustained consumer market research.
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