Everything in marketing is going through a change. This is driven by how consumers make buying decisions. And while buying decisions are the point of marketing, it is the focus of market research.
It drives questions such as:
- Why does someone buy?
- How do we increase sales?
- How do we improve customer satisfaction?
Market research has not escaped this changed. It has to evolve around a changing consumer psychology.
How Has Marketing Research Changed
The underlying assumptions and reasons why people buy has not changed. Yet the reasons how people make buying decisions has changed, and as consumers, we are driven by things like the customer experience and social influence.
Brand trust has also eroded. People know a marketer’s only real interest is to sell them something. It’s why word of mouth has become an even more powerful force.
Your customer has moved from a static demographic to a highly dynamic, opinionated, mobile consumer. This means we have to relook at how do market research, and how we measure and track what our consumers are doing.
How Does This Affect My Market Research
Let’s not throw the baby out with the bath water here. Many forms and approaches to market research are still relevant. Yet customer economics is playing a bigger role in market research and metric like customer retention, loyalty, lifetime are more important than ever.
To help kick start you in this direction, here are a series of market research articles that will give you a key insight into what you need and help structure your strategy:
- Your Customers Are NOT Dumb?
- Here’s Why You Need to Know These 3 Customer Types
- Customer satisfaction: Who Cares. What You Want is Customer Loyalty
- Customer Loyalty: The Misunderstood Metric
Of course it goes without say that if you need to discuss something or want to explore a concept more let me know and I will happily guide you along the way. Just drop a comment in the message section below.
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