When (and how) to use consumer-centric research to increase profit
Something that is vital to a successful business is consumer research for profit. We know that consumer centric companies are more successful, and so more profitable as a result.
Where can consumers add the most value to your decision making process?
Ranging from whitespace thinking to stimuli evaluation, here are a few pointers on when to get consumers involved, as well as a little bit of advice on how to do it:
- Get a winning start to new concepts: Don’t just follow the latest trend or fad. Really get to grips with what your consumers need and get them creating with you from the start.
- Have confidence new concepts will sell: Rather than just relying on numbers and projections, how about testing concepts in a more real-life setting? Learn how new consumers will shop against the competition as well as your existing offerings
- Plan fully optimised & effective launches: Sometimes you’ll need to go big, and sometimes you’ll need to go targeted. Put consumers at the heart of your launch planning and you’ll be confident of being in the right place, at the right time
- Gather behavioural learning & insight: “Do as I say, not as I do!” Originally attributed to preachers and nothing like the correct way of understanding consumers. Only by observing behaviour can you paint an accurate picture of their lives
- Give yourself the best chance of selling more, more often: People buy feelings, not products. Consumer-centric research is the only way to unlock those feelings and transform them into tangible actions that meet your business objectives.
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