Updated: Jun 16, 2022
A business’ failure to conduct market research can have disastrous consequences on its outcomes. For instance, Makay (not the real name), a food brand in the service industry noticed a decline in sales, and, puzzled by this discovery, its team embarked on a journey to reimagine its menu with the launch of new ‘weight loss’ dishes.
Some weeks earlier, the brand noticed that the new trend in the market was a ‘healthy diet’ and decided to be proactive by adjusting its menu to fit this trend. After putting all the recipes and secret ingredients together, the new weight loss menu was created and launched to customers without any market research.
Days turned into weeks and weeks into months but sales continued to tank, even worse than pre-launch of the 'weight loss' menu.
Survey a solution to prevent business losses
Desperate for a solution, Makay approached its target customers with a survey to determine why relying on just the weight-loss insight had failed. The survey helped the brand uncover the following:
Its customers were not interested in eating healthy or trying to lose weight.
The brand was known for selling junk, so it could not attract new customers with its new menu.
Items on the new menu were sold slightly higher than the old menu and low cost was the major thing people liked about the brand.
Unfortunately, the brand only conducted the survey after the fact and not before the launch of the new product. This lapse resulted in a 40% decline in customer orders.
35% said market research was irrelevant to their business and 21% referenced the cost of conducting market research as a hindering factor.
As with brands who do not see the relevance of market research, although they know ‘customer is king’, they do not go the extra mile to understand what the customer really wants.
It is not enough to jump on a new trend, brands need to conduct market research to really understand the customer, position their service offerings to suit the needs of their consumers, and tap into other opportunities that may exist within the market.
A Market research tool that can be used by brands to understand customers better is Surveys. It answers the question: Why do my consumers choose me over my competitors? Where are my consumers? What do consumers think about my brand? Crucial business decisions should be based on answers to these questions and brands can only discover the answers when they ask consumers.
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Through market research, brands are able to get information from a lot of consumers at the same time, position products/services to fit the consumer’s narrative and drive more sales.
Sometimes businesses skip the market research step either because they assume it takes a long time to collate the data, it is too expensive, or they simply do not know what to look out for.
At Insiight, you have access to over 150,000 people on the platform and surveys can be deployed to them with a turnaround time in survey results within 3-5 minutes (depending on the Audience size).
We are able to provide scalable survey solutions within your budget and timeline.
We also have specific survey templates that help businesses understand the type of questions they should be asking once they are clear on the objective of the study.
If you are a consumer research and consulting firm, a startup, a business owner, or a research student at a university, we are here to hold your hand and guide you through your research journey. Simply click here to begin.