Some companies don't yet realize the value of consumer research. However, it is difficult to make fully-informed decisions about their products and services unless they have real and meaningful information about consumer behavior. If you are not familiar with your current and potential consumers, it can result in:
A familiarity with only one side of the consumer behavior story, leading to decisions that are not based on a real understanding of consumer needs.
A lack of real-time responses from consumers. If companies rely only on traditional research, they may miss out on valuable, fast feedback.
Competitors getting a leg up and taking customers away from you.
Brand expansions, launches and marketing ideas that are not completely sound.
Missed opportunities to expand and grow your business and market share.
If you relied only on traditional research, you may only communicate with consumers in contrived settings, not natural environments like their own homes.
A deeper understanding of consumers can result in more successful consumer-related decisions. This can mean:
The ability to grow your brand in a way that is most appealing for your customers.
The creation of websites and marketing pitches that resonate with customers.
The ability to make decisions that lead to greater customer loyalty.
More success in drawing new customers to your brand.
The creation of more value for shareholders as well as product expansions and launches that are successful.