All decisions related to new ventures contain a certain degree of uncertainty – both the information on which they are based and the consequences. Therefore, there is a need for consumer research. But do you know what this research is and how it is done? Follow the step by step for effective consumer research and learn how to define your target audience.
The consumer research aims to guide the entrepreneur in the strategies that will be taken. However, information alone does not lead to decision or business success. It is necessary to choose a course of action that helps to identify problems and opportunities and that indicates paths that reduce possible risks.
Advantages of consumer research
When launching a product on the market, the company must know who the target audience will be. This knowledge is critical because we know that products exist to meet customer needs in the first place. In this sense, conducting a survey of the target audience is a step that should not be overlooked, as it can make the difference between the success and failure of a new product or even the company as a whole.
Define your target audience: a survey
You should know the customer’s profile. It is because it provides the characterization of customers in the quantitative aspects (market potential, participation of the company in the market, among others) and qualitative aspects (lifestyle, behavioral characteristics, consumption habits, education, income, among others). A good survey of existing or future consumers will indicate how a product will be received, who will be interested in it and the price the consumer will be willing to pay.
It will also inform what are the advantages that competing products offer and their weaknesses. You can even show how the public will react to the name of the product, its packaging, design, flavor, among other characteristics that distinguish it. The recommendation is to make use of the customer register to understand them better. This register must contain name, phone numbers, e-mails, address, sex, profession, age group and, mainly, what they buy, why they buy and how often.
Steps for consumer research to be effective
Consumer research aims to guide the entrepreneur in the strategies to be taken.
- Define the research objective: What do you want to find out? It may be to define the quality and variety of products, adjust prices or scale the size of the sales team, for example.
- Establish who the target audience of the survey is: Are they suppliers, consumers or competitors? The audience is defined based on the research objective.
- Define the sample size of the survey: That is, how many people will have to answer it.
- Develop a basic questionnaire: They must be simple, direct and impartial. They must also be tested internally before being applied to consumers and contain all aspects that you want to detect.
- Design the questionnaire: Include questions that have already been tested and validated.
- Compile the results: After completing, review the responses.
Analyze suppliers and companies
This is possible through the sales and distribution system, pricing and collection policies, quality of products and services. The objective is to enable the entrepreneur to make a comparative assessment of his potential suppliers and, based on certain criteria, define their classification to guide the purchasing process.
Conclusion
Talking to the customer after the purchase is a big step. Ask for an evaluation of your purchase. Today asking for testimonials and posting is a big differentiator for new consumers. The indication is still up. After the sale, you can do customer satisfaction surveys by submitting forms. Instruments such as Google Forms, Type form and Survey Monkey can be used.
