The Value of Market Research in Your Business
Are you experiencing marketing success? If you don’t know your ideal customer inside and out, chances are you might need to tweak your approach. When you really know what makes your target audience tick, what they’re looking for and what they value, your marketing plans will fall into place.
But, how do you get to know your ideal customer? Market research is the answer. This important step can make all the difference in developing a winning marketing plan.
What is the value of market research?
To show just how important market research can be, let’s take a look at a case study.
Febreze is a powerful brand that nearly everyone knows. But, did you know it was nearly pulled from the shelves because of poor sales during the test market phase? Proctor and Gamble decided to dig a little deeper before cutting the new brand, and it made all the difference.
Originally, Febreze was marketed for its ability to eliminate odours. So, with this in mind, Febreze interviewed people who indicated they wouldn’t purchase the product. In one interview with a woman who had 9 cats, the researcher asked what the woman did about the cat smell. To the researcher’s utter disbelief, the woman responded that there was no smell, no cat odour problem. Meanwhile, the researcher was nearly gagging from the stench.
Their target market was a flop: they didn’t realize there were odours that needed eliminating!
On the other side, Febreze interviewed some of their few happy customers. They discovered customers used Febreze to reinforce the feeling of clean after completing housework, not to eliminate specific odours.
Febreze was saved through this market research that led to a new approach: adding refreshing scents to the spray and selling the product as a product to use after cleaning to freshen everything up.
Now, just imagine what market research could do for your business! It might change your whole approach.