What are the best ways to use consumer research to create a competitive advantage?

Let me say that consumer research can be easily implemented as a first step: Call a few of your customers in different categories and ask: Why do you buy from us? If something happens, will you not buy from us? If anything happens, will you introduce us to others? And ...

Value proposition is the unique benefit that your competitors do not have, and it is what will ultimately drive customer loyalty and business success. A strong value proposition should be: Clear and concise: You should be able to articulate your value proposition in a few simple sentences that anyone can understand. Unique: What makes your business different from your competitors? What problem do you solve that they don't? Compelling: Why should customers care about your value proposition? What benefit does it offer them? Once you have identified your value proposition, you can use it to inform your marketing, sales, and product development efforts.

Creating Information Asymmetries can create a huge impact in the any endeavour where others are involved. Hence, consumer research can help the business in several ways. Firstly, it can help companies get a fair bit insight into niche and relatively less discussed aspects of the business such as packaging. These insights can catalyse business innovation and help companies stay ahead of the curve in comparison to other companies. Conclusively, consumer research can allow companies to take consumer driven decisions around marketing, product, and pricing. This will help them build on the notion of, “Consumer is the King” by enabling insight driven decision making.

Understand what truly sets you apart from competitors and resonates with your target audience. Consumer research can help you refine your unique selling proposition (USP) based on actual needs and preferences.

O valor ou proposta de valor é maior de acordo com a necessidade ou cria??o da necessidade que o produto será ou é assimilado pelo mercado. Quanto vale um de água num imenso deserto? Só sabemos que o 1o copo vale mais do que o 2o e assim sucessivamente. Todas as pesquisas que ajudarem s?o importantes.

Research can help you identify distinct groups within your market with specific needs and preferences. Tailor your offerings and messaging to each segment for greater impact.

A segmenta??o de mercado divide os clientes em grupos como idade, comportamento, sexo , poder aquisitivo. As empresas adaptam sua estratégia de marketing para adaptar seus produtos aos clientes .

La identificación de variables demográficas, conductuales y psicográficas de los clientes es clave para tener una buena segmentación

Then, to whom shall the item is going to be commercialised. Demographics are key to understand if the value proposition fits to a specific target, also to know if the population target marketshare is yet crowded or still vacant.

Es de suma importancia tener en claro cuál es el mercado objetivo del producto o servicio que se ofertará, una forma más sutil es la segmentación o discriminación de precios en cuanto para los potenciales clientes.

Testing shows should not only be done before lunching a product. Actually, online retailers take advantage of the asymmetric information of the digital marketplaces by pricing differently the same product and seeing how customers react to this different prices to define their pricing strategy.

Effective testing extends beyond gathering opinions from friends and family. It entails practical experimentation and validation through meticulously collecting and leveraging data on real-life responses and behaviors of the target audience. This helps to make informed decisions and refine the concepts.

There’s sort of a mantra in tech and research that says: “double your rate of failure” That means to instate testing of commercialisation of products in scaled markets to check the effectiveness, share or performance of the targeted population.

Conocer, o tener una muestra post venta del producto o servicio que se brindó, es vital para mejorar y conocer en realidad si se pudo satisfacer al cliente o no, y conforme al feedback que entregue el cliente se mejore o pulen los puntos deficientes.

Disregarding a bit the traditional channels of competition comparison, social media and social humour can effectively depict under certain circumstances and determined population how the competence performs in terms of quality, pricing, pricing adjustments, behaviour, values, customer service, territorial expansion, etc.

Seguir los pasos de la competencia es importante, esto conlleva en que se puede mejorar para tener mayores clientes. No olvides que siempre se debe hacer las cosas bien (internamente)

consumer research can help you identify emerging trends and preferences before they hit the mainstream. This allows you to innovate and adapt your offerings proactively.

Nevertheless, depending on how fast paced and industry is, these kind of analysis can be really difficult to yield reliable outcomes. Take the fast fashion industry as an example, Shien releases 2,000 to 10,000 new styles a day. This allows them to have a hands on approach to anticipate trends by testing thousands of products and their customers reaction. Of course, this comes at a cost, increasing pollution.

The only way to anticipate trends through conducting consumer research is to be able to read through the lines. Because you have to create forward thinking scenarios and cases to research upon and be able to effectively evaluate through critical thinking what will be some trends in order to gain competitive advantage in the long run. So, identifying trends might be possible but not so achievable . Instead, you can easily conduct research to verify trends that you have already identify as arising.

Utilize consumer research to identify market trends, understand customer preferences, and anticipate needs. Tailor products/services based on insights gathered, ensuring alignment with customer expectations. Implement targeted marketing campaigns, emphasizing unique selling points derived from consumer feedback. Continuously analyze data to adapt strategies, staying ahead of evolving market demands. Engaging with customers through surveys or feedback channels helps build loyalty and adapt offerings to maintain a competitive edge.

Tener en cuenta algún riesgo económico, social y poder hacer frente a estas situaciones variables o shock económicos y de tal forma poder mitigar dicho riesgo

Two things that I find really helpful: - Listening. Research can help with understanding how your customers feel about your product/service and how this compares to their expectations and their perception of the competition. - Acting. Research can help you prioritize the most meaningful areas of improvement so that you gain competitive advantage.

Two personal advices that I use everyday to build relationships with my clients: 1- Understand Your Customers: Start by deeply understanding who your customers are. This involves more than just demographics; you need to understand their behaviors, preferences, pain points, and aspirations. Consumer research can provide this insight. 2- Personalize the Experience: Use the data you gather to offer personalized experiences. Customization can range from personalized emails to tailored product recommendations, depending on the customer’s previous behavior and preferences.

Nowadays, it is very common to see social media engagement analytics as part of the market research performed by large customer brands. Even more, brands want to create their own unique, approachable, funny, and relatable content with meme marketing to engage in a more personal level with customers, i.e. Ryanair and Netflix use memes.

Leveraging consumer research for a competitive advantage necessitates an ongoing commitment to understanding and meeting customer needs. By continuously collecting and analyzing data, businesses can gain profound insights into the ever-evolving preferences and behaviors of their target market. This iterative process empowers companies to refine and enhance their products, services, marketing strategies, and customer interactions. It goes beyond merely addressing existing challenges; it enables businesses to proactively identify unmet needs, improve existing offerings, and tailor their approaches to specific customer segments.