When it comes to consumer insights and marketing plans, often businesses market-focused approach to their marketing strategies involves executive judgement. Whether forecasting sales, planning new marketing strategies or product releases, executive judgement is often used because it is the most straightforward form of decision-making. Executive judgement is what it sounds like, an executive makes a determination based upon their experience and enacts a plan that supports that evaluation.
Rapid Changes and Marketing Decisions
Marketing research has changed and evolved rapidly over the last 20 years. Methods to reach people, customer reviews and even distribution methods have all been considerably impacted by the advancement of information technology, internet, mobile, and social marketing.
In this dynamic business climate, executives who are experts in one particular field may find themselves without actionable knowledge in a complimentary field. Kodak is a recent example of a company that featured expertise at all levels from research to executives. There were at the top of their industry for over one hundred years. And yet, with smartphones replacing cameras for average users, Kodak found themselves left behind.
Without knowing your market and where it is headed, you run the risk of following the same path as Kodak. You can have a great company, great product, experienced employees, competent management and a great brand, but miss a trend and lose your business.
How to Stay Informed Using Consumer Insights
While it is obvious that following Kodak’s example is not advisable, many businesses find themselves at a loss as to how to determine their target within a rapidly changing market. While it may be a challenge at times, your target market are still people who when questioned correctly, are willing to impart you their genuine interests and desires.
With sites like Angie’s List, Yelp! So Twitter giving users the opportunity to review companies, today’s market is more than willing to tell companies exactly what they think. However, these sites present their own challenges as they are often subject to inaccuracies and personalities. Sifting through consumer opinions to find accurate insights are where experienced marketing research professionals come into play.
Consumer Insights for Success
The goal of gathering consumer insights has not changed in the last 20 years, although locations, means and methods have. So, if you are looking at starting a new product, forecasting sales in a new market, or just trying to refocus and find your target market, contact the marketing research professionals at New Perspectives. We will help you with develop accurate consumer insights and begin the process of finding and refining profitable market segments.