
Market research is usually done to make sure that the company is manufacturing what consumers want and not what the company thinks they want.
Check out the best 8 techniques of consumer research and innovation.
1. Start with the Existing Data

Under this method, a businessman compiles the existing data and understands the past buying behavior of the consumer. IKEA is a company that uses chatbots for analyzing the existing data.
2. Interview the Internal Stakeholders

An entrepreneur interviews the internal stakeholders of the company such as the sales team, delivery team, service team, etc. to identify the requirements of the consumers.
3. Identify Pains and Gaps in the Customer’s Buying Process

It is a method to understand the pain points of the customer and reduce their spending on a particular product or service.
4. Scanning All Interaction Touchpoints

It is a method to scan the entire process of interaction touchpoints of a new customer. Also, it creates an excellent experience and a loyal customer base for the customer. Maruti Suzuki is a company that implements this method in the business.
5. Conducting Follow Me Home Research

It is a technique of identifying the challenges, competitive dynamics, growth gaps, and actual requirements of the customer by reaching the space where they are using the product. Duster is a company that makes this technique into use.
6. Focus Group Interview of Customer

It is a strategy to interview the existing ideal customers of the company. This process also includes the why-why analysis of the customers. Britannia is a company that practices this customer satisfaction technique.
7. Analyze Your Competition

This method is all about conducting SWOT analysis which further divided into analyzing the weaknesses, strengths, opportunities, threats of the company, and the competitor.
8. A Diary Study and Feedback Form

This technique is used to analyze the net promoter score of the company to provide better customer satisfaction. It is also one of the best ways to know the actual requirements of the customer.
See You in the Next Blog, Bye
Comments