According to 2019 ESOMAR global market research report, the market research sector is estimated to be around US$80 billion with the United States towering on top as the globe’s largest sector for market research services.
Market research services remain one fundamental service that’s sought by brands who aim to get insightful information relating to consumer behavior, market needs, competition and market size, among others.
As famed Co-founder of Apple Inc, Steve Jobs once said, “Get closer to your customers than ever. So close that you can tell them what they need before they realize themselves.” Companies are now putting their customers closer than they ever did before. They understand that customers are the most valuable assets in a company, and by connecting with them, one understands their needs.
With that said, successful companies have something in common in that they understand their customers very well. The voice of the customer informs product development, sales tactics, marketing approaches, and strategy. This goes a long way in helping marketing managers to make profound decisions that will address any needs that the customers could require.
Now, to what extent are you listening to the voice of your customer? What are some of the key highlights you’ve learned along the way about what your customers say or think?
During our conversations with brands, we identified two personas. One set took market research seriously, where they hired the best market research firm to help them gather insights from their customer base and allocated their own internal resources to gather the insights.
The other set did not conduct any market research at all owning to the notion that they found the process cumbersome and expensive, therefore, ignored it. Now, from the analysis, we could outrightly say that the former brands were oozing with innovation, often churning out products that solved their customer problems in unique ways and created new value. The latter brands were shooting in the dark, throwing many different things to the customer and hoping one of them sticks.
Inasmuch as we’d want to try testing the market with our new products or services, you opt to map out the full profile of your ideal customer. In the end, that information will help you establish the market size and what sparks them to make the purchase.
Knowing what your customer wants is crucial, and through conducting market research, you get to understand their needs, behaviors and preferences. In any case, the voice of your customer is a gold mine. It’s an opportunity to gather valuable feedback and serve your customers better. Your customers will reward you handsomely when you focus on their needs.
Wowzi is excited to launch Wowzi Insights — a new cost-effective way to gather real-time insights from your target customers. Wowzi Insights came as a result of re-imagining the Wowzi user base.
The Wowzi platform has organized users across age, gender, income levels, location, and profession spreading across the country. Our pool of users provides a good sample to run quick qualitative and quantitative research across the country. Some example of use case includes the following:
1. What’s the perception of young people on Telco in Kenya?
2. What’s the favourite toothpaste for women aged 30–44 in Eldoret. Aquafresh or Colgate?
3. What’s your net promoter score among males aged 20–35 in Mombasa?
4. How are Kenyan youth spending their money?
5. What’s the popular engine oil among mechanics in Nairobi?
6. Which petrol station brand do taxi drivers in Kenya prefer?
Over the next couple of weeks, we will be releasing Wowzi Insights thought leadership pieces to share outcomes from surveys we run on our platform.