7 Benefits of consumer research (beyond just market insights)

When you’re marketing or developing new products, you might often feel that it’s all been done before. You’re scraping the bottom of the idea barrel for a new campaign or new feature. You feel like it’s all a game of luck.

Luckily (for you!), you’re wrong.

What marketers and product developers often forget, is that there’s a huge amount of data that’s waiting to be combined into new, refreshing insights to help guide you and your team’s work. But it all starts with gathering data (that you actually need and will use) and knowing how you’ll use it. This calls for primary research.

Market research is something companies need now more than ever. You might think that after decades of ‘modern’ marketing, we’ve got consumers figured out. But again, that’s not the case.

Consumers are always being affected and shaped by new trends, technologies, ideas and experiences. It’s up to brands like yours to choose whether to keep up with all the changes, or simply hope that consumers will adapt to them.

We know what the wiser decision is. But you might need a bit more convincing (or your CFO definitely does). So here we’ll guide you through seven benefits and consumer insight examples and how they’ve benefitted businesses in the real world (we’ve seen it firsthand).

Here’s what we’ll cover:

1. Greater marketing ROI as a result of data-driven decisions
2. Risk mitigation as a result of making more informed decisions
3. Market research strategy that can be turned into actions that generate revenue (what would your CFO think?)
4. Understanding of consumer trends and better ability to quickly adapt to market shifts
5. Product development and marketing campaigns that are more likely to satisfy your target market
6. Staying ahead of competitors by identifying gaps in the market and opportunities for brand differentiation
7. Highlighting opportunities for increased customer satisfaction and customer feedback

1. Greater marketing ROI as a result of data-driven decisions

Some campaigns are launched with a bang and big budget, only to fizzle out with little ROI to show for it. And that’s why market research helps by giving you tools to make data-driven decisions.

Let’s talk numbers. Conducting market research gives you insights straight from your target market’s mouth. What do they need? What challenges do they face? How do they make decisions? The answers to questions like these help you craft marketing materials and campaigns that resonate deeply, leading to better engagement and more conversions.

But it’s not just about hitting the right notes. It’s about cost efficiency too. By understanding your target customers through consumer research, you can allocate your budget more effectively. No more throwing money at the wall and seeing what sticks. Instead, you invest in channels and messages that you know work. Consumer research isn’t just an expense; it’s an investment in smarter, more profitable marketing.

How OddBox used consumer research to cut campaign costs

In their expansion into three new UK regions, Oddbox significantly reduced campaign costs and increase effectiveness using insights from Attest. Discovering unexpectedly high brand awareness, they smartly scaled back on intensive marketing efforts. This insight allowed for a more efficient allocation of resources, targeting specific regions with tailored strategies.

It actually had quite a significant impact on our overall campaign costs. And I think it enabled us to plan a much more efficient campaign.

Liz Yates, Head of Growth at Oddbox

In the Midlands, influencer recommendations and leaflets were effective, while in the Southwest, a grassroots approach resonated more. This strategic use of consumer research not only minimized expenses but also ensured their marketing efforts were precisely aligned with regional preferences.

2. Risk mitigation as a result of making more informed decisions

Taking risks is part and parcel of the game. But who says you have to go in blind?

Here’s where the benefits of market research transform from a ‘nice-to-have’ into a ‘must-have’. It’s not just about gathering data; it’s about using that data to sidestep potential mishaps.

How Clim8 used consumer research to decide what to show (and what not) in their messaging

Clim8 Invest’s successful shift in their marketing strategy is a prime example of risk mitigation through conducting consumer research. After running creative testing with Attest, they discovered their target audience favored human-centric messaging over typical environmental imagery. This insight led them to abandon wind turbine visuals in favor of more relatable content, significantly reducing the risk of an ineffective campaign.

We revised all our digital formats; you won’t see a wind turbine from us anymore.

Ilona Sediha, Marketing Lead at Clim8 Invest

Clim8’s updated marketing materials performed significantly better than benchmarks, all because they knew what their target market wanted to see.

3. Market research strategy that can be turned into actions that generate revenue (what would your CFO think?)

It’s one thing to have a stack of data; it’s another to translate it into actions that boost your bottom line.

Consumer research does more than just tell you who your customers are and what they like. It digs deeper, uncovering the ‘why’ behind their choices. You learn not just what your target market wants but how and when they want it. You can get this through a mixture of quant research and qual research like surveys and focus groups.

And who’ll be waiting for them when the time is right? You.

But how do you make the leap from insights to income? It starts with aligning your products and services with the needs and wants of your consumers. Imagine your research reveals a growing trend in eco-friendly products in your target market. That’s your cue to innovate or highlight your eco-friendly options, tapping into this emerging market trend before your competitors do.

Then there’s the power of personalization. Consumer insights allow you to tailor your marketing materials and campaigns to speak directly to your customers’ desires, creating a more meaningful connection. Personalized campaigns have a better chance of converting interest into sales.

And don’t forget about timing. Consumer research can reveal the best times to launch new products or marketing campaigns, aligning with when your target audience is most receptive. This strategic timing means your efforts are more likely to hit the mark, resulting in better sales.

How Bloom&Wild quadrupled their Valentine’s Day sales using consumer insights

Instead of following the conventional path, Bloom & Wild tapped into consumer preferences for more thoughtful gifts, deciding against selling red roses. This bold move, inspired after conducting market research, not only differentiated them from competitors but also resonated deeply with their audience, resulting in a 4x increase in sales and a 51% boost in press coverage. Here’s the gist.

4. Understanding of consumer trends and better ability to quickly adapt to market shifts

A flexible business is a great business. We’re not saying you should change who you are and what you do based on the whims of your target customers, but you should be nimble enough to operate in a broader range than just ‘we’ve always done things this way’.

Understanding consumer trends and adapting to market shifts can turn potential disruptions into opportunities for growth. What’s hot today can be forgotten tomorrow. You want to keep your finger on the pulse of consumer behavior at all times, through ongoing research.

How The Vegan Society used consumer research to build a more sustainable world

The Vegan Society skilfully uses consumer insights to stay ahead of changing attitudes towards animal products and sustainability. Their research with Attest helped them identify a growing interest in vegan alternatives, which is vital for brands under their Vegan Trademark.

One of the things their research uncovered was a strong demand for vegan-verified fashion, with many consumers willing to pay more for these options. Want to know more? You got it.

5. Product development and marketing campaigns that are more likely to satisfy your target market

Some products hit the market and immediately sell out, while others are seen more like an ‘alternative’ thing that not everybody runs to the store for. Just look at smartphones: they’re all incredibly similar, and someone who’s not very techy will probably not differentiate much between different products . Yet some are a commodity, and others aren’t.

The secret often lies in how well their development and marketing align with real, detailed, deep-digging consumer insights. People weren’t just hoping to be better connected to other people. Apple made sure they are also better connected to themselves, with seamless integration with every product they offer.

We’re not telling you to pivot your business strategy completely. We’re telling you that market research helps you create something that can truly set your campaigns and brand apart from your competitors.

Next time you’re creating a product or campaign, look at how similar it is to other products and campaigns. Is it too similar to stand out?

How Secret Cinema used consumer research to design a new global product

When a global pandemic hit, Secret Cinema didn’t just wait it out; they reinvented themselves with a digital experience, guided by consumer insights. Shifting from live to virtual shows, they tapped into Attest to gauge what their audience really wanted from an online event.

Their smart use of consumer data didn’t stop there. They also delved into what films or TV shows would hit the mark, ensuring their content struck a chord with fans. Secret Cinema’s story is a playbook on using consumer insights to adapt and thrive, turning a challenge into an opportunity for innovation and expanded reach.

6. Staying ahead of competitors by identifying gaps in the market and opportunities for brand differentiation

Staying ahead of competitors isn’t just about speed – it’s about smart strategy. Everyone is shouting to be heard. But instead of yelling louder, you find a different approach – speaking directly to an audience that others have overlooked.

What’s crucial to truly leverage the benefits of consumer research is decisiveness and the willingness to take action. Research is important, but acting on your findings is even more crucial.

So when it comes to your marketing strategy and competitor research, be ready to make sizable changes and make informed decisions rapidly. Most companies wait for the market to show signs that their research is right – don’t be most companies.

How Bought By Many used consumer research to disrupt an established category

Bought By Many shook up the pet insurance game by zeroing in on what pet owners were really after. Diving into consumer insights, they spotted a gap: people craved insurance policies that truly cared for their pets, not just the usual offerings. They didn’t just guess at what pet owners wanted; they asked, listened, and delivered.

Their approach wasn’t all talk. They backed it up with a solid online presence, answering the real questions pet owners had. This smart mix of consumer insight and targeted communication helped them stand out in a sea of sameness.

7. Highlighting opportunities for increased customer satisfaction

Many businesses see consumer research as gauging how happy their customers are with what they’ve gotten in the past. When, in fact, it’s about understanding why they feel that way and what you can do to improve their experience.

Whether it’s through surveys, focus groups, or social media platforms, gathering feedback is crucial. It gives you a clear view of what’s working and what’s not.

But just like point 6, it’s not enough to just collect this feedback; you need to act on it and know how to analyze survey results. This is where many businesses fall short. They listen, but they don’t respond. Customer feedback can guide everything from minor tweaks in your product features to major overhauls in your marketing strategies. It’s about showing your customers that their opinions matter and that you’re committed to evolving based on their needs and preferences.

How Big Potato Games used consumer research to make their customers even happier

Big Potato Games hit a home run by using consumer insights to ramp up customer satisfaction. Initially guessing who their players were, they stepped up their game by diving into real data. They discovered what different gamers, from the hardcore enthusiasts to family fun-seekers, really wanted from their board games.

This wasn’t just a win for product development; it reshaped their marketing too. Knowing their audience inside out, they tailored their games and promotions to match the exact vibe each customer group was looking for. The payoff? Happier customers, more engaging games, and a brand that really gets its players.

Send consistent consumer research surveys for consistent benefits

Ready to dive in and see how consumer research can revolutionize your brand? Check out more customer stories for that extra nudge.