Brands are increasingly turning to market research tools in order to underpin elements of their business strategy, ranging from new product development to the formation of an advertising campaign.
However, undertaking this insights is a futile process if brands are not selecting the most appropriate panelists that meet their target market.
Over the past few decades, there have been vast technological advancements in gathering market insights and it is now possible for brands to select a specific audience to meet their requirements. For example, using DIY market research solutions, brands are able to select a defined demographic in terms of audience, not only relating to age, location and ethnicity, but also to very precise details of their interests and purchasing habits. Yet, many companies are failing to recognize the tools that are available, and are continuing to gather insights from a broad demographic, therefore limiting the accuracy of their feedback.
Research panels consist of groups of individuals that represent particular interests such as students, the ‘mothers of babies’ sector or two-car ownership households. This means brands wanting to find out the opinions and priorities of these precise individuals can be sought easily. For example, a company wishing to launch an innovative car seat in a new market can target the most relevant survey panel or individuals to ascertain what mothers with cars in a range of countries think about current products. They can also better understand what marketing is successful, gather views on pricing and discover if any features or functionalities are missing across products currently available.
Our CEO Bo Mattsson says, “Most brands acknowledge that consumer insights is essential in order to support business activities, whether this is crafting an effective marketing campaign or establishing public opinion following a crisis. Yet many companies could be wasting their efforts, and budget, by choosing inappropriate panelists to survey. There is little value in polling a wide audience if they are not engaged with whatever product or service you are trying to sell.
“It is very simple to narrow down the audience for a survey in a number of easy steps when using an online tool, such as Cint Access. By selecting the correct age, location, interests and more, brands can gain targeted insights; valuable and qualitative responses can be utilized much more effectively to develop ongoing business strategies.”