Customers more loyal to brands that ask their opinion
Brands investing in market research tend to reap its rewards, with almost two-thirds (62%) of consumers surveyed saying they are more likely to purchase a brand's product if they were asked their opinion in a study, according to a survey from market insight solutions provider Cint.
While companies are currently seeking to reduce spending during the economic crisis, the survey highlighted the importance of customer insight, as over half (56%) of the 1,200 consumers polled felt more loyal to a brand if it takes the time to find out about their opinions.
The survey questioned consumers to ascertain whether market research influenced their attitude toward a brand, and found that the majority of those surveyed (men and women in equal proportion) felt confident about brands' motives for carrying out market research, with 69% believing brands act on the market research results they gather.
In addition, 77% of consumers felt that brands listen more to what consumers want now than they did ten years ago. In terms of research methodology, new technology was by far the most popular means of undertaking market research, with over 91% stating their preference as 'smartphone', 'web' or 'SMS'.
"Market research is an extremely useful tool for agencies and brands to ascertain opinions of their products and services. The industry has embraced new technology, which this survey proves to be invaluable, as respondents opt primarily for online surveys or smartphone applications with which to give their opinion," explained Bo Mattsson, chief executive for Cint. "The survey showed that it is as valid a tool as it has ever been, and investing in consumer insight can reap rewards in terms of brand loyalty."
When asked about their preferences concerning incentives for participating in market research, more than half of the consumers surveyed (55%) said that money was the most desired incentive, followed by free products (34%) and vouchers (6%). Respondents also believed that retail companies would benefit most from undertaking consumer surveys (41%), followed by banking (14%), travel (11%) and mobile technology (11%).
With regard to the time that a consumer will spend participating in market research, 40% said they would only spend 1-5 minutes responding to a survey, while 30% would spend 6-10 minutes of their time, and only 13% would be happy to spend more than 20 minutes.