Consumer Research is Not a One-Time Project: 4 Reasons to Make it an Ongoing Commitment in 2024
The need for brands to stay in sync with their audiences has never been more crucial. Some experts suggest that the shelf life of consumer research has shrunk from 5-7 years, to 5-7 months due to the rapid pace at which consumer preferences now change. Gone are the days of conducting research on a semi-annual basis. Keeping your finger on the pulse of consumer needs is now mandatory if you want to compete.
Here are 4 reasons why you should make ongoing research a priority in 2024:
The Speed of Change
Six in 10 consumers say their priorities keep changing because of external pressures. Meanwhile, 72% of consumers expect brands to evolve and adapt their strategies to meet changing needs. When the only thing you can predict is change, ongoing consumer research becomes a compass guiding brands through this ever-shifting landscape.
Loyalty is Built on Trust
The ability to demonstrate empathy for your audience is the cornerstone of building brand trust and lasting customer loyalty. Recent data shows that 84% of consumers are more likely to stay loyal to a brand that understands them. The key to understanding is an ongoing commitment to seeing things through the eyes of customers, which requires continuously uncovering insights that can be used to create personalized experiences and strengthen emotional connection.
Optimized Marketing ROI
Investing in marketing strategies without a clear understanding of consumer needs can be a costly endeavor. According to Bain, brands that conduct ongoing consumer research experience a 25% increase in marketing return on investment (ROI) compared to those that do not. This highlights the tangible benefits of aligning marketing efforts with real-time consumer insights.
Greater Agility in Decision-Making
The ability to make swift and informed decisions is a competitive advantage in today's business landscape. A business insights survey found that 68% of companies leveraging ongoing consumer research reported increased agility in decision-making processes. Brands armed with up-to-date consumer data can respond quickly to market changes, launch successful campaigns, and address emerging challenges proactively.
In a world where change is the only constant, brands that prioritize ongoing consumer research are better positioned to navigate uncertainties and capitalize on opportunities. Do you have a research partner you trust on this journey? Let’s talk.
