ba091350 be1e 11eb bd90 008cfa043684 300x199 - Consumer Surveys Make Competitive Changes Smarter

It makes good business sense to look for alternatives that offer you the same value and close approximation of your end product if the ingredients or base components can be sourced for cheaper. It’s a simple equation. Pay less for the ingredients, which means you can manufacture your end product for less and remain competitive. Our Market Instinct team knows that changes made simply to achieve a better bottom line will do you no good if the end-user, your client, no longer enjoys the product or finds the difference too severe. This is where consumer surveys play such an integral part in your product development.

How Consumer Surveys Contribute To Qualitative And Informed Decision Making

In today’s trading conditions, it would be extremely difficult to remain competitive and static – change is necessary. However, to maintain a consistent stream of sales and maintain the retention of loyal customers, you need to strike the right balance between introducing a new formulation for your product and remaining true to your original delivery of said product. In order to know whether or not changes to your product are a worthwhile investment of time, money, and marketing resources, you need to be sure that these changes are a positive decision for your business.

There may be certain instances in which a product’s end results are deemed statistically no different from its original counterpart and would therefore be a safe and sage change to make – considering, of course, that the changes would be towards a more cost-effective alternative.

Here are the benefits of using consumer studies to test your product before fully committing to the change:

  • Can be done at any stage of the product lifespan
  • Can adopt more culturally relevant choices (such as a non-animal derivative, for example)
  • Continued adherence to product standards
  • Affords a deeper understanding of the product’s virtues
  • Informs marketing decisions for the potential launch of the new variant
  • Highlights any potential problem areas that can be addressed in development

Market Instinct Is Your Leading Market Research Choice!

Clearly, this is one area in which you will want to bring in the professionals. Market Instinct is proud to uphold the industry standards in terms of our research code of ethics and affiliation to the relevant regulatory bodies. Contact us today by calling +27 (0) 11 792 1334 or using our convenient contact form here.

Related Tag: Marketing Research Services