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May 19, 2009

Towards Understanding Consumers’ Needs

Customers or consumers play a vital role as they are the people who finally purchase the goods or services. In today’s technologically advanced society, the customers / consumers have myriad choices and options to decide on.

Hence it’s crucial for an organization to understand consumer behaviour, because it explains how consumers buy, and predicts what consumers will buy.

The study of consumer behaviour is indeed complex. However, market research can be used to study consumer behaviour. Using the appropriate research methodology (qualitative and quantitative), it helps the marketers to design better future promotional offers or marketing campaigns.

Market research could be implemented at every stage of the consumption process:

1. Before the purchase
2. During the purchase
3. After the purchase

For instance, based on marketing research findings, an organization will gain information they need, i.e.: Who are my customers? What are their buying habits? How much and how often will they buy? What product attributes do they prefer? Whether the marketer should continue the same product / service? Whether they should expand the product / service range? Whether they should launch a new product / service?

In current ‘gloomy’ economic times, now is your opportunity to conduct market research to help you understand your consumer buying behaviour better than ever before.

All in all, a better understanding of your consumer will lead to greater benefits.