In an increasingly competitive market, it’s now more important than ever for businesses to compete and grow ahead of their rivals. For consumer products companies, the consumers themselves can offer a unique and focused direction that provides plenty of opportunity to drive the company towards success. This effective strategy comes from the consumers’ very own opinions.
Growing a business’ customer base is indeed a significant determining factor in whether or not that business will succeed. However, it costs around five times more to acquire new customers than it does to retain current buyers. It’s crucial, therefore, for a company to consider both existing and new customers, when planning their future growth and potential.
Businesses are embracing the struggle for commitment
Businesses are realizing that it’s not the brand itself consumers care about, but rather their own wants and needs. If they have to choose to not stay committed to a brand for the sake of their individual needs, their family’s wants, or even issues they strongly care about, they will do so in an instant.
As such, by simply listening to their opinions, businesses can work to ensure they are appealing to these ever increasingly important factors within their consumers’ lives, in order to build loyalty with their buyers over their competitors.
How do businesses uncover their consumers’ opinions?
Tools and techniques for reaching out to consumers are constantly being developed and implemented into a business’ market research, however the two leading initiatives remain as social media and market research.
Social media opens up the opportunity to analyse millions of consumers, to find out what their wants, needs and interests are, as well as what they’re looking for from brands. Not only that, but businesses can filter down the millions of social media users to a sample few that represents their target market.
Consumers themselves can also influence businesses through social media, to react and change their strategy, particularly if they spread negative information about the brand and its activities. It’s from these insights, that brands can consider consumer opinions and work towards a strategy that builds brand loyalty, increased future sales, and business growth in the coming years.
A fantastic example of this is the Pepsi Refresh Project, in which Pepsi spoke out to consumers over social media, asking for their help in deciding which charities to contribute to. From this simple yet effective strategy, consumers are made aware of the social responsibilities that Pepsi are carrying out, as well as the appreciation the brand has for their very own opinions.
The term market research here refers to discussing the industry, the business itself and/or its products with consumers, to gain an insight into consumer opinions, with a view towards working towards improving and growing in the future.
Surveys are a popular choice for gathering these consumer opinions, with which they can focus the conversation in on a specific topic – maybe something they have seen to be a popular topic on social media.
From here, the business can analyse the information obtained, to discover any unique trends that haven’t been discussed or acted on before. The business can then use this information to build a strategy on these trends, to engage with and create a solution for the consumers, which could in turn build customer loyalty and business growth.
This is just an insight into how businesses can use consumer opinions to attract and retain more loyal customers. If you’re a marketer or business owner looking for ways to grow a business, one key taking from this should be to use your consumers’ opinions to differentiate from competitors. That way, you can provide a unique offering that your customers have been actively looking for all this time.