Cint has re-branded its product names to reflect its twin focus on sample access and panel management solutions. And they conducted a survey with 1,193 consumers worldwide to find out more about what consumers think about beeing researched.
The survey has found that brands investing in market research will reap rewards, with almost two-thirds (62%) of those surveyed stating they were more likely to purchase a brand’s product if they were asked their opinion in a study.
While companies are currently looking to reduce spend during the current economic crisis, this survey highlights 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 their opinion.
The majority of those surveyed – an even split of men and women – were confident about brands’ motives for carrying out market insight, with 69% believing brands act on the market research results they achieve. In addition, 77% of consumers felt that brands listen more to what consumers want now than they did ten years ago. This was attributed to a number of factors, primarily increased market competition, the economic climate, and a decrease in customer loyalty towards particular brands.
In terms of methodology, new technology was by far the most popular means of undertaking market research, with over 91% stating their preference as ‘smartphone’, ‘web’ and ‘SMS’. Only 4% of those surveyed would choose to undertake market research by mail as their first choice, and just 1% would like to be surveyed over the telephone.
When asked what made them more inclined to carry out market research for a brand, the
overwhelming majority (55%) stated that money was the most desired incentive, followed by free products (34%) and vouchers (6%).
Bo Mattsson, CEO and founder, Cint, comments: “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. This survey shows that it is as valid a tool as it has ever been, and investing in consumer insight can reap significant rewards in terms of brand loyalty. We would advise any company looking to reduce marketing spend during the current difficult economic climate to continue to invest in market insight, as understanding the needs and preferences of your target market is essential in remaining competitive and successful.”