According to the latest ONS statistics, the UK retail sector has seen an overall increase in sales by 3.6% compared with June 2013 and by 0.1% compared with May 2014. This is welcome news to market research agencies that can help brands understand their customer base and in turn, capitalise on positive trends in their spending habits.
Despite the economic downturn impacting many high street retailers, the brands that have thrived during this challenging period are those that really understand their target audience. This has been achieved by engaging with consumers, and building trust and loyalty to act on their needs and wants.
This knowledge goes back to the very basics of marketing: considering the target audience and what will resonate with them. This understanding can be sought through quality market research to gain consumer insights.
When it comes to making the all-important customer connection, more sophisticated techniques are now available. This includes the ability to capture insights from data analytics which can build trust and go on to shape trends and facilitate brand growth. Therefore, determining which channel to adopt is critical and one of the challenges facing many brand managers.
From targeting consumers via social networks or mobile ‘push’ messages, to the more sophisticated technique of geo-targeting, it is important that a brand aligns the correct technique to their audience. That is where the latest methods in market research can become invaluable. Examples of this include using cutting edge technology such as facial recognition and eye-tracking or reliable research panels comprising of deeply profiled respondents. Utilizing these techniques means that digital ad spend is better targeted and ROI is enhanced.
Building trust, as well as frequency and timing of customer interaction, is also key in seeking effective insights from research participants. This enables marketers to gain greater loyalty and a better understanding of their opinions. To support this, a recent survey we carried out showed that 62% of people felt more loyal to a brand which had sought their opinion, confirming that this is a positive way to gain loyalty and advocacy.
Survey sampling and effective panel management is, of course, key in the data collection process. However, so too is understanding the importance of making survey participation engaging, relevant and with an incentive that is ideally linked back to the brand.
So as we move into the final quarter of 2014, with the all-important Christmas trading period just around the corner, now is the time for brands to pay even closer attention to the latest marketing channels. It is also important to verify the suitability of these channels through quality market research. By doing this customers will feel more valued as a result of their opinions being sought, which will build long-term trust and loyalty. Then and only then will it lead to higher sales and a fruitful festive trading season for all.
By Bo Mattsson, chief executive of Cint.
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