Conducting an Effective Consumer Research

Consumer research is important for any marketing team. Getting to know your customer is one of the most crucial tasks that you have. You need to know what makes them tick. Where they come from. And what is going to make them buy something from you.

The popularity of social media and other marketing tools has changed the way we conduct consumer research. This article offers tips to help small businesses better engage with their customers.


Using KYC for consumer research

Know Your Consumer (KYC), is the process of verifying the identity of your consumers. It’s used before or after the buying process as a way of an individual’s age, address and other personal information.

The term KYC often refers to a customer identification verification practices. It’s used by banking institutions to track and monitor risks to their customers. KYC’s goal is to regulate and prevent the uses of banks for criminal activities like money laundering.

Although created for banking institutions, the process also applies to consumer research. API tools like Cognito help helps business better understand their customers. It takes only a snippet of code to begin verifying customers and merchants across the globe.


Consumer research and surveys

Surveys are another great way to get to know your customers. They’re able leave feedback (good or bad) about their experience with your company. Customers are more likely to take the time to answer a quick survey as opposed to leaving a review. And because they’re anonymous they’re able to leave more honest feedback.

Websites like Survey Monkey and Type Form simplify the process for us. Businesses can now create surveys much more faster and use it to improved aspects of their business.


Consumer research and personas

If you already have some information from your customers, then you should use this to create a customer profile. The more you know your audience the better you’ll be able to target them. 

Of course, you’ll need to make sure that you are compliant with data protection laws first. But once that’s done, the information can be crucial to improving your business. 

After defining and identifying your target audience, you can then create a campaign that design specifically to talk to them.


Consumer research and social media

Last but certainly not least, social media.

Social media is a great tool for consumer research as a whole. It’s also used for tracking trends for insight into consumers. It’s also used to learn the language of your potential audience so you can better communicate with them.

Not only can you engage with your target audience and increase leads, it’s also cost effective. Although to rip it’s full benefits you’ll require some premium tools.


In conclusion

Effectively conducting market research directly relates to your business performance. Even if you think you’re already familiar with your audience. Research into your consumers can open you up to a wider audience.

Market research helps you go where your customers are going. It helps you understand where your audience are doing their research and what is influencing their decisions.