Sales Strategy
Enhancing Retail Business Performance through Market Research July 04, 2023 (0 comments)
Syracuse, NY--There's no denying the fierce competition in the retail sector, with customers spoilt to choose where to expend their resources. As a result, brands must utilize retail market research to comprehend their target shoppers' behaviors, preferences, rivalries, and more.
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According to a Drive Research, obtaining consumer insights allows your retail operation - digital, physical, or a mix of both - to grasp your target audience better and make judgments that work better for your business.
Drive Research noted that the different retail market research techniques include intercept surveys, mystery shopping, customer surveys, customer segmentation, shop-along, competitive research, social listening and monitoring, user experience (UX), and geofencing.
Here's more about them:
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Intercept Surveys: Interviewers approach customers leaving a store, asking about their experience.
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Mystery Shopping: A covert market researcher evaluates the retail store environment and other variables that might influence a customer's shopping experience.
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Customer Surveys: Used to understand customers' experiences and convert negative ones into positive changes.
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Customer Segmentation: Brands can deliver personalized marketing messages that are more likely to convert by grouping customers into market segments.
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Shop-along: Retailers understand a customer's journey from entering to leaving their store by observing their behavior during shopping.
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Competitive Research: Retailers collect data on competitors through various methods.
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Social Listening and Monitoring: This helps retailers stay informed about online conversations about their industry.
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User Experience (UX): UX surveys can uncover vital insights about online shopping and how visitors experience your site.
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Geofencing: A retail market research technique that uses GPS technology to send customer survey requests near the store.
As per the article, while doing market research in-house might seem cost-effective, it could lead to bias. Thus, working with a third-party guarantees unbiased data, higher ROI, and more substantial insights.
Market researchers also ask the right questions to your target market in the correct way.
Learn more at Drive Research.