Let’s examine it together!
The Coca-Cola Example – Market research
In the 1980s, Coca-Cola was developed with the aim of replacing the original. It showed widespread acceptance of a Coke formula. In fact, the brand had spent several years running specific taste tests on it. However, these studies were conducted without taking into account the importance of brand affinity for consumers of the product.
Loyal customers had no problems with replacing their beloved soda. Therefore, the new flavor was not widely accepted. The market research process we were talking about here was lacking. Because we have to take into account some variables that need to be evaluated before making such an important decision. Otherwise, we should be ready for some possible negative consequences.
Assumption Error – Market research
The market research; takes time, resources and effort. There are many different approaches and ways to do this. They all serve different purposes.
We started to learn about prices, methodologies and alternatives. Excuses and arguments may arise that it is not necessary to do this. But this introduces a very common critical thinking error: the assumption error.
We may not realize it because we tend to make this mistake of thinking in every aspect of our daily lives. But when we come to an absolute conclusion about a person, situation or issue based on limited information, we only make assumptions. Being aware of these and the damage they can cause is enough for a change to begin.
There are many ways to approach market research at the target point. As well as various methods that provide access to various data. From general consumer psychology to product satisfaction, strategy, etc. as. It may seem difficult and overwhelming to perform, but it should be remembered that regardless of the available resources or the size of the business, doing as much market research as possible will always benefit the business.
A comprehensive and methodological approach is the way to get the most out of this process. If we leave it to qualified professionals how to approach this task efficiently, they will give us the best results.
Success and Strategy
Dedicated time, energy and resources to the process will likely have a positive impact on business development. We will probably accelerate the growth curve. At the same time, we will achieve something deeper. But most importantly, we will help our business gain a purpose.
Remember, relevant and sufficient information leads to better offers that make consumers feel understood and satisfied.
Good things naturally occur when a brand truly wants to offer more value than the product or service it offers and contribute to collective well-being.
Being able to move beyond the sharp goal of “more sales, more revenue” takes a business to a whole new level. This means, ironically, that those who genuinely care about their customers have a better chance of being commercially successful than those who only invest in making a profit.
A business should provide real value rather than just making a profit. When it prioritizes serving its customers, it creates a spiral of positive action with incredibly powerful results. Any development provides new and valuable information to make more informed decisions at any stage.
In short, processes related to market research constitute the brain functions of the brand. Make sure all functions are working correctly for a successful strategy.