In today’s fast-paced and competitive business environment, market research has become an indispensable tool for brands seeking to understand and connect with their target audience effectively.

Importance of Market Research

• Provides understandings into consumer behaviour and market trends.
• By collecting and scrutinizing data, brands can make well-versed decisions, diminish risks, and recognize development opportunities.
• Helps brands understand their target audience, differentiate from competitors, and develop products that meet market demands.
• Enhances customer satisfaction by allowing brands to adapt their offerings to customer need

While many brands have embraced the power of market research, some have truly excelled, setting themselves apart by mastering this vital tool.

APPLE

Apple is recognized for its innovative technology and design. But a big part of their success lies in their commitment to understanding customer needs. “Apple Customer Pulse” is Apples research team. Apple extensively researched the Pulse community’s habits, fitness routines, and desired features when developing the Apple Watch. This feedback led to personalized activity goals and health tracking, revolutionizing wearable technology.

STARBUCKS

Starbucks utilizes social media monitoring to understand consumer sentiments. They recognized a growing market for dairy-free options, fueled by factors like lactose intolerance, veganism, and general health concerns. Aditionally, they monitored social media platforms to understand consumers views about dairy alternatives and the popularity of options like almond milk. Eventually, Starbucks also conducted in-store trials or surveys to measure customer preference for different dairy alternatives in terms of taste and texture when paired with coffee. Based on the research, Starbucks introduced various non-dairy milk options like almond milk, soy milk, and coconut milk, catering to a wider customer base.

LEGO

For a long time, LEGO’s core audience was boys. Through market research, they discovered a shocking fact: only 9% of LEGO users were girls. They embarked on a multi-year research project to understand girls’ play patterns and preferences. This involved studying 3500 girls, interviewing them and their mothers, and understanding their interests. The research revealed that girls craved different building experiences. They were drawn to stories, social interaction, and themes related to friendship, creativity, and design. This research marked the dawn of the “LEGO Friends” line in 2012.

MCDONALDS

McDonald’s is a global giant, but its success hinges on understanding local preferences. Mcdonalds has constantly changed its menu based on the local culture of different markets. For instance, when it entered India, it understood that a significant portion of the Indian population adheres to vegetarian and Hindu dietary restrictions. Hence, beef was off the menu. Indian cuisine is also known for its bold flavours. Research likely revealed a desire for spicier options compared to Western menus. Therefore, they introduced a localized menu such as the Mc Aloo Tikki Burger which resonated with Indian customers, leading to a significant rise in sales.

COCA COLA

Diet Coke sales were declining, and consumers craved a sugar-free option that mimicked the taste of classic Coke. Their research and development team experimented with various ingredients, likely including different sugar substitutes. They aimed to create a formula that mimicked the taste of regular Coca-Cola while containing no sugar. Coca-Cola conducted extensive blind taste tests with consumers around the world. This helped them gauge preferences and identify the option closest to the taste of Coca-Cola Classic.

Conclusion: In conclusion, Market research isn’t just about gathering data; it’s about gaining a deep understanding of your target audience, competitors, and the ever-evolving market landscape. By prioritizing market research, brands can develop winning strategies that resonate with consumers.