“Make $50 per survey!” “Earn $5,000 per week and work from home!” “Receive 100 points for each survey you complete!” There are many catchphrases to grab someone’s attention and entice them to participate in various types of market research like surveys, polls, studies, product trials, focus groups and more. For many people, these phrases are the reason they’re willing to participate in market research; they simply want to earn the rewards.
While the rewards are great to earn, it’s important to note market research is so much more than blindly filling out surveys for rewards. Market research is important to helping our society grow and function better and better each day.
Why Is Market Research Important?
Companies, brands and researchers across the country and around the world are dependent on the market research in which you choose to participate! Your responses help these entities tweak and improve their products or services to help better their final results. Your responses help these entities create new products and services that have been identified as a brand-new need in our society as well.
We Live in a Consumer-Driven Society
Let’s face it: we’re all consumers. One of the most important things you can do as a consumer is share your honest opinions about the products, services and brands you use daily.
If you stumble across a product in which you consider to be life-altering, you run to your closest family and friends to tell them about it. Or, in today’s digital world, you take to social media and create a post raving—or complaining–about this item or service.
It’s great to promote something you’re passionate about or describe how frustrated you are about something in these fashions, but will the brand or company that made the product know just how life-altering it was for you? Probably not.
You could go on the company’s website and leave a review, but do you know if your input will be seen by those who matter in the company? There’s a chance, but it’s not guaranteed.
The best way to share your consumer opinion is by completing market research that will be shared with these major brands and companies. If you truly want your voice as a consumer to be heard, you’ll honestly fill out any and all market research you can in order to say how much you enjoy a product or what you don’t like about a product so the company can improve it in the future.
Filling out market research like this is important to improve the future for consumers everywhere.
There are many specific examples of brands using market research to improve their products and services such as restaurants and children’s toymakers.
Starbucks heavily relies on market research to improve its customer experience and product selection. The company monitored consumer trends and listened to the voices of its customers to implement dairy-free milk alternatives in its drinks in 2004 by introducing soy milk as a new option. Coconut milk was added in 2015, almond milk was added in 2016 and some stores began offering oat milk in 2018.
McDonald’s is seemingly always making menu improvements based on what its customers want to eat. The fast-food giant changes its healthy-eating options based on its consumers’ evolving definition of healthy foods. In 2013, McDonald’s changed the lettuce in its salads to red leaf lettuce and carrot curls based on what its consumers thought was healthier. Additionally, in 2015, McDonald’s switched from margarine to butter while making its McMuffins because consumers wanted the food to taste more “real” and “genuine.” As consumers adjust their eating habits based on emerging trends, McDonald’s and its menu will continue to evolve based on the open line of communication the brand fosters with its customers.
LEGO used market research to help save its brand from bankruptcy. In 2004, LEGO created its very own Global Insights Division solely to research market trends to find out what types of products parents and children wanted to see from the brand. Consequently, LEGO created new lines of products. LEGO Architecture made LEGO sets of landmarks like the Eiffel Tower and the Statue of Liberty because this is what its adult audience wanted to make with LEGOs. In 2014, LEGO heard the outpouring of suggestions from its online and electronics-focused audience and created LEGO movies. Without its customers’ input, LEGO might not be around today.
Market Research Isn’t Just for Brands
Big brands and companies are typically the ones who use market research to improve what they provide, but they’re not the only ones who use it. In fact, cities, states and countries even use market research to help improve society.
When citizens of these places participate in market research, their responses are used to help fix specific roads, build much needed public buildings or businesses, create new festivals or parades and so much more.
For example, Arizona Public Service, the largest electric utility in Arizona has used market research to help improve its services based on honest responses it received from the citizens of Arizona. Additionally, Enterprise Florida, the official economic development organization of the state of Florida, has used market research in the past to help develop or expand new industries in the state to create new jobs for Floridians. The country of Canada has branches of its government that have used market research to help bring in new industrial and community partners based on suggestions from citizens.
If you’re turned off by the idea of helping companies create or improve products so they can sell more items and make more money, that’s okay. Just keep in mind, market research is still important to your local community so your government officials can continue to better the place in which you live.
Honestly Speak Your Mind Today!
You should never feel powerless as a consumer or a citizen thanks to the likes of market research. Market research is a phenomenal tool to use to ensure your voice is heard by those in major decision-making positions, whether they’re at major companies or they’re the local elected officials in your town.
YOUR voice is extremely valuable. YOU can make change happen based on what YOU think.
The only way you can truly help make improvements in your society or for your favorite products and services is by answering all market research questions honestly. Honest answers are what will help make valuable market research the most effective in our society.
In fact, your opinions are so valuable to these companies and officials, they’re willing to reward you for your input, but this isn’t the reason why you should be participating in market research.
The next time you sit down to fill out a survey, know your responses are powerful. That’s why you’re being asked these survey questions. So, answer as best and as honestly as you can because your feedback can go on to shape the future of our society in one way or another.
That’s why market research is important.