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Consumer research is qualitative and quantitative data that businesses gather to learn more about their customers, including their preferences, buying habits, and general attitudes toward the business.
As a broader effort to learn more about a business’ market, consumer research provides business leaders with in-depth information about their consumer base. To collect and record this information, brands and retailers can conduct surveys, one-on-one interviews, group interviews, or focus groups.
They might also use available demographic data or sales numbers to identify quantitative trends about how customers are engaging with their products or services.
The information gathered through consumer research efforts can be invaluable to a business. By gaining insights into their consumer base, brands and retailers can make strategic adjustments to their sales and marketing initiatives; learn how their customers are engaging with their digital presence; get a feel for what products or services they might want; and find ways to reduce costs for in-store and online channels.
Perhaps most importantly, businesses can use customer research to pinpoint and sell directly to their ideal customer.
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