Marketing

Listening to the voice of the market: How to get a broader view outside your own insight community

Listening to the voice of the market: How to get a broader view outside your own insight community

When it comes to your research, are you getting the complete picture or are there blind spots you need to be aware of?

Your insight community gives you a lot of valuable information, but there are times when our team recommends a more general population read. In a world overflowing with information, your organization needs to navigate the market in order to stay competitive. Does it make sense for you to listen to the broader market? Here are some points to consider:

  1. Understand consumers who don‰’t currently buy in your category
    If you‰’re serious about new customer acquisition and growing your market share, expanding your market is critical. Just because a consumer doesn‰’t buy in your category now doesn‰’t mean they won‰’t consider it in the future. Depending on your research project, it might make sense to reach these people to improve your chances of converting them to customers.
  2. Get critical insights from consumers who are loyal to your direct competitors
    This one‰’s a no-brainer: if a customer already buys from your category, you want to understand their opinions so you can (hopefully) steal them away from the competition. If these people are loyal to your competitors, they are unlikely to be members of your insight community. What are you doing to get insights from this group?
  3. Reach demographics not represented in your insight community
    Some communities naturally attract certain demographics. We once helped a client who has an insight community with a predominantly female and older demo. For a number of advertising campaigns, the client needed the insights of the general population‰ – including men and younger people. We helped the client run a study through our Voice of Market solution, a network with access to national and regional samples fully integrated and deployed to the client’s insight community.

    By pulling comprehensive customer information from both their insight community and our Voice of Market product, the client got a more accurate read on which ads resonated best with consumers. If you want to know if your product, service or promotion has a universal appeal, it makes sense to listen to the general population before you make your decision.

  4. Obtain measurements that an insight community doesn‰’t lend itself well to such as brand awareness
    Members of your insight community already know your brand, so it doesn‰’t make sense to quiz them about brand awareness. Some research projects/methodologies simply demand a broader view that insight communities may lack.
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  5. Complement your data
    Ultimately, it won‰’t hurt to get more insights from more people. For instance, you can run a study with the general population and then do a follow up with your insight community to confirm your findings. Or you can run studies in parallel within the insight community technology environment to benchmark differences between your community members and the general population. It‰’s about getting more information your company can use to make better business decisions.

Your insight community is a rich source of valuable information from your most candid critics and fans, but you could take your research to a new level by engaging people who are usually outside of your own reach. Regularly doing research with a regional and national sample gives you an important competitive edge: a more holistic understanding of consumers and the marketplace at large.

To learn more about connecting with the voice of the global market, watch our video below.



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