62% of global consumers say they are fairly or very likely to purchase a brand’s product if the brand asks for their opinion in a study, compared to just 3% who are not likely to do so, according to a survey released in January 2012 by Cint. The majority of respondents (56%) also say they feel more loyal to the brand if it takes the time to ask them their opinion, more than double the proportion who say their loyalty is not influenced (24%).
7 in 10 Confident Brands Will Act
Data from the survey indicates that 69% of consumers believe that brands act on the market research results they receive, while only 7% believe they do not. An even greater proportion (77%) think that brands are now listening to what consumers want more than they were 10 years ago, with those respondents citing increased market competition (55%), an economic climate that causes brands to research more (24%), and customers’ declining loyalty to brands (16%) as the main reasons why.
Retail Stands to Benefit Most
Meanwhile, a plurality of respondents say that the retail sector (41%) would most benefit from communicating with customers more regularly. A smaller proportion believe the banking (14%), travel (11%), and mobile technology (11%) sectors could gain from increased customer communications.
According to a December 2011 report from RSR Research, most global retailers believe that focusing more on customer rather than product (61%) and better targeting through more detailed customer preferences (59%) are highly valuable marketing opportunities.
- 7 in 10 respondents to the Cint survey said they are willing to spend 10 minutes or less responding to a given survey, with the majority of those wanting to spend 1 to 5 minutes. Roughly 1 in 5 said they would spend more than 15 minutes.
- Money incentives (55%) would make most consumers more inclined to carry out market research for a brand, followed by a free product (34%).
- More than half of the respondents said a smartphone application is their preferred way to participate in market research. One-third voted for online participation, while SMS (5%), traditional mail (4%), face to face (4%), and telephone (1%) participation proved far less popular.
About the Data: The Cint findings are based on a survey of 1,193 consumers worldwide.