Market development, sensory development : helping you hone your products
Whether you are a startup company or an established global brand, focus group studies can be an extremely powerful marketing tool. Used to gather rich data, focus groups can help companies to enhance their marketing strategies by acquiring feedback about their products. As well as helping to optimise products, the research gathered can be used to increase customer satisfaction and generate more profits. Let’s take a closer look at what focus groups are and how they can help you hone your products.
What is a focus group study?
A focus group study is a form of consumer research in which a group of people are asked their opinions about a particular product, service, concept or idea. The participants are normally selected based on their demographics and buying behaviours. These studies can be used by businesses in a variety of industries for a range of purposes.
The discussions are normally led by an experienced moderator and they take place in an interactive environment that gives participants the chance to talk about particular topics with other members of the group. The studies can be informal and they give people the chance to speak freely about a product or service.
What are the advantages?
One of the main advantages of focus group studies is the fact that they allow you to gain a deeper understanding of your company’s main consumer base. Through an in-depth examination, you are able to find out exactly what it is your customers want, why they want it and what they like and don’t like about a specific product. You also have the chance to put forward your most important questions to different demographics, helping you to acquire a wealth of information about your product as participants listen, respond and build on each other’s views. These valuable research findings can then be used to establish the most effective marketing materials and product options, which can in turn help to improve sales.
Generally, focus groups are used during the initial stages of product or idea development, when companies are still in the midst of deciding on a marketing route. This allows organisations who are wanting to package, develop or name a new product to test it out before it goes to market and is put forward to the public at large. The data collected from focus groups can provide important information and insights into how consumers will respond to the product and identify any changes that need to be made to it.
Another benefit of using a focus group study is that it can be more time efficient than gathering information via a survey or one-to-one interview. Accurate information can be gathered quickly by talking to multiple people at the same time, potentially helping to save both time and money.
Considering the numerous benefits associated with focus group studies, it is easy to see why a rising number of companies are choosing to take advantage of this particular research method to help enhance their products and boost their bottom lines.
Originally published at www.wssintl.com on January 10, 2016.