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Ways To Conduct A Cheap Market Research

(Credit: Alex Wong / Staff) There are still ways to have a good market research.Ways To Conduct A Cheap Market Research
November 23
10:51 AM 2016

Today, there is a relatively affordable way for brands to test a range of factors and feasibility, including taste and price: Field marketing. The practice, in which product samples are distributed at a retail location or at an event, is also a great tool in introducing products to new audiences.

Here are a few more reasons why it's so valuable and why it is a cheap market research.

1.It allows you to define your brand.

Growing up, my family owned a winery in Sonoma, Calif., and I experienced tasting rooms where people could smell, taste and touch the wine, as well as learn about its history and how it paired with food. If they liked what they tried, they could buy a few bottles to bring home.

This act of discovery was important. When I founded Krave Jerky decades later, I relied on a similar process. Essentially, we had to re-introduce consumers to jerky, which was seen as a gas station junk food. And so we applied the principles and elegance of a wine country tasting room to every supermarket demo and event we participated in. Not only did we offer samples, but when consumers tried our products, we were on hand to explain how we used all-natural ingredients and artisanal flavors for jerky elevated. It was a chance to differentiate ourselves and our product.

2. It shows you what your customers want.

When you are a startup, you are constantly looking for repeatable, scalable data. While big industry players can spend millions on market research, most startups don't have that luxury.

This is where retail demos come in. By conducting in-store demonstrations, food and beverage entrepreneurs can test a range of factors, including price point, flavor profiles, messaging, most importantly, what's not working. When launching Krave, we conducted retail demonstrations and observed customers' reactions to our product. After listening to our consumer's feedback that they sought a simplified flavor profile, Krave launched the Sea Salt flavor as a direct result of this customer insight.

3. It exposes your product to a new audience.

Beyond just collecting data, these one-on-one interactions are a good way to gain new customers. Particularly for brands in new or developing categories, this exposure is important. Zupa Noma, for example, our recently-launched line of chilled, ready-to-sip soup. Because gazpacho and chilled soups are an emerging category in the American marketplace, we have relied on field marketing for customer trial. To date, through field marketing efforts, we have distributed roughly 9,000 samples, which has resulted in the sale of over 4,000 bottles.

In addition to retail demonstrations, startups should also consider taking their field teams to larger events. At an in-store demo, you may be able to expose your brand to 80 people in three hours. However, at a festival or conference, you might interact with 3,000 potential customers in that same time frame. And if a small percentage of those attendees share their discovery via social media, you've amplified that exposure in an organic way that's often more powerful than traditional advertising.

 

 

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