Market research is a powerful tool that can grow your business efficiently and effectively. You will be amazed to see what results you can get when you base your business decisions on trustworthy, well-organized data.
We’ve gathered some examples of how companies have used precise, key market research to grown their customer base, improve branding, and broaden or narrow their scope.
Read on to learn about how we here at KASI Insights can help you do the same with your business in African markets. As the first to provide quality market research on African markets our clients can count on, we give market research the speed, agility, and power so you can uncover growth opportunities before your competition.
Examples of Market Research Impacting ROI
1. PepsiCo: In 2013, PepsiCo used market research to identify a new target audience for its Mountain Dew brand (Source). The research found that the brand had a strong appeal among young males who enjoyed extreme sports. PepsiCo then created a marketing campaign featuring extreme sports athletes, which resulted in a 6.8% increase in sales and a 10% increase in market share.
2. Procter & Gamble: In 2012, Procter & Gamble used market research to identify a new target audience for its Old Spice brand (Source). The research found that the brand had a strong appeal among young men who wanted to appear more masculine. Procter & Gamble then created a marketing campaign featuring actor Isaiah Mustafa, which resulted in a 107% increase in sales and a 55% increase in brand awareness.
3. Amazon: In 2011, Amazon used market research to understand its customers' needs and preferences for a tablet device (Source). The research found that customers wanted a device that was easy to use, had a long battery life, and had a large selection of content. Amazon then created the Kindle Fire tablet, which became the company's fastest-selling product
4. Coca-Cola: In 2011, Coca-Cola conducted market research to understand the preferences of its target audience in India (Source). They found that many people in India prefer sweeter drinks, so they created a new product called "Thums Up Charged" that was sweeter than the original Thums Up. The product was a huge success and helped Coca-Cola increase its market share in India.
5. Procter & Gamble: Procter & Gamble uses market research extensively to inform its marketing campaigns (Source). For example, when they were launching a new line of Pampers diapers in China, they conducted research to understand the preferences of Chinese parents. They found that many Chinese parents preferred diapers with a high waistband to prevent leaks, so they designed their new Pampers diapers with a higher waistband. This helped Pampers become the market leader in China's diaper market.
6. Airbnb: Airbnb uses market research to understand the preferences of its users and create more personalized marketing campaigns (Source). For example, they found that many travelers are looking for unique and authentic experiences, so they created a campaign called "Live There" that focused on the local experience that Airbnb offers rather than just the accommodation. The campaign was a success and helped Airbnb increase its bookings by 90%. In 2014, Airbnb used market research to understand its customers' needs and pain points (Source). The research found that customers were looking for unique and personalized travel experiences. Airbnb then created a marketing campaign focused on personalized travel experiences, resulting in a 340% increase in bookings and a $30 billion valuation.
7. Nike: Nike uses market research to understand the preferences and behaviors of its target audience (Source). For example, when they were launching a new line of women's athletic apparel, they conducted research to understand the needs and preferences of female athletes. They found that many women were frustrated with the lack of options for high-performance sports bras, so Nike created a new line of sports bras that were designed specifically for female athletes. The line was a huge success and helped Nike increase its market share in the women's athletic apparel market.
These examples demonstrate how market research can be used to create more effective marketing campaigns that drive better results and increase ROI.
Using KASI Insights for Your Market Research to Improve ROI
Conducting market research in African markets can be challenging due to the lack of reliable data and information available that historically hasn’t been gathered or made easily available. This is where KASI Insights comes in as an excellent tool for conducting your market research in African markets and improving ROI.
We are Africa's leading provider of data, measures, and insights that help businesses understand the behavior of the average African consumer. With over four years of data, KASI Insights has surveyed thousands of average Africans from over 10 countries, analyzing over 10 million data points to unlock unparalleled insights and opportunities for market-creating companies.
Conclusion
As demonstrated over and over again, market research is an essential tool for businesses looking to improve the ROI of their marketing campaigns. KASI Insights is the best place to turn for your market research in African markets. We provide businesses with the data, measures, and insights they need to understand the behavior of the average African consumer and unlock market-creating opportunities. Using KASI Insights is your key tool to improving your marketing campaign ROIs and tailoring your strategies to reach your precise target audience most effectively.
Contact our team today to explore how our consumer intelligence can empower your decision-making process. Win with confidence with Kasi insights https://www.kasiinsight.com/thehub
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