9 Marketing Research Findings That Will Make You Smarter

Hi! In this post, we’re going to present you with a bunch of findings from marketing research and psychology. 

You can read them in order, or just skip around to the sections that interest you. Once you’ve finished reading them all, you’ll be at least more interesting than you were before (if not smarter).

Takeaways
1. Incorporating storytelling into marketing research can enhance engagement and comprehension.
2. Reliable data is crucial for improving blog performance – ensure your facts are accurate.
3. Careful participant selection is key to building a successful marketing research panel.
4. Different types of marketing research methodologies offer diverse insights and benefits.
5. Embracing a scientific approach in marketing research ensures credibility and validity.
6. Understanding consumer behavior through research aids in tailored product development.
7. Continuous market research adaptation is vital in a rapidly changing business landscape.
8. Effective communication of research findings is essential for actionable insights.
9. Incorporating both qualitative and quantitative research can yield comprehensive insights.

1. People Don’t Want To Talk To Robots

While this may not be shocking news, the research is clear: people are more likely to engage with a human than a robot, share information with them, buy from them or trust them.

It’s especially important in marketing that you understand how your target audience feels about technology and automation in their lives. If they’re not interested in talking to bots or interacting with AI software, then you shouldn’t be either!

Effective marketing research goes beyond data – it’s about crafting compelling narratives. Discover the true potential of storytelling in the realm of marketing research by exploring our guide on the power of storytelling and how it can transform your insights.

2. People Trust One Another More Than They Trust Brands, Ads, Or Branded Content

The first thing to know is that people trust one another more than they trust brands. A study by Nielsen found that nearly 70% of consumers said they trusted their friends and family more than companies or brands when it came to product recommendations.

When we’re talking about trust, however, it’s important to differentiate between word-of-mouth referrals and branded content/ads (some of which may be paid for). The difference? 

A recommendation from a friend or family member has been vetted by an independent third party someone who can vouch for the credibility of the source in question. 

On the other hand, if a brand posts an ad on Facebook asking users to “like” its page in order to receive a coupon code with no other explanation besides “because you liked our page,” 

Then there’s no way of knowing whether this person likes anything at all without some sort of verification process.

3. People Hate Your Explainer Video

You’re probably wondering if this is a typo. You know, the kind where someone is supposed to be typing out a word and they accidentally type something else in its place? No? Well, let me explain it to you anyway: Explainer videos are not effective.

They don’t engage people. And when it comes down to it, that means they aren’t converting very well either. 

They can also cost thousands of dollars per minute (yes per minute!), which isn’t exactly affordable for small businesses or startups looking for cost-effective ways to grow their businesses online.

So what should you do instead? Keep reading! I’ll give some suggestions below so that next time you need an explainer video for your business, there’s no confusion about what will work best for you

In the world of blogging, success hinges on accurate information. Learn how to elevate your blog’s performance with reliable insights. Our article on obtaining cold hard facts provides practical tips to enhance your content strategy.

4. People Buy From People They Like

Now, we’re not telling you to go out and become the next Justin Bieber. But the fact remains that people are more likely to buy from people they like, trust and know. 

And yes, even if you don’t have millions of followers on Twitter or Facebook (well, maybe you do), there are ways for businesses large and small to build their brand.

This isn’t something only celebrities can do; it’s a strategy many businesses employ in marketing research: personas. 

One study found that companies with strong personas or “interactive personalities” were able to generate greater engagement with customers than those without them.

5. Even Though We Claim We Don’t Like Usual Marketing Tricks, We Usually Fall For Them Anyway

In a study of how people respond to traditional marketing tricks, researchers found that the more likely consumers are to think they’ve been tricked, the more likely they are to fall for those same marketing tricks.

Even though we consciously know better, we’ll still fall for a trick if it feels like our peers have been taken in by it. A friend telling you about some overpriced product or service is more effective than any ad campaign could ever be.

People Who “Like” Brands Online Are Probably Clueless Susceptible Victims Of Funneled Data Profiling And Targeted Marketing

If you’ve ever “liked” a brand on Facebook, you may be interested to learn that doing so can make you a target for marketing. It might even make your data more vulnerable to hackers.

The way this works is pretty simple: when people like brands online, their likes are funneled into databases and sold to marketers as part of an elaborate profiling scheme. 

This information can then be used by marketers to determine which products or services they should try selling to each given person it’s essentially how they’re able to send out personalized ads based on what their customers have previously liked or disliked online. 

And the unfortunate thing about these schemes is that they often result in consumers being bombarded with irrelevant offers; some studies show that up to 90% of all coupons sent out by companies are never redeemed!

Crafting a successful marketing research panel starts with the right participants. Dive into our guide on identifying the right individuals for your panel and ensure your insights truly represent your target audience.

6. People Will Pay Way More For Products If They Think The Product Is Up For Auction

This is one of the most counterintuitive findings we’ve come across, but it makes sense in so many ways. The fact that there are two price points for an item makes people assume they are getting a deal even if their version of the “deal” is paying more than full price.

The researchers tested this by conducting two different auctions for tickets: one where tickets were given away for free and another where tickets were sold at the same price as in other auctions ($40). 

Not surprisingly, people who thought they were getting something for free were more likely to buy than those who paid full price. 

However, when prices were raised to $50 and then dropped back down to $40 again (with no mention of anything being “free”), participants still felt like they got a deal because they had bought a ticket at what seemed like less than its original value (even though it wasn’t).

7. People Are More Likely To Purchase A Product If It’s Worth $3.14 As Opposed To $3.00 Or $3.25

If you’re trying to sell something, and you see an option to price your product at $3.00 or $3.25, don’t do it! 

According to research done by MIT Sloan School of Management professor Dan Ariely, people are more likely to buy something if it’s worth $3.14 than if it’s worth $3.00 or $3.25 even though all three numbers are the same amount of currency.

The reason behind this phenomenon is that our brains don’t process brevity as accurately as they do longer numbers whereas 7 is just another number in a series like 1-2-3-4-5-6…9…you get the idea (although technically 8 isn’t part of this series), 7 seems shorter.

Because we’re used to thinking about numbers in terms of tens instead of units (to think about how many units there would be between 6 and 16 for example).

So what does this mean for marketers? It means that when deciding whether or not to round up prices on products (like say from $99 down instead of down from 100), you should always round up!

Marketing research comes in many forms, each offering unique insights. To navigate this landscape, explore our article covering different types of marketing research and gain a holistic understanding of methodologies at your disposal.

8. People Remember Brand Names Better When They Use Alliteration (I.E. Mcdonald’s )

Alliteration is the repetition of consonant sounds in a word, phrase, or poem. It’s more effective than rhyming, other types of wordplay, and catchy slogans as a way to help people remember your brand name.

For example, The alliterative McDonald’s has been around since 1955 despite competitors like Burger King and Wendy’s because their name is easy to remember.

9. People Are Way More Likely To Purchase Something If You Tell Them That Other Customers Bought It Too (Btw… They Probably Didn’t)

You’re probably familiar with the notion that people tend to be influenced by what others think. And when it comes to consumer behavior, this fact is no different.

If you want someone to buy something, telling them that other customers have purchased the same product has been shown to significantly increase their likelihood of making a purchase. 

This technique is so effective that it can even work when there were no actual customers at all!

In marketing research, a scientific approach ensures credible results. Uncover the principles of observation, inference, and testing by delving into our article on the scientific approach to marketing research, and elevate the rigor of your insights.

Conclusion

But what does all of this mean for you, a busy marketer trying to make sense of this whole strange world? Well, it means that your audience is human, just like you. It means that people are complicated and contradictory. 

It means that even though we hate being sold something or feel manipulated by marketing tricks, they still work and we still fall for them anyway. The moral? Always keep your humanity in mind when you’re trying to sell something to someone. 

Be cognizant of your own biases and tendencies, be honest with yourself about what makes you tick, and always keep other people’s feelings in mind when you’re putting together a marketing campaign, after all, humans buy from humans.

Further Reading

1. 9 Reasons Why You Need Market Research – Adloonix

Explore the crucial role of market research in your business strategy and discover nine compelling reasons to integrate it for informed decision-making.

2. The Marketing Research Process – Qualtrics

Uncover the stages of the marketing research process, from defining objectives to analyzing data, and gain insights into creating effective research strategies.

3. A Comprehensive Guide to Market Research – Hotjar

Dive into this comprehensive guide that sheds light on the essence of market research, its methodologies, and its significance in shaping successful business strategies.

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FAQs

What is the importance of market research in business strategies?

Market research plays a pivotal role in business strategies by providing valuable insights into consumer preferences, market trends, and competitive landscapes. This information guides decision-making, reduces risks, and enhances the chances of success.

How does the marketing research process work?

The marketing research process involves several stages, including defining objectives, designing research methodologies, collecting data, analyzing findings, and deriving actionable insights. It’s a systematic approach to gather relevant information for informed decision-making.

What are some common market research methodologies?

Market research employs various methodologies such as surveys, focus groups, interviews, observational studies, and data analysis. Each methodology offers unique perspectives on consumer behavior, preferences, and market dynamics.

How does market research contribute to understanding consumer behavior?

Market research helps businesses understand consumer behavior by collecting and analyzing data on purchasing patterns, preferences, demographics, and psychographics. This knowledge aids in tailoring products, services, and marketing strategies to meet consumer needs.

Why is continuous market research essential in a dynamic market landscape?

In a rapidly changing market landscape, consumer preferences, technology, and trends evolve quickly. Continuous market research allows businesses to stay updated on these changes, enabling them to adapt their strategies, stay competitive, and seize emerging opportunities.