Marketing research is conducted by almost every automotive industry to understand market trends and potential customers. A major purpose of marketing research is to find answers to questions and thus acquire new or updated knowledge. Today’s automotive manufacturing firms conduct comprehensive marketing research to enhance management decision-making by using relevant, accurate, and timely information. Automotive marketing research has thus become a crucial part in management decision-making.
Automotive marketing research has been conducted to:
Understand the needs and requirements of customers
Find out how and where the customers want the products or service
Discover at what price customers will purchase products
Finding answers to these questions helps automotive manufacturing firms to formulate appropriate product development strategies. Information gathered from marketing research needs to be analyzed and used while designing and manufacturing new products or before making any modification to the existing product line.
Lack of time and strict time schedules always restrict manufacturing firms to conduct automotive marketing research before launching a new product. Mostly, manufacturers develop products without understanding the actual needs of customers; this might result in the failure of products in markets and thus impart huge loss to manufacturing firms. However, the service of marketing research companies can be effectively utilized to carry out marketing research. These companies conduct marketing research and find answers to research problems on behalf of their clients.
Marketing research companies collect data from potential customers by conducting or participating in:
Car clinics – Car clinics are the most effective automotive marketing research tool used by marketing research companies to collect data. These companies conduct car clinics in various parts of countries to collect useful information from large numbers of show attendees.
Drive studies – Marketing research companies design and execute open course drive studies and closed course drive studies to collect feedback related to comfort, ride and handling, and powertrain issues. These kinds of feedback are highly valuable for new product development.
Auto show research – Automobile event research is one of the cost-effective tools used to collect information on display evaluations, new product designs, feedback on concept vehicles and new technologies etc.
Online research – marketing research companies conduct different kinds of online surveys to collect information related to topics like new product development, pricing research, styling studies, customer satisfaction and so on. They mail a well-designed questionnaire to potential customers and thus seek answers to various research questions. Online research is one of the cost-effective and efficient automotive marketing research tools used to collect feedback from a large number of customers instantly.
Along with the above tools, marketing research companies also collect information over the phone. All these automotive marketing tools have high relevance in obtaining accurate and updated customer feedback. Moreover, the information thus collected provides a piece of complete knowledge on the likes and desires of potential customers. This knowledge helps a manufacturing firm to design and develop new products by incorporating new features. Launching products with required features helps manufacturing firms to achieve a competitive advantage and also to improve sales.