What is Market Sensing and How Can it Help Your Business

Nowadays, even our culture has become digital. And although that fact isn’t new, it does bring new possibilities for brands. The omnipresence of the media allows brands to engage with us through our favourite news and information channels. If you pay just a bit of attention to it, you will notice that we are constantly bombarded by news and information that brands want us to see.

Newspapers, TV, social media – brands are everywhere. It’s the simplest form of marketing – be loud, be always there, and people will know who you are.

Luckily, this trend is slowly dying down, as marketers are evolving their strategies to stay current.

It is being replaced by a smarter way of reaching broad audiences.

Have you noticed how Coca-Cola has always used Christmas to signify just how important Santa Clause is for children?

Or how recent Sainsbury’s ads have cleverly linked Christmas with sharing and family?

Once you combine clever narration, with good copy and an emotional score, you get a winning equation.

Many brands have started catching on to this, and that’s the next big trend in advertising. Creating emotional links to products and services to shift the awareness of consumers is what all the big brands are now trying to do.

That’s where Market Sensing research data steps in and makes this kind of advertising not just possible, but also successful.

 

More About Market Sensing

This research technique includes gathering qualitative data. The data is gathered via multiple channels – in-depth questionnaires, focus groups, and interviews. Each of these is formulated to enable management teams to better understand the market.

The main goal of all of this is to understand the consumers better. To comprehend why they choose certain brands over others, what their feelings towards certain businesses are, and what their values are.

Based on that, brands act and shape their offer and image. The perfect example for that are The Body Shop and Lush. These brands are engaging their consumers and have made an image of sustainability and fairness.

Market sensing research could try to determine why consumers tend to choose these two brands over conventional ones. Is it because the brand they choose has the same values regarding sustainability and fair trade as they do? Do they consider the higher price of products to be justified by the brand’s fair wage policies?

That’s where the most relevant difference between market research and market sensing lies. Market research is focused on the company’s perspective, while market sensing shifts its focus on the customer’s point of view.

 

How Can This Approach Help Your Company?

It’s simple; market sensing means that you can understand what your potential and existing consumers really want. And that understanding will, in turn, allow you to position yourself in today’s market and succeed.

Once you start creating products and services based on the characteristics of your consumer base, you will be able not just to gain, but also keep your consumers.

Work out what emotional links connect people to your brand. Copy those values into your company’s ethos and development plans. Quickly enough, you will notice a rise in both brand awareness and consumer interest.

For instance, if your data shows that your consumers want bonus programmes in your field of business. Once you develop such a plan, you will reap direct and quick benefits. Why? Because that action will show your consumers that you appreciate their opinions and act upon their desires. What makes this different than standard market research? The fact that your data now focuses on what your consumers relate to emotionally.

You can also use Market Sensing to identify the profile of your potential consumers. Once you create Buyer Personas by identifying the deeper needs of your consumers, you can create products and services that people will better respond to. People are more likely to become engaged with a product that shares their values.

 

How to Perform Market Sensing Research?

  • Make a list of questions that can identify consumers’ emotions related to the brand
  • Focus an entire section of questions to what people feel towards a brand’s core principles, ethos, and culture
  • Make sure to find out whether those who have positive emotions towards the brand are more motivated by the quality or by the price

 

In the End

Once you start using market sensing as your chosen research style, you will notice an improvement in brand awareness and brand engagement. As a result, you will also see an improvement in your bottom line.