VOICE OF THE CONSUMER
Voice of the consumer is a market research technique used by companies to understand a customer’s expectations, preferences and dislikes. It produces a detailed set of consumer’s wants and needs and helps identify areas where those needs are not being catered to. Voice of Consumer studies consists of both quantitative and qualitative aspects. It is generally conducted by companies when they want to come up with a new product or want to improve the existing one. The information is gathered by various ways like conducting surveys, focus group, individual interviews etc.
A very important part of the consumer voice process is consumer insight. There exist a myriad of ...view middle of the document...
In 1954, "M&Ms Peanut Chocolate Candies were introduced. That same year, the M&Ms brand characters and the famous slogan "The milk chocolate melts in your mouth, not in your hand" were both trademarked. This famous slogan was solely based on the insight that the consumer did not want the chocolate to melt in his hand/pocket. The M&Ms came up with the right formula where their candies melt at a temperature higher than the ambient temperature, which happens to be the temperature of the consumers mouth! In the Indian market ITC had ventured into the incense sticks market with Mangaldeep Agarbatti. It wanted to gain consumer insights into what more did the consumers want with an agarbatti. It conducted comprehensive surveys and found out that consumers would want a match box with the incense sticks. Mangaldeep Agarbatti now comes with a matchbox.
An Indian brand which has highly leveraged the power of consumer insights to its advantage is Titan Watches. Tata has been known to produce trusted brands over generations. Titan is one of its brands which position itself very strongly in the Indian watch segment. Started in the year 1984, it is the 6th largest watch manufacturer in the world. Titan’s data reveals that around the world, a person buys its watch every three seconds. It is spanned over 32 countries and boasts of selling over 150 million watches till date.
Methodologies employed by Titan to tap consumer insights:
* Customer care service.
* Disguised marketing during festival seasons and wedding time.
* Encouraged executives to regularly listen to customers during purchase and report mannerisms, expectations, expressions and discussions.
* For both its RAGA and Fastrack lines, Titan put people who “looked” like the target consumer in key leadership roles, and spent a good deal of time trying to understand target customers in a deeper way by gaining from them these insights.
Some examples where Titan leveraged consumer insights to come out with new/ improved products are as follows:
1. Consumer Insight- I would like to gift watch to the couple, but I don’t know which one will look good on them as a pair. What if they don’t match? I thus want a safe and customized option to befit it
this consumer insight and confused experience created-
Bandhan watches: Traditionally, Indians prefer gifting watches to the newly wedded couples. It was observed that people often found it difficult to identify identical pair of watch for the bride and groom. This concern was addressed by the Titan industry by its “Bandhan” collection meant for pairs. As a side effect it also helped in roping in already married couples who liked to share common designs.
2. Consumer insight- Titan, through an external survey, found that potential female consumers were put off by relatively utilitarian watches, but they would happily wear multiple bracelets, rings, and chains. The team at Titan wondered what would happen if they turned a...