Understanding customer preferences is one of the keys to business success. Business owners who don’t have a clear understanding of what products/services their customers need and want are much less likely to thrive in a highly competitive marketplace.
The more you know about your customers’ likes and dislikes and purchasing habits, the better you can adapt and tailor what you offer to the preferences of your target customer.
Market-specific data on customer preferences can help take the guesswork out of understanding your customers.
The Arkansas Small Business and Technology Development Center offers numerous market research resources to help business owners learn about customer preferences.
- Data from Esri Business Analyst cover a wide range of consumer behavior categories, including health/personal care, groceries, pets/pet products, restaurants, and financial/insurance.
- Consumer spending data provide a measurement of what local customers are buying and how much they’re spending on items ranging from household goods and services to entertainment and recreation.
- Psychographic data offer valuable insights into how consumers think and feel about shopping, advertising, media, food, and lifestyle.
- Industry profiles from leading sources such as Vertical IQ and First Research include sections that address changing customer preferences, emerging trends, and recent technological developments – all crucial to understanding your customers.
An ASBTDC client planning to open a fitness center used consumer behavior and spending data in preparation for launch. Psychographic data provided further insights into consumer attitudes and opinions regarding exercise and healthy lifestyles, while industry profiles offered useful guidance on operating this type of business successfully.
For example, the chart below shows the top 10 Arkansas counties for eating healthy and exercising.
ASBTDC’s market research experts and experienced business consultants can help you interpret consumer preference data and apply it to your business and location.
These resources are available at no cost to entrepreneurs and business owners across the state. ASBTDC consulting clients have access to customized market research without any charge whatsoever. It’s all part of our mission to help small businesses thrive.
By taking advantage of ASBTDC’s unmatched market research resources, current and potential small business owners can gain a better understanding of customer preferences to make better decisions and be more successful.