A survey out today from global provider of smart solutions for gaining market insight, Cint, has found that brands investing in market research will reap rewards, with almost two-thirds (62%) of those surveyed stating they were more likely to purchase a brand’s product if they were asked their opinion in a study.

While companies are currently looking to reduce spend during the current economic crisis, this survey highlights the importance of customer insight, as over half (56%) of the 1,200 consumers polled felt more loyal to a brand if it takes the time to find out their opinion.

The global survey of consumers aimed to provide an insight for the marketing community, of what people really think about market research, and what motivates them to impart their valued opinion. It polled consumers to ascertain whether market research influenced their attitude towards a brand / company and their preferences regarding survey completion and incentives.

The majority of those surveyed – an even split of men and women – were confident about brands’ motives for carrying out market insight, with 69% believing brands act on the market research results they achieve.

In addition, 77% of consumers felt that brands listen more to what consumers want now than they did ten years ago. This was attributed to a number of factors, primarily increased market competition, the economic climate, and a decrease in customer loyalty towards particular brands.

In terms of methodology, new technology was by far the most popular means of undertaking market research, with over 91% stating their preference as ‘smartphone’, ‘web’ and ‘SMS’. Only 4% of those surveyed would choose to undertake market research by mail as their first choice, and just 1% would like to be surveyed over the telephone.

Bo Mattsson, chief executive of Cint, says: “Market research is an extremely useful tool for agencies and brands to ascertain opinions of their products and services. The industry has embraced new technology, which this survey proves to be invaluable, as respondents opt primarily for online surveys or smartphone applications with which to give their opinion.

This survey shows that it is as valid a tool as it has ever been, and investing in consumer insight can reap significant rewards in terms of brand loyalty. We would advise any company looking to reduce marketing spend during the current difficult economic climate to continue to invest in market insight, as understanding the needs and preferences of your target market is essential in remaining competitive and successful.”