When Consumer Psychology and Market Research converge?

There is more in common in between psychology and market research than one might think. In fact, many professional psychologists choose market research as their career path. Both studies seek to understand more about people and approach that task through research. While the set goals and action taken from the results may differ, both use similar methodologies and procedures to achieve their goals. Rather than thinking about the two studies differently, we can learn about psychology basics and how to tackle market research with psychological thinking so that we can build a stronger groundwork for research findings.

Psychology Basics

The discipline of psychology has been in existence since the late 1800s’ when it got its’ start through the studies of Wilhelm Wundt. Now, it is a study of the human mind, as it is relays to our attitudes, thought processes, emotions and in due course our behaviors.
There is a diverse amount of specialty areas including consumer behavior, clinical, social, forensic and many more etc. Within each specialty, many tools are used, but research is one of the most critical ones. Beginning with a scientific technique like most “ologies”, psychology tackles a question observing, collecting information, developing theories, testing those theories and analyzing/ interpreting the results.
Some of the most typical methods used for research include –

• Controlled experiments: For solutions to a behavior or frequently for the testing of treatments
• Correlation studies: to know relationships in between behaviors
• Case studies: for observational perceptions into behavior
• Other methods include various neural testing to comprehend subconscious elements of behavior or brain scans.

After performing research through single or more methods, psychologists then look to use the results to regulate or improve upon a behavior, however, that’s understating it. There a variety of other ways psychology experts take before they can even begin to comprehend, estimate, and influence behavior. However, we have put more emphasis on how psychology has created a framework for market research. Unfortunately, many researchers fail to spot its relevance in their work and therefore miss out on a chance to bring in more insights.

Relating Psychological Rational to Market Research

Many times, market researchers forget that their work has so much to do with the behavior of consumers before they begin the research. This is why when it comes to relating psychological rationale to market research studies, it is possible to comprehend its effect even before it’s begun.
Here are a few tips on how to apply psychological rationale to research –

• Utilize established thought processes and behaviors based in psychology to create more effective questions and study designs
• Consider and avoid the prejudices found through psychological testing for both the interviewees and researcher
• Include observations with your research. For e.g. shopper studies and in-home usage tests
• Use your knowledge of psychology to have more context into findings that or else would be difficult to detect.

Psychology and market research work side by side, in fact, packaging designs, brand development, pricing strategies all have psychological influences. While market research seeks to understand the consumer behavior to benefit our goods/ services, using psychology lessons to further the knowledge and comprehension or even change our behaviors and attitudes is a powerful tool.