If you look closely at some of the biggest internationally trading companies in the world, at their core you will find a strong reliance on and belief in market research and customer data as means to innovation.

From developing new products to improving signature offerings, what all of these companies have in common is their drive to stay curious and in touch with their customers needs and preferences.

1. Apple

Reason for Market Research Use: Apple is renowned for its innovation in consumer electronics, and a significant part of its success is due to its rigorous market research. The company uses market research to understand consumer needs and preferences, which informs the design and functionality of its products. For instance, the development of the iPhone involved extensive research into user experience and smartphone usage, leading to groundbreaking features like the touchscreen interface and App Store ecosystem.

“Some people see innovation as change, but we have never really seen it like that. It’s making things better.” Tim Cook, CEO

2. Procter & Gamble

Reason for Market Research Use: Procter & Gamble (P&G) is a leading consumer goods company that relies heavily on market research to drive product innovation. P&G uses insights from consumer research to develop new products and improve existing ones across its vast portfolio of brands. For example, the development of the Swiffer cleaning products was driven by research into consumer cleaning habits and preferences, leading to a highly successful new product category.

“Deep, accurate and empathetic understanding of people to discover mind opening ‘Wow, I never thought about it that way’ insights that lead to creative brilliance.” Marc Pritchard, Chief Brand Officer

3. Amazon

Reason for Market Research Use: Amazon utilises market research to enhance its customer experience and expand its product offerings. Through extensive data collection and analysis, Amazon gains insights into customer behaviour, which informs its product recommendations, inventory decisions, and development of new services like Amazon Prime and Alexa. This customer-centric approach has been a key factor in Amazon’s ability to innovate and dominate the e-commerce market.

“We start with the customer and work backwards.” Jeff Bezos, Former CEO

4. Nike

Reason for Market Research Use: Nike leverages market research to stay at the forefront of the athletic footwear and apparel industry. By understanding athlete needs and consumer trends, Nike continuously innovates its product lines. The introduction of Nike Flyknit technology, for example, came from research into the need for lightweight, high-performance materials in running shoes. This innovation has significantly impacted the market and solidified Nike’s position as an industry leader.

“At Nike, we have a set of guiding principles, and one of those was directly inspired by her (his grandmother), and that’s ‘Be a sponge,’ soak in everything around you. Look deeply. Observing is really the fuel to innovating, ultimately.” Former CEO, Mark Parker

5. Google

Reason for Market Research Use: Google employs market research to drive innovation across its diverse range of products and services. By analysing user data and conducting extensive market studies, Google develops products that meet emerging needs and improve user experience. The success of products like Google Search, Google Maps, and Android can be attributed to the company’s commitment to understanding and anticipating user requirements through comprehensive market research.

“It’s been inspiring to see what people have done with the answers to their questions, be it to find health care or comfort in difficult times, learn new skills, pursue new career paths, or start new businesses.” Sundar Pichai, CEO.

These companies exemplify how market research can be a crucial tool for innovation, helping them to stay ahead of market trends, meet consumer needs, and maintain competitive advantages.