Consumer research is critical to understanding target audiences, the preferences, values and likely receptiveness to new real estate offerings or developments.
Noell Consulting Group offers two types of consumer research:
Quantitative research across a large sample of the audience to gain statistically reliable insights
Qualitative research—most often in the form of focus groups—that solicits feedback to specific concepts, renderings, floor plans, etc.
- Large sample of market audiences
- Accessed through web, phone or email surveys
- Creates well-targeted, strategic data sets
- Obtains statistically significant results
- Focus groups comprising screened representatives of the target market
- Get feedback on concepts, visual representations
- Gain deeper understanding of motivations and values
- Discover how motivations and values influence decisions
Consumer research is particularly critical when testing new concepts or introducing concepts to new target markets. Consumer research can be part of a larger project or its own project to provide new understanding of the market potential of your new product or growth plans—even where direct evidence of market receptiveness cannot be ascertained.
Among the key questions we explore for our clients are the following:
- What audiences respond best to my location, product or development concept?
- What are the key motivations, values, and preferences of the target market audiences? How do they affect these audiences’ real estate decisions?
- How should a development concept, program or product be adjusted to achieve optimal market penetration?
- Qualitatively, how do my target audiences receive my development concepts, floor plans, elevations, materials, etc.?
- How deep is the market for my real estate concept and how can I maximize my capture?
- What is most important to my target audiences, and what trade-offs are they willing to make or accept?
- Which products or concepts resonate most strongly with different audiences?
- How do target groups perceive various locations?
- How can their interest of perception be enhanced?