Consumer Market Research company measures Shoppers’ Preferences
Palo Alto, California, USA — Market Insight Corporation today released information measuring some of the first impacts on shoppers’ brand preferences from Toyota’s major recall, sales suspension, and accompanying media coverage.
“Our consumer facing website obtains a ‘real-time’ direct measurement of the percentage of online shoppers who would consider available brands”, said Rich Falcone, President & CEO of Market Insight Corporation. “This data is most relevant because it comes from real shoppers, ‘in the market’ to buy an automobile.”
While there was little impact on shoppers’ brand consideration from the initial recall announcement on January 21st, the subsequent coverage of Toyota’s suspending sales of affected models caused a serious drop in its brand consideration from 76.4% to 70.7%. A second measure of loyalty is the percentage of shoppers who enter the process with a pronounced intention to purchase the Toyota brand. Coverage of the recall and sales suspension announcements caused that measure to plunge by over 50%. This effect did not occur immediately, but did so dramatically beginning on January 28th.
“The three pillars of value for our market intelligence are its timeliness (‘real-time’), the genuine nature of input from real shoppers, and the large sample sizes that mitigate risk and provide greater segmentation granularity,” says Mr. Falcone.
MyProductAdvisor.com is a winner of the prestigious American Marketing Association’s EXPLOR award recognizing “the most innovative use of technology in applications that advance market research.”
About Market Insight Corporation (MyProductAdvisor)
MyProductAdvisor (MPA) is a consumer facing website that continuously gathers auto shopper preferences for specific product features and attributes. MPA delivers unbiased buying recommendations to shoppers. The preferences MPA collects fuel a powerful, on-demand consumer research intelligence system and predictive market simulation engine. Enterprise companies utilize this intelligence to enhance decision making and planning. Market Insight Corporation, established in 2003, is the company behind MPA.