February 27, 2024
Eyes4Research
The cannabis industry has experienced a whirlwind of changes in recent years. From legalization movements sweeping across various parts of the U.S. to the emergence of new products and consumption methods, the landscape of the cannabis market has been dynamic. However, amid all the hype and excitement, there’s a lingering question: Is the cannabis industry experiencing a decline, or has it simply reached a plateau?
Understanding the Current Cannabis Landscape
The initial boom of the cannabis industry was fueled by optimism and high expectations. As legalization efforts gained traction in different parts of the world, investors poured funds into cannabis-related ventures, and consumers eagerly explored a plethora of products ranging from recreational to medicinal. This surge in interest led to exponential growth and a seemingly boundless potential for the industry.
Are There Signs of Saturation in the Cannabis Industry?
However, as the industry matured, certain challenges became apparent. Regulatory hurdles, oversupply issues, and fierce competition have presented significant obstacles for businesses operating in the cannabis space.
Market saturation, especially in regions where legalization occurred early on, has led to price wars and squeezed profit margins for many companies. Moreover, shifting consumer preferences and the emergence of alternative products have added further complexity to the market dynamics.
Plateau or Decline?
The question of whether the cannabis industry is on a downward trajectory or has simply reached a plateau is a nuanced one. While some market segments may be experiencing a slowdown, others continue to show promise and resilience.
For instance, the medicinal cannabis sector continues to expand as more research validates its therapeutic potential and as regulatory frameworks become more accommodating.
What is the Role of Market Research in Understanding the Cannabis Industry?
In navigating these uncertain waters, reliable data and insights are more crucial than ever. This is where custom online panels, such as the ones created and managed by Eyes4Research, can make a difference.
By leveraging the power of digital platforms, custom online panels allow businesses to collect real-time feedback from targeted demographics and key stakeholders within the cannabis industry.
Whether it’s understanding consumer preferences, tracking market trends, or evaluating the efficacy of marketing strategies, custom online panels offer a cost-effective and efficient solution for staying ahead of the curve.
Why Choose Online Panels?
Custom online panels enable businesses to tailor their research initiatives to accommodate specific objectives and demographics, ensuring that the insights gained are actionable and relevant.
With customizable survey designs and access to diverse participant pools, businesses can gain deeper insights into consumer behaviors, preferences, and attitudes toward cannabis products. In addition, the scalability of online panels allows for seamless expansion into new markets and the ability to track evolving trends over time.
The future of the cannabis industry remains uncertain, but one thing is clear: staying informed and adaptive is the key to success in this rapidly evolving market. By leveraging online panels, businesses can gain the insights needed to navigate challenges, identify opportunities, and stay ahead of the competition.
Whether the industry is experiencing a decline or a plateau, those who invest in understanding their target audience and market dynamics will be well-positioned to thrive in the ever-changing world of cannabis.
Read more about cannabis consumers and cannabis products on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from cannabis users. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our cannabis user panel and our other specialty panels here.
February 21, 2024
Eyes4Research
The advertising industry constantly evolves, and understanding consumer behavior and preferences is paramount for success. Advertising agencies are crucial in crafting campaigns that resonate with target audiences. However, agencies must prioritize effective market research initiatives to truly excel in this space.
Let’s dive into the significance of market research for advertising agencies and learn more about why these agencies should consider integrating online panels into their strategies.
Understanding Consumer Dynamics
Consumer behavior is dynamic, and influenced by various factors such as socio-economic trends, cultural shifts, and technological advancements. To stay ahead in the competitive advertising arena, agencies need to decipher these complexities effectively.
Traditional research methods, such as focus groups and surveys have their place for certain, but often fall short in capturing real-time insights.
The Need for Comprehensive Research
While advertising agencies have historically relied on conventional market research techniques, the ever-changing digital era demands a more agile and data-driven approach. In this environment, decisions need to be informed by up-to-the-minute data and insights. Here is where custom online panels emerge as a game-changer for advertising agencies.
The Power of Online Panels
Online panels offer a dynamic platform for conducting market research with unparalleled efficiency and depth. By leveraging online panels, such as the ones Eyes4Research creates and manages for our advertising agency clients, agencies gain access to diverse pools of respondents representing various demographics, geographies, and psychographics. This diversity enables advertising agencies to conduct targeted research tailored to specific client needs.
What Are the Key Advantages of Online Panels for Advertising Agencies?
The world we live in is hyper-connected, and the success of advertising campaigns hinges on the ability of advertising agencies to understand and adapt to evolving consumer dynamics. By embracing online panels as a cornerstone of their market research strategy, advertising agencies can unlock a wealth of insights, enhance campaign effectiveness, and stay ahead in an increasingly competitive landscape.
Advertising agencies that leverage the power of online panels will elevate their market research efforts to new heights and be rewarded with higher-quality consumer insights and more effective campaigns.
Online panels are powerful tools that provide a more affordable way for advertising agencies to collect valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.
February 15, 2024
Eyes4Research
In a marketing landscape that is constantly changing, understanding consumer trends is key to staying ahead of the curve. With evolving consumer behaviors and preferences, B2C and B2B brands seek insights to tailor their strategies effectively. This provides a perfect opening for online panels– a dynamic tool revolutionizing market research by providing real-time consumer insights.
The Evolution of Market Research
Traditional market research methods often struggle to keep pace with today’s rapidly changing consumer landscape. The limitations of surveys, focus groups, and observational studies underscore the need for more agile and data-driven approaches. Online panels offer a solution by providing access to diverse demographics, cost-effective data collection, and timely feedback.
Understanding the Power of Online Panels
Online panels, such as the ones created and managed by Eyes4Research, consist of pre-recruited participants who participate in various research activities. These panels allow researchers to collect feedback on products, services, and brand perceptions efficiently. The flexibility and scalability of online panels make them invaluable assets for brands seeking actionable insights.
How Brands Can Leverage Online Panels for Consumer Understanding
B2C and B2B brands and marketing professionals can harness the power of online panels to gain deeper insights into consumer behavior. By analyzing panel data, businesses can identify trends, preferences, and pain points that shape consumer decisions. At Eyes4Research, our clients are examples of how our custom online panels have informed their successful marketing strategies and product development initiatives.
Navigating Consumer Trends with Online Panels
Online panels empower brands to navigate evolving consumer trends with confidence. By tracking data trends and patterns, businesses can anticipate shifts in consumer behavior and adapt their strategies accordingly. Whether exploring emerging markets or fine-tuning product offerings, online panels provide the agility needed to stay ahead in today’s competitive climate.
This is Why Online Panels Matter
The advantages of the custom online panels that Eyes4Research creates and manages for our clients are clear: real-time insights, cost-effectiveness, and access to diverse demographics. By integrating online panels into their market research arsenal, our clients gain a competitive edge in understanding consumer trends. With the ability to capture nuanced insights and track market dynamics, online panels are indispensable tools for driving business growth.
In the digital age, navigating consumer trends requires agility, precision, and insight. Online panels offer a window into the minds of consumers, providing valuable data to inform strategic decisions. By embracing online panels as a cornerstone of market research, brands can unlock new opportunities, forge deeper connections with consumers, and chart a course for sustainable growth in a marketplace that always changing.
Online panels are powerful tools that provide a more affordable way for companies to gather valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.
February 12, 2024
Eyes4Research
Five years ago electric vehicles (EVs) were the consumer rage and appeared poised to overtake traditional, combustion engine autos in sales. Propelled by a number of factors, including government subsidies, environmental consciousness, and the allure of new technology, automakers couldn’t roll out new EV models fast enough. But within the last year that’s all seemed to have changed. Although EV sales are still growing, they appear to have peaked and automakers have responded by cutting back production and sales. Auto brands, car dealerships, investors, and consumers that understand this trend, and where it might go, will be in a position to possibly take advantage of the current EV slump.
You’ve certainly been affected by the EV revolution in some way. You may own an EV or know someone who does, and if you don’t then you’ve seen EV charging stations or watched several commercials for the latest EV brand. There’s no doubt that EVs have staked out a significant segment of the auto market, but it’s also true that the EV revolution has fallen short of some expectations. So let’s take a look at the EV industry and the problems it’s recently faced and why, as well as what investors and consumers can expect in the future.
The Green Dream
Although EVs may have only recently entered the public counscieneness at a major level, the first cars with batteries were invented in the late 1800s. In fact, by 1900 EVs were one-third of the cars on the road, but they were soon after replaced by autos with combustion powered engines and all but forgotten for decades.
The concept of EVs was brought back in the late twentieth century during the gas crises and oil embargos and then in the 2000s when the push for renewable, green energy became popular with many in government, especially those on the left of the political spectrum. The green energy push has led some state to pass laws requiring that all new automobiles sold within their borders must have zero emissions by a certain date. So far, California has set a date of 2035 with Connecticut, Maryland, Massachusetts, New Jersey, New York, Oregon, Washington, and Rhode Island all committing to banning new sales of combustion engine autos at a future date.
The federal government has recently also used the law to promote EVs. As part of the Inflation Reduction Act of 2023, which the Democrat controlled Congress passed, and was signed by Democrat President Joseph Biden, EV buyers are eligible for tax credits. So, different state governments and the federal government have clearly used a “carrot and stick” approach to push consumers to buy EVs and the numbers show that this may have initially been successful, but things now appear to be going the other way.
Sagging Sales
EV sales peaked in 2022 and although growth continued in 2023 the pace slowed significantly. Analysts now believe that Biden’s target of EVs capturing 50% of the auto market by 2030 seems like a pipe dream. Yet if EV sales continued to grow in 2023, why the negative forecast for the space?
The reasons for analysts being bullish on EVs involves a number of different factors, although for the most part it comes down to the simple economic concept of supply and demand. Automakers made major cutbacks on nearly all EV models and prices in 2023. Tesla slashed prices on all its models while Ford reduced production on its much hyped EV F-150 and postponed $12 billion in EV spending. General Motors also announced that it has delayed the launches of three of its new EV models.
The pullback by auto makers has extended to car rental and sales companies as well. Car rental giant, Hertz, recently announced that it’s selling about 20,000 EVs from its fleet, which includes Teslas. This is just two years after Hertz made a deal with Tesla to buy its newest models after the rental company planned to convert 25% of its fleet to electric by the end of 2024. The EV slump has also hurt car dealerships across the US.
The car sales industry uses the term “days’ supply” to describe how long it takes for current inventory to sell at the current sales rate. In late 2023, the days’ supply for EVs averaged about eighty-eight days, which was double what it was one year prior. By comparison, the average days’ supply for combustion engine vehicles was fifty-nine days in late 2023, which was normal by industry standards. All of this indicates that the demand for EVs has simply waned, but the reasons for the EV slump are a little complicated.
Not Buying into Electric
Among the many factors that have driven consumers to shy away from EVs, economic considerations are at the forefront. But even these economic factors are a bit more complex. For example, one of the practical selling points of EVs was that they more than pay for themselves by saving money from not having to buy gas. When the gas prices skyrocketed in 2022, EV sales were at their peak, but just one year later gas was down about thirty cents per gallon on average, which many experts believe pushed consumers to purchase what they view as more reliable autos – combustion engine vehicles. Consumers are also driven by the still high costs of most EVs.
As EV sales peaked in 2022, they appeared poised to become status symbols just as much as everyday modes of transportation. The reason for the status was partially due to price range remaining outside the budget of most people who view cars as a necessity more than a luxury item. Cox Automotive pegged the average EV price at $50,683 in September 2023, which although down 22% from the previous year is still high compared to combustion engine vehicles. This study was bolstered by a CarGurus report that found EVs were still 28% higher than their combustion engin26e counterparts. Consumers interested in buying EVs can also expect to pay higher interest rates at the dealerships, creating another factor that has dulled consumer demand. Part of the reason for EVs’ higher costs is the novelty, but the technological knowledge and specific components needed to make them are the driving force.
The battery is the most expensive part of any EV, and the bigger the battery the more expensive the vehicle. One of the major problems consumers often cite with EVs is their limited range, so in order to mitigate this problem manufacturers have made larger batteries for their vehicles. Larger batteries have nominally reduced the range problem, but they’ve also contributed to higher overall costs, creating a sort of catch-22.
In addition to the costs of EVs, consumers have also cited performance concerns. Range is the number one issue consumers cite, with most EVs offering 250 to 500 miles on a single charge, although those numbers depend upon conditions. Cold weather adversely affects EV batteries and when combined with limited charging networks, has led to problems for some EV owners. A January 2024 polar vortex left some EV owners in Chicago waiting hours in line for charges, bringing another major concern consumers have with EVs. A report by AAA stated that 56% of the people they interviewed cited a lack of convenient charging options as a reason for not going electric. EV owners can purchase home charging stations but they cost several thousand dollars more to an already highly priced auto.
Consumers have also discovered that just because EVs don’t have large block engines, they are far from immune to mechanical and technical problems. A Consumer Reports study showed that from 2021 to 2023, 80% more problems were reported in EVs than their combustion engine counterparts. The economic and performance issues are clearly the driving forces behind consumer disinterest in EVs, but the automakers also have themselves to blame for poor marketing.
The automakers originally marketed EVs as eco-friendly version of combustion vehicles, but consumers quickly found out that this wasn’t true. Although EVs are less complex to build and have simpler drive trains, they are more complex machines in many ways. Many new EV owners are upset when they learn that it takes plenty of training to do the simplest of maintenance on EVs and there are far fewer mechanics who have the background to work on them. Finally, in a country that has become so divided by politics, geography, and age, EVs are often viewed as cars of young, urban liberals. Even Telsa founder and CEO Elon Musk’s recent dabbles with political statements and endorsements of ideas and candidates on the right-wing of the political spectrum have so far not changed this image.
Future Trends
Examining sagging EV sales and the reasons behind it can help investors, auto dealers, and consumers understand what to expect in the future. Don’t expect the EV industry to collapse, but it’s likely automakers will continue with their current pullback of EV models. There’s signs that some automakers are switching production to hybrids, which would politically appease eco-conscious consumers but not necessarily meet government mandates. Toyota has recently increased its hybrid production and currently offers more than twenty models that are all more popular than its EV models.
It’s also possible that the federal and different state governments will reconsider some of their EV mandates. It’s very unlikely that the auto industry will meet the federal government’s 2032 goal of 67% of all new vehicles being EVs, as they are currently just under 8% of the market share.
All of this has many potential implications for consumers. If the federal and state governments continue to mandate EV production, the automakers may have to reduce costs further, but it may be at the cost of quality. Auto brands could increase sales with better marketing campaigns that target Middle America as well as emphasizing how EVs are different than combustion vehicles. It may be that EVs will continue to be a niche market in the US, but the automakers that understand how consumer sentiments have driven the current EV slump will be in a position to take advantage of these future trends.
About the author:
An industry leader and influencer – Rudly Raphael specializes in all aspects of research logistical design involving quantitative methodology, implementing internal system infrastructure to streamline business processes, channelling communication and developing innovative research solutions to ensure Eyes4Research remains a competitive force in the marketplace. An entrepreneur, inventor (patent holder), blogger and writer – his articles have been published in various magazines such as Medium, Ebony Magazine, Bussiness2Community and also cited in various journals and academic publications.
February 7, 2024
Eyes4Research
Advertising is dynamic– crafting compelling B2C and B2B brand messages and captivating creative materials is essential for brands to cut through the noise and resonate with target audiences. Let’s dive into the valuable role of online panels in refining advertising messages and shaping your creative development.
Understanding Message Testing and Creative Development
Message testing evaluates the effectiveness of advertising messages to ensure they resonate with the intended audience. Meanwhile, creative development involves refining visuals, sounds, and narratives to create engaging and memorable ads.
Leveraging Online Panels for Message Testing
Custom online panels, such as the ones created and managed for our clients by Eyes4Research, offer a diverse pool of participants, allowing brands to select specific demographics, interests, and behaviors for targeted feedback. Through well-designed surveys, brands can gain valuable insights from panelists about their perceptions of advertising messages and creative elements.
Collecting Feedback and Insights
Panelists provide feedback on message clarity, relevance, and memorability, helping brands better understand which messages resonate most effectively. Additionally, evaluating creative elements such as imagery, music, and branding aids in refining the visual and auditory components of ads.
Iterative testing and Optimization
Using iterative testing allows B2C and B2B brands to refine advertising messages and creative elements based on panel feedback. By analyzing data and making adjustments, brands can optimize their campaigns for maximum impact and resonance with the target audience.
Applying Insights to Advertising Campaigns
Insights gleaned from message testing and creative development inform strategic decisions in advertising campaigns. From media planning to content creation, understanding audience preferences and perceptions enhances the effectiveness of marketing efforts.
Eyes4Research creates and manages custom online panels that offer our clients the opportunity to tailor their research to specific audience segments ensuring targeted actionable insights. By partnering Eyes4Research, B2C and B2B brands gain access to a robust panel of engaged participants, facilitating efficient and effective message testing and creative development.
Harnessing the power of online panels for message testing and creative development is key to crafting impactful advertising campaigns. By leveraging insights from panelists, B2C and B2B brands can refine their messaging, captivate audiences, and drive success in the competitive landscape of advertising. Partner with Eyes4Research to unlock the full potential of custom online panels for your team’s marketing strategies.
Online panels are powerful tools that provide a more affordable way for companies to gather valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.