Understanding customers is not a new idea. Mass marketers have done it for years. But because they see everyone in a market as being alike (or at least everyone in a niche or a segment as being alike) they "understand" Customer A by asking 1,200 (or so) total strangers in a sample group from A's segment a few questions, then extrapolate the average results to the rest of the segment, including A. This is logical if all customers in a group are viewed as homogeneous. What will a company likely do differently in terms of understanding customers if it is able to see one customer at a time, remember what each tells it, and treat different customers differently?

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Market Research Methodology

Market research refers to employing strategies, collecting data, and studying the target audience of a product by an organization. Businesses analyze customer data to figure out consumer trends, improve product design, improve user experience, develop customer-centric marketing campaigns, generate high-quality leads, and boost conversion rates. Phone surveys, test marketing strategies, and focus groups can be used for marketing research.