How To Improve Customer Experience with Market Research?
How to improve customer experience? This is possibly a million-dollar question! However, the good part is that you can possibly get this done with the help of cutting-edge and targeted market research. So, if you are looking for the best ideas to improve customer experiences, you can count on market research as a potent tool in this regard.
The Harvard Business Review has already reported that enhancing customer retention rates by only 5% may improve business profits by a considerable 25-95%! Hence, most companies understand the need to elevate and personalize retail and corporate customer experiences. However, they lack the insights and understanding to execute what needs to be done. This is where market research can help companies immensely.
How market research helps
- Understand your target audience- You should always possess a thorough understanding of your targeted customer and what they are seeking in any particular service or product. Market research will help you get a thorough insight into the customer base, inclusive of specific demographic data like age, gender, economic position and profession. Market research can also help you narrow down on what your consumers majorly require, where they require the same and how they actually shop, along with what they wish to pay and what factors impact their buying decisions.
- Market research also helps greatly in analyzing your targeted rivals or competitors. With reports on market trends, real-world case studies, company profile analysis and other competitive analysis initiatives, you will be able to identify crucial standards and opportunities in the industry along with what your competitors are doing. This will help you stay ahead of them at every step. In addition, market research will help you find out more about the likes and dislikes of your consumers regarding your competitors, the major rivals in the vertical and which of their strategies have proven to be highly effective.
- Custom research via surveys, interviews, focus groups and other methodologies can help you get an idea about customer expectations and reasons behind consumers shifting to other competitors in some cases.
- With market research at your service, you can readily track customer satisfaction quotients throughout numerous channels. You can track various engagement and entry points while exploring whether customers can easily find what they need from your online site or page or platform. Find out whether their issues, if any, are swiftly resolved and how they rate their overall experience of shopping online or offline. You can undertake secret shopper studies, customer interaction exercises, email-based surveys and social media monitoring and research initiatives.
- Market research helps you clearly identify areas for improvement with better data and insights while helping you understand where you stand in terms of the competition and consumer perception alike. You can also use this data to personalize your offerings and attract more target customers.
- Ongoing market research is key towards refining and evolving your business and branding strategies over a certain period of time.
As one of the leading market research consultants, we could help businesses engage in what we know as sentiment analysis of customers, getting insights on their feelings, emotions, and perceptions towards products, services, brands, and campaigns.
We can also help businesses gauge the acceptability of their offerings, test and innovate with new products/services, and map customer journeys in the best possible manner. All of these insights and activities will automatically help brands elevate and enhance their customer experiences.