Mike Howatt / Strategic Market Research
Companies that expand their business intelligence environments beyond their enterprise walls – and in particular, to their customers – achieve higher levels of customer satisfaction and retention, and ultimately, greater levels of revenue.
Consumer insights information answers many questions for marketing, but none are more important than to identify the right growth opportunities, and to deliver a deep understanding of what matters most to your target consumers. Only 20% of marketers say they truly know their consumers and 81% of marketing decision makers are concerned about reaching the right consumer.
The following are some issues that can be explored through regular, ongoing consumer insights:
- Create “touch points” with surveys, targeted studies, observational studies
- Isolate unmet needs exist regarding your products and services
- Identify “Gaps” between your markets needs and your product ratings
- Understand potential danger areas associated with the risk of losing business
- Validate whether your company/products are meeting expectations
Companies that apply customer-centric data to their sales and marketing efforts realize a +73 percent higher lift than those that don’t. Successful companies such as Cisco, Zurich and Gillette, are more likely to mine for and act on prospect/customer insights.
When competing new technologies are difficult to choose among, these companies defer their choice until key customers have registered their reactions, resulting in over a 90% retention rate. Retaining loyal customers also means stronger sales and higher profits over the long term.
Voice of the Customer research should be an integral tool in your go-to market strategy. Checking in with your audience frequently increases the chances of developing a new product or a clear message that will drive sales the way you need it to.
Ascension is a full service marketing research company offering a full range of qualitative and quantitative research techniques. Let us help you stay on top of your market with a regular annual strategic research program.