5 Ways Market Research Will Improve Your Customer Experience

A lot of time – and money – is spent within organizations to come up with new products and new ways to improve the customer experience.

Hours spent in brainstorming sessions and team building days where corporate employees talk among themselves eager to come up with the next great idea or way of doing business.

Without real data to help define what your current customer is really looking for, those hours are wasted time and money.

According to the Harvard Business Review, increasing customer retention rates by 5% can increase your profits by 25% to 95%.

Don’t Guess, Know What Your Customer Needs

Market research, in the form of mystery shopping and customer feedback surveys can help you to:

  1. Understand your target market. Know their demographics, their likes, wants and needs. Create a way of doing business that will meet their expectations and keep them coming back for more.
  2. Know your competition. Don’t try to hide and pretend they don’t exist. Competitive studies will reveal their marketing tactics, pricing and what your customers like and dislike about them. Then plan and produce accordingly.
  3. Keep a tab on customer satisfaction. Analyze all portals of entry into your business. Web, phone and in person. Can they find what they need on your website? Are issues resolved on the phone? Do your hours work with their lifestyle? Mystery shopping and customer feedback surveys can assist in finding out this information. Know what works for your customer and change what doesn’t.
  4. Identify ways of improving. This is where your brainstorming and team building sessions come into play. After you know who you are doing business with, who your competition is and how satisfied your customer is. Find ways to focus strategies to meet your customer where they are. On line, in print or billboard ads. 24/7 customer service lines. Concierge services. Go the extra mile.
  5. Be flexible. Consistently measure, track and manage the data you receive to make changes when needed. Stay on the cutting edge of what your customer wants and needs.

Implementing simple research studies will help you to retain those who already love doing business with you – and help you attract new customers too!

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Ready to ‘see’ your customer’s experience through their eyes? Contact us today to schedule a free mystery shopping consultation.