Data plays a key role in determining marketing strategy of a business. As customer data provides quality insight into demographics like customer behavior, preferences, buying pattern, interests etc., more and more businesses are investing into market research to get a hold of that valuable data.
According to the Market Research Society (MRS), the UK research market has increased by 62% to £4.8 billion in the last four years.
The key areas of growth include:
Data Analytics
Qualitative Research
Social Media
Online/Mobile Surveys
Notables Statistics of the Research Market:
The industry now employs 73000 people
The market value has increased by 62% since 2012
Data analytics has witnessed a growth of 350%
Why Customer research is significant?
To make up for negative responses by creating positive one –
It takes 12 positive responses to resolve a single negative one
Act as the key point of difference–
By 2020, customer research is expected to overtake price and product as key brand differentiator
A better customer experience –
On average 86% of buyers will pay more for a better experience
Boosts customer loyalty-
5% increase in customer loyalty is likely to increase the average profit per customer by 25% - 100%
What to choose – reject feedback or accept it?
Ignore feedback - 55% of customers are likely to discontinue taking services from a company who doesn’t consider their feedback
Implement feedback – 97% of consumers are likely to become more loyal to a company who implements their feedback.
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