Marketing research has significantly enabled garnering customers, retaining them, and expanding business goals. The market is plush with opportunities, and one needs a working blueprint to prevent underutilization of resources. Amidst all that, customer’s satisfaction plays a vital role in sustaining long-term profits.
THE REMARKABLE EXPANSION OF THE UK’s RESEARCH MARKET
- At the rate of £2,000,000,000
- The UK’s market research sector has seen the fastest growth in just four years.
The Fastest Growing Fields:
Online Surveys | Qualitative Research | Data Analytics | Social Media
- The UK currently employs 73000 members within its research sector.
- The UK has seen a 62% increase in market value since 2013
- The growth of data analytics in the UK exceeds 350% since 2013
THE IMPORTANCE OF CUSTOMER RESEARCH
Contrary Incidences –
Did you know it takes 12 positive experiences to overcome the cost of just one bad experience?
Differentiators
Estimates indicate that by 2020, the “customer experience” will shoot ahead of “product” and “pricing” as a key marker.
Pay for Experience
Up to 86% consumers acknowledge having paid for services that offered a better customer experience.
Loyalty Performance
A mere 5% customer’s loyalty per consumer can reward marketers by multiplying the median profit between 25-100%.
EARNING APPROVAL TO BOOST SALES
Snubbing Feedback
Giving a pass on client feedbacks could risk the loss of the customer. 55% consumers turn away from brands that no longer valued their feedback.
Vs
Acknowledging Feedback
- 97% consumers are likely to become patrons of brands who take appropriate action with user feedback.
- 87% decision makers agree that being too rigid or falling short on delivery promises could make the business vulnerable.
- 47% consumers are likely to migrate towards competitor should the customer service take a back seat.
- 81% customers avoid negotiating with companies that lack transparency.
- 68% consumers admit that they are unlikely to return after leaving one brand for another.
PROLIFERATION OF MOBILE TECHNOLOGY
Seamless Data Collection
More consumers are giving up chunky devices for portable gadgets such as smartphones and tablets. Thus, increasing the rate of response for surveys through compact gizmos
- 55.3% Desktop users
- 35.9% mobile users
- 8.8% Tablet users
