Imagine yourself out for dinner with a friend or loved one. You visit a small pizzeria that just opened in the neighborhood. Let’s say the food is incredible – quality ingredients, great presentation. But let’s say that the service isn’t great, the tables are far too small, and the music is almost deafening. If the restaurant refused to listen to (or even provide a forum for) customer suggestions on how to make dining there a better experience, how likely would you be to go back?
Market research has definitely grown in importance in the United States, but the trend can be seen internationally as well. Today’s infographic by SmartSurvey draws upon an article recently published by The Market Research Society which talks about the amazing growth of market research in the UK – the industry has grown by almost 2 billion pounds in the last 4 years!
Some quick stats:
- There are now 73,000 people working in the research industry in the UK
- The amount of market value has increased by 62% since 2012
- Data analytics has boomed with 350% growth since 2012
The key areas of growth include data analytics, qualitative research, social media, and online/mobile surveys.
So why is customer research so important? Because customer experience is such a crucial element in growing your business (or even maintaining it!)
- If a buyer has one negative, unresolved experience with your company, it can take 12 positive experiences to make up for it
- Buyers care about customer experience – 86% are willing to pay if it means a better experience
- Customer experience has become a key driver in differentiation – by 2020 it is predicted to overtake both price and product when it comes to setting brands apart
- Loyalty leads to profit – if you can boost loyalty by just 5%, you can raise the average profit per customer by 25-100%
Simply gathering the data isn’t enough. If you don’t put those insights to work, your buyers will notice – and act accordingly. 55% of customers say that they are not likely to keep buying from a company that doesn’t pay attention to their feedback, while 97% say that they are likely to be more loyal to a company that does. That’s pretty great incentive to put that data to work!
Let’s look at the numbers:
- 81% of decision makers agree that ignoring customer expectations may damage their business
- Nearly half (47%) of customers would go to a competitor within 24 hours if they experienced poor customer service
- 81% of customers are frustrated when companies make it difficult to do business with them
- Once they’ve switched to a competitor, 68% of customers say that they would never go back to a provider
Clearly relying on customer data is important, so how should you go about gathering it? Well, it’s important to meet customers where they are – and more and more that means mobile. Make sure that your surveys are optimized for both desktop and mobile users, as mobile is a fast-growing trend that shows no sign of slowing down.
How does your business make sure that customer data plays a role in strategy? Let me know in the comments!