Marketing research is a systematic data collection and analysis in marketing aspects that are necessary for successful activity of a company.
Relevant information on marketing conditions, activity of competitors, expectations and values of the customers is the company’s best card. Possession of primary marketing information gives a possibility to be ahead of other market participants and to gain competitive advantage.
MARKETING RESEARCH: INVESTMENT IN DEVELOPMENT OR MONEY DOWN THE DRAIN?
The main rule for success runs that it is important not only to receive the results of marketing research but to implement the changes based on the received data. Data just committed to paper will not produce any results.
Why it is so important to have relevant marketing information?
Valid data in marketing aspects is necessary because:
- Marketing environment and competitors are changing dynamically.
- Customers become more demanding and it is necessary to know their expectations.
- There is a necessity in assessment of company activity in order to understand how effective marketing strategy is.
- Complete and valid marketing information is needed for management of remote market.
OPPORTUNITIES OF MARKETING RESEARCH IN A SECTOR OF CUSTOMER EXPERIENCE MANAGEMENT
How to make use of received data?
- Development or improvement of service standards;
- Development of training program for operating personnel;
- Development and launch of customer loyalty program;
- Implementation of additional service and its improvement as competitive advantage of a company;
- Development of a strategy of activities for Customer Satisfaction Index increase and Net Promoter Score rising.
HOW TO CHOOSE METHOD OF RESEARCH CORRECTLY?
A choice of marketing research depends on a problem to be resolved.
In order to check a quality of the service provided the following methods are used:
Customer loyalty and satisfaction is measured by:
- Net Promoter Score – NPS;
- Customer Satisfaction Index – CSI;
- index of the efforts that the customers have to make in order to resolve their issue – CES;
- index of reliability and confidence in the buyers – SCI.
When there is a goal not only to get statistic data but to find out deep motives and values of the customers, qualitative research is conducted:
Manufacturers and brands need to be sure that their products are represented in a trade network at a high level and all merchandising rules are observed. In order to control the work of merchandisers, employees of locations and promoters the following research is conducting:
General productive efficiency of a company depends on proper specialization of labor. To arrange working process successfully you may through the use of:
CORRELATION ANALYSIS OF FINANCE INDICATORS AND RESEARCH RESULTS
The sales are slumping, the customers are increasingly frequently complaining and come over to competitors and average purchase amount is decreased: “Probably a company has high prices” – someone may think. Unfortunately that will be just a guess. Marketing research can help to find out a real cause of financial failures.
Exploratory objective of marketing research lies in valid information collection in order to assess a problem and to structure it. Research performs an analytical function of marketing activity. Marketing research, like a mirror, reflect standing of a company at the market, customer attitude to a company and actual service quality. It gives valid data for improvement of goods and service, sales growth and service development.
Complex approach to study of a problem allows assess all the aspects having an effect on finance indicators of a company and customer loyalty.
Practical example: The employees are constantly checked by mystery shopper and results are good enough but there is customer outflow at a company. So what is the reason of it?
Such research as “Mystery shopper” effectively goes with assessment of customer satisfaction index and net promoter score, especially if the research has not been conducted before.
Practical compliance with standards may be at the level of 99% but not all the customers are satisfied. It follows that company standards are not corresponding to customer expectations and there is a high risk of losing them. In that context MTP recommends to carry out a number of focus group research and analysis of current standards.
Systematic inspections conducted by mystery shopper enable to monitor changes in service quality and to get a staff motivated. Bringing in of net promoter score study (every 3-6 months) makes it possible to hold financial indicators at a proper level. Regular monitoring of NPS index always shows the changes in customer needs and market fluctuation made by competitors.