Customer experience market research provides insights into how shoppers interact with a specific brand.
Gathering these insights will help brands better understand the needs, preferences, and opinions of their customer base. In turn, they will be able to learn about their brand works, and what could use some improvement.
Ultimately, the goal of any customer experience project is for brands to develop a stronger bond with their shoppers (and hopefully gain more in the process).
Keep reading to learn more about this valuable market research method.
What Is Customer Experience Market Research?
Conducting customer experience market research is the process of gathering feedback from current shoppers to measure their interactions with a brand. Most commonly, this is done using online surveys sent out to customers via their email addresses.
The goal is to understand what impacts the customer's journey from start to finish, and how those interactions can be improved upon. Instead of only guessing what customers may want improved, brands can now make informed decisions using this data.
Additionally, brands can create a long-term customer experience using market research tools. This will ensure they stay on top of trends as they emerge and remain successful.
Benefits of CX Market Research
The list of benefits from customer experience market research is nearly endless. After all, what can a brand lose by learning more about their customers? Nothing!
Below, we'll briefly cover some of the key benefits.
Enhanced Customer Understanding
Brands are better able to understand their customers when they have direct access to their feedback.
With this, they can learn about customer pain points, trends, shopping preferences, and more. This feedback will help brands implement new shopping experience strategies, which can help encourage customers to become repeat buyers.
Improved Customer Satisfaction and Loyalty
Research has shown that 77% of consumers have remained loyal to a specific brand for 10 years or more. This is exactly why conducting customer experience research is critical, as it not only increases satisfaction rates, but boosts loyalty as well.
By using this customer feedback, brands will continuously prove to their shoppers that they value their feedback. This creates a bond with customers, which can ultimately lead to increased loyalty.
Increased Revenue and Business Growth
Implementing customer experience market research can help boost revenue and promote business growth.
This is mainly a result of brands addressing customer needs, pain points, and other related details. By correcting any issues, the brand will likely see an increase in happier customers. This can lead to more word-of-mouth referrals and online reviews, increasing their customer base.
To build upon this, brands can begin to regularly improve products/services and create new ones, which can reduce attrition and draw in new customers.
Strategic Decision Making
When brands invest in customer experience market research, they can make accurate, data-driven business decisions.
After carefully analyzing the customer data and trends from the feedback, brands are better equipped to make these informed decisions. In other words, this type of research eliminates the guesswork when it comes to the customer experience.
As a result, brands are able to create stronger connections with their customer base.
Steps to Measuring Customer Experience
Gathering customer experience market research can be done internally or using a third-party customer survey firm. We suggest partnering with a firm like ours to get the most out of the customer feedback.
Kickoff Meeting
To begin, the market research team will meet with the client in a kickoff meeting.
These meetings are essential, as they provide both teams with a chance to review the project timeline, key goals, and any other questions the client may have.
Survey Design
After the key goals have been identified, the research team can get to work crafting the customer survey.
Typically, the survey will include a range of question types to gather the most well-rounded customer feedback. These can range from rating scales to open/close-ended questions.
Soft Launch
At this point, the research team will soft launch the customer survey. This means that the survey will only be sent out to a small pool of respondents.
That way, if there's an issue, it won't be seen by the entire respondent pool and can be corrected.
Fieldwork
Once the survey is tested and good to go, it will be sent out to the customers. Fieldwork can be as short as a few weeks to a few months--it all depends on the needs of the client and their main goals.
Data Cleaning
Once fieldwork wraps up, the survey data is then cleaned and carefully reviewed by the research team. At this point, they will keep an eye out for any suspicious answers that may impact the overall data quality.
Take a look at our video to learn more:
Analysis and Reporting
When partnering with a third-party market research team, they will glean important insights from the data along with relevant interpretations.
These points will make it into the final market research report, which will be provided to the client. A good report will not only include key data points, but will also include recommendations from the team.
Debrief Meeting
Finally, the research team will hold a debrief meeting with the client to review the report in person. Similar to the kickoff meeting, they will use this time to answer any final questions the client may have, successfully wrapping up the project.
Contact Our CX Research Company
At Drive Research, our team of CX pros will partner with your business to gather quality customer insights. We'll guide you through the process, ensuring you receive relevant data specific to your needs.
To learn more about our market research services, get in touch with us today.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Lark Allen
As a Content Marketing Specialist, Lark has a strong background and passion for creative, professional, and journalistic writing. She is also a self-proclaimed music freak and 90s enthusiast.
Learn more about Lark, here.
