Market Research- Methodologies and the Benefits they can bring for your firm in 2022.

Market Research is a journey, not a destination. And with the new year coming in, we have to set eyes on our plans of employing the vast benefits of market research in our industry landscape.

There are a variety of market research methodologies to explore in 2022, depending on their suitability for your firm. We have some of the best in the pool shortlisted for you to consider. Let’s take a deep dive into them and what these methodologies bring to the table for your business.

1- Generate new business with non-customer surveys

Non-customer surveys are an excellent tool for all types of businesses. Depending on your target market, whether national or local, surveying non-customers can provide extensive insight into why your prospective buyers are not currently doing business with you.

It can be challenging to obtain contact information for folks who fit your client persona but are actively doing business with someone else. However, the idea is to employ an innovative and time-tested method for recruiting survey respondents that closely match your ideal customer. Sample sources may include third-party panels, paid social media ads, or a combination of the two.

2- Increase customer retention with customer experience programs

Organizations are increasingly understanding the value of a structured CX programme for their business for every new customer or client who leaves, ultimately taking a piece of your business to a competitor organisation.

One of the most important reasons why clients quit a firm or opt-out of a transaction is due to bad customer service. Hence the development of a structured customer experience programme may enable your firm to monitor customer satisfaction and dissatisfaction.

Customer data is collected on a regular basis with the assistance of a market research organisation, allowing for the tracking of good and negative developments as they occur. This enables your firm to respond quickly to negative comments and decrease the number of clients that defect to a competitor.

3- Improve team satisfaction with employee engagement surveys

Losing high-performing personnel can have a significant financial impact. Not to mention the substantial expenditures associated with onboarding new employees.

By obtaining employee feedback, firms can have a better understanding of their employees’ requirements, enabling them to become more effective brand ambassadors, performers, and less likely to look for a new job.

The employee survey procedure is pretty straightforward. However, for some firms, the most difficult component of the process is accepting genuine, unbiased, and confidential input from employees. Here a market research firm can very effectively function as a middleman.

IBI can provide a detailed market research plan after learning more about your organisation and unique business objectives. Let’s create a very holistic space for your organisation in 2022 powered by research and real-time intellect.