Do Less Market Research But Know Much More About Your Customers

Do you always need the market research studies you run?

You might have seen a recent post of mine on LinkedIn where I said how frustrated I am with marketers who start with a survey when they have a question, rather than ending with one.

If you too have this habit, then I want to share how you can do fewer surveys and yet still know much more about your customers. 

Let me start by saying that I am not suggesting that companies don’t run market research. Rather, I am proposing that they don’t conduct a survey before having reviewed their current situation in detail. And in particular, the information that is already available inside the organisation.

In many companies, there is far more information available than people realise. Research shows that 68% of data is not used by businesses who invest in it — that’s over two-thirds of data – and budgets – wasted!

To make optimum use of your resources – time, money, and people – my suggestion is to first gather and analyse what is already available. In this way, any research that is conducted will be far more focused, and usually faster and cheaper too!


In my CATSIGHT™ process for actionable insight development, data gathering is the sixth of the seven steps! If you’d like to learn more about it, then do check out my online course on the topic. In under two hours, you will learn how to easily develop insights that can be immediately put into action.


 

Ten Reasons NOT to Run Market Research

One of my cornerstone posts here, which continues to receive hundreds of views every month is “Ten reasons NOT to conduct market research.” In summary, I advise leaders to avoid surveys:

  1. Where the objectives are not well defined, and the issue or opportunity needs further clarification.
  2. Where the cost of running the survey exceeds its value, especially in how the information will be used.
  3. Where the budget is too small to do an adequate job of information gathering. In this case, corners will be cut, either in terms of the depth of the investigation or in the sample size.
  4. Where the time available to run and report on the project is too short. This is often a problem when new products or communication campaigns are being tested, and there is a delay in their delivery for testing.
  5. That could “tip off” the competition by researching the confidential topic. Obviously running projects on ultra-secret development work is ill-advised unless you carefully control who is interviewed.
  6. Where the findings would not be actionable. Hopefully, this can be avoided by having detailed clarification of the objectives of the study.
  7. That are motivated by internal politics, such as to prove a point, rather than by a need for information.
  8. That are designed to measure trends that progress too slowly or too fast and thus will provide insignificant changes.
  9. Where the agency used to gather the information is unreliable or unethical. This may
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In Today’s Competitive Market, AI is the Key to Winning Customer Loyalty

If you haven’t already heard, AI is the key to winning customer loyalty today!

As the digital revolution transforms the business landscape, customers demand more from their interactions with companies.

They expect personalised, seamless experiences across all channels and touchpoints, and they want their needs to be anticipated so they are met both quickly and efficiently.

To address these expectations, businesses realise that AI is the key to helping them deliver exceptional customer experiences that are both personalised and efficient.

So let’s explore how AI can help your organisation improve your customer’s experience and provide some valuable tips for seamlessly integrating AI into your customer-first strategy.

 

AI is the key to customer satisfaction through personalisation

AI can help businesses meet their customers’ expectations by providing personalised recommendations, tailored messaging, and customised experiences.

One way of doing this is through chatbots and virtual assistants. These tools can help businesses provide instant support and assistance to customers 24/7. They can and should be programmed to recognise each individual’s preferences and behaviours.

Chatbots and virtual assistants can also help businesses collect data on customer interactions, which can then be used to improve the accuracy and effectiveness of customised recommendations.

Another way to personalise customer experience is by making use of predictive analytics. By analysing customer data, businesses can identify individual preferences and behaviour patterns. It can then use this information to personalise their products and services further.

For example, a retailer might use predictive analytics to recommend products based on a customer’s past purchases. A bank might use predictive analytics to offer customised financial advice based on a customer’s spending habits.

 

AI is the Key to Customer Loyalty and Efficiency

Efficiency is another critical component of delivering an exceptional customer experience. Customers want their needs to be met quickly and efficiently, and they expect businesses to be responsive and proactive in addressing their concerns. AI can help companies to improve efficiency in several ways, from reducing response times to automating routine tasks.

One way to improve efficiency is through chatbots and virtual assistants. These tools can provide instant support and assistance to customers, reducing response times and freeing human agents to focus on more complex issues. Chatbots and virtual assistants can also be programmed to automate routine tasks, such as scheduling appointments or processing payments, further improving efficiency.

Predictive analytics can again be used to also improve efficiency. By analysing customer data, businesses can anticipate customer needs and proactively offer solutions before a customer even realises they have a problem.

For example, a telecommunications company might use predictive analytics to identify when a customer’s data usage is about to exceed their plan limits and proactively offer them an upgrade to a larger plan. With an attractive incentive to do so, this will result in a win-win for both the business and their customers.

 

Best Practices for Integrating AI into Your CEX Strategy

Integrating AI into your customer experience strategy can be a complex process, but there are some best practices

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