Suppose you are driving your car on a dark and curvy mountain road, on a rainy night, with a very foggy front windshield, dim headlights, and a perfectly clear rear view mirror to guide your path forward? It’s not a comforting scenario. Surprisingly, this is how many companies still operate when attempting to understand and improve their customers’ experiences and the resulting customer satisfaction (or JD Power/Net Promoter) ratings. They know a great deal about the past but very little about the future; they know a lot about the average customer but very little about the individual customer.
Analytics or intuition? What’s most important? There’s a spirited debate around this question. Are the big data and analytical “quants" really going to rule the new world? Or, will the more intuitive and creative types offer leading companies the competitive edge? A quick review of three independent surveys across thousands of companies yields this answer: analytics is your winner. Let’s take a look at our three sources: Bain & Company, MIT Sloan Management Review, and the Product Development Institute (related to Stage-Gate International).
If you have been a silent advocate for all the benefits that market research (MR) can bring to your company, then we’re here to help you find your voice. Our Ultimate Guide to Proving Your Market Research ROI brings research to the forefront as a key player in achieving business objectives, optimizing strategies, and—most importantly—improving return on investment (ROI).
It’s already a couple months into the New Year, but it’s never too late to discuss emerging or already popular trends in market research.
In the first 2 installments of this 3-part series, we made the case that market research return on invest (MR ROI) can be boosted by asking 5 key questions at the outset of a project and using action standards and benchmarks.
As we discussed in part 1 in this blog series (Market Research ROI: 5 Questions to Make Your MR Pay Off), market research, like any investment in information, should demonstrate a clear return on investment (ROI).
Plenty of people like hot tea. Many others love iced tea. Anyone for lukewarm tea? Didn’t think so. Well, if you’re launching new products and expensive advertising campaigns without segmenting your customers, you might as well be serving lukewarm tea. Too many companies develop products, services, features, and ad campaigns that attempt to satisfy the average customer or the average preferences of their customers. Here’s the catch: there isn’t an average customer.
Sometimes market research (MR) takes literal rocket science, and sometimes it isn’t all that complicated, but ultimately, it’s always the right investment to make—so says the MR firm. Really? How do you know if it’s the right investment?
Every day in offices and cyber-meetings all across the world, product management teams and innovation gurus are brainstorming new ideas for products and services. But how effective are their brainstorming efforts? And how many of their new concepts really succeed in the real marketplace?
FGI Research and Chartwell release new power quality and reliability (PQR) satisfaction simulator When it comes to electric utility companies, customer satisfaction is an extremely high priority. In many circles, the satisfaction ratings from J.D. Power are the coin of the realm for electric utilities and their regional “competitors.” And when it comes to customer satisfaction, power quality and reliability (PQR) is a key driver for any electric utility. In response to tremendous demand for more insights and actions that directly improve customer satisfaction ratings, FGI Research and Chartwell have created the PQR Satisfaction Simulator™.