More and more companies are developing formal customer experience (CX) programs to help provide their organization with strategic insights they need to expand their book of business.
Before we get into why your company should have a formal CX program in place, let’s quickly discuss the what.
What is customer experience market research?
CX research measures a customer’s journey through multiple touchpoints. It is more than measuring a single transaction or relationship. A customer experience program, therefore, is more than one survey or focus group.
CX market research utilizes various studies to map out a customer’s journey and understand what impacts motivations, engagement, and loyalty.
Our customer experience market research company shares three reasons every organization needs a formal CX program in place.
Regularly Collected Data
As referenced above, a customer experience program involves more than one single qualitative or quantitative market research study. It involves continuous outreach to customers in order to collect the most accurate and current data.
With customer experience programs, feedback and data are collected on a regular and ongoing basis. This allows your organization to keep a pulse on customer satisfaction as you are able to measure both positive and negative changes over time.
A benefit to continuous market research is that companies are able to react to poor customer experiences in real-time. It helps alleviate a negative situation and turn detractors into promoters. A customer experience program also allows companies to stay up to date with consumer trends and fill any gaps in the market before competitors.
An important aspect of developing a CX program is implementing channels to distribute the information to your entire organization. The insight collected through customer experience market research will not only help the marketing team but also accounting, human resources, product development, and so on.
For example, a manufacturing company executes a regular customer experience program with a full-service market research company such as Drive Research. Over time there has been a rise in customer complaints with their brand of washing machines.
The manufacturing company learns that there is little longevity of the product and works to build a model that can last through wear and tear. Customers who reported poor experience with their washers are given a discount on the new model or have the option to receive a free maintenance repair.
Listening to customer concerns and complaints, then acting quickly to resolve the situation is the best thing any organization can do to establish customer loyalty. A formal customer experience program makes this possible.
Acting on your customer experience data and implementing customer-facing changes or internal changes, will allow your company to improve customer satisfaction, retention, and loyalty. Together, these improvements will ultimately increase business profitability at your organization.
Don’t ignore customer experience data. In fact, it costs less money to improve customer experience than it does to ignore it. Talk to our CX research company about how we can help your organization today.
Drive Research is a customer experience (CX) market research company in NY. Our team works with clients across the country in a variety of industries to build out custom market research and CX programs.