Your company earned a 64% customer satisfaction score. Is this a good score or a bad score? How does this 64% customer satisfaction score compare to peers and competitors? How does this score compare to your industry overall?
Conducting market research of any kind is critical in moving your business forward. However, what good can it do if you don’t know how to measure or compare the results? There are 4 important benchmarks to measure in market research. This includes areas such as:
- Your competitors
- Your industry
- Best-in-class brands
Still scratching your head? Sit back, relax, and watch as our market research company explains each of these benchmarks in a little more detail.
The first marketing research benchmark to measure? Yourself (and if we’re being honest, it’s probably the best benchmark to take a closer look at). Those who perform regular market research, or have completed market research in the past, can take this data and see how it has improved to the research completed in present day.
For example, a market research company conducted customer satisfaction research for a financial institution. The bank earned a 52% customer satisfaction score in Q1. The banking market research firm explained top drivers of dissatisfaction as reported by the bank’s members such as long wait-times to speak with a teller. The financial institution took this data to action and improved upon the areas driving dissatisfaction among their members.
In Q3, the banking market research company completed another customer satisfaction survey for the financial institution. Their customer satisfaction score increased by 12%. This showed the bank that their efforts to add more tellers during busy business hours helped improve their score.
Ask about satisfaction with a few competitors in your market research survey, and compare your results against them. Our market research company recommends asking questions such as:
- What do you like the most about [INSERT COMPANY]?
- What do you like the least about [INSERT COMPANY]?
- How did you first see or hear about [INSERT COMPANY]?
- How well does [INSERT COMPANY] meet your needs?
The answers to these questions can highlight what your competitors are doing right, what they are doing wrong, and what gaps you can fill for their customers. The feedback here can help drive an effective marketing strategy to best meet the needs of the market, based on the opinions of your target audience.
Interested in how the results of your employee engagement or customer satisfaction survey compares to that of your industry as a whole? Work with a market research firm who has access to industry benchmark scores on a more national or global scale.
Drive Research, for example, offers 86 different business sectors to choose from. Whether you are in the business of software, manufacturing, healthcare, or transportation, our market research company can deliver the appropriate benchmarks for comparison.
For example, a popular benchmark in market research is a net promoter score (NPS) to evaluate the percentage of promoters and the percentage of detractors for an organization. This score specifically helps businesses compare and understand their score in relation to national or global averages.
4. Best in Class
Lastly, benchmark your market research results against through best-in-class brands. It doesn’t hurt to do some secondary research on powerhouse brands such as Amazon and JetBlue (depending on your industry and product or service offerings) to see how you stack up against them. Often times our clients are not only interested in seeing how their scores compare to their top competitors, but best-practice brands in order to push to new levels.
This can also help attract new customers by using their reasons of detractors against them. For example, Walmart’s prices may be cheaper than yours, but what do customers have to say about their quality of products vs. yours? Turn their negatives into major positives of why customers should bring you their business instead.
Contact Drive Research
Drive Research is a market research company located in Syracuse, NY. Our team has the knowledge and tools to design a robust market research study, should it be the right fit for your business.
Interested in learning more about our market research services? Reach out through any of the four ways below.