Using market research to better understand performance, employees, sales, and customer satisfaction is great first step in driving the success of your organization. But...there is something even better! Continuously measuring and tracking performance is the best way to understand progress and change.
A market research company is often asked to measure awareness, perception, satisfaction, as well as other metrics. Measuring these metrics once helps organizations understand its placement in the market.
Continuously measuring these metrics helps organizations understand where they have been, what strategies have worked, the ROI of strategies used, as well as other benefits. Learn more below!
What's greater than conducting market research? Using marketing research on a continual basis to track and measure the performance of your organization. Check out these 6 benefits below.
#1: Eliminating temporal biases
Temporal bias is when someone believes market and/or industry changes are more likely to occur in the distant future rather than the near future. Moreover, current conditions are always perceived as better than they will be in the future.
It is important for organizations to be prepared, stay ahead of the competition, and have the ability to adapt to consumers' needs.
By using continuous performance measurement and tracking, organizations get insight into market and industry changes. Maybe current conditions are great. Or, maybe current conditions are just OK. Rather than guessing at future market and industry shifts, use market research to keep tabs on consumers.
#2: Better understanding of market fluctuations
Market fluctuations can be unpredictable. However, similar to eliminating temporal biases, having a better understanding of market fluctuations makes organizations more adaptable and successful when taking on new opportunities.
Having a better understanding of market fluctuations does not always mean consumers are more or less likely to make a purchase. Instead, think of market fluctuations as changes where money is being spent. Through continuous performance measurement and tracking, organizations can get an inside look at these changes, understand why, and take on new opportunities.
#3: Continuous stream of real-time data to monitor progress
Access to a continuous stream of data to monitor progress is one of the most important benefits of continuous performance measurement and tracking. Changes are always occurring among internal organizational practices as well as outside factors.
Consider changes such as staff, management, locations, product/service line, market, organizations entering or leaving the market, etc. All of these changes effect key performance indicators (KPIs).
Continuously measuring and tracking performance is the best way to understand how changes, whether it is realized or not, effect consumers' mind sets.
First time you've ever considered measuring KPIs? Here are the 6 most important KPIs your business should measure.
#4: Identify problems in real-time
If an organization is continuously measuring and tracking performance, it is bound to get critiques or negative feedback. Of course, it is disappointing to receive negative feedback but this allows the organization to improve. Without asking for feedback, organizations miss out on tons of great reviews and information. So much so, our market research firm believes there is much more benefit in obtaining negative feedback, than all positive. This helps identify what areas are most important to improve.
Another way to continuously measure and track performance is through online reputation management (ORM). ORM allows an organization to survey customers and ask for a review. If the review is poor, management is notified in real-time so it can be addressed without the issue being spread further online. If the review is good, however, the customer is directed to write a review on Google, Facebook, etc. which benefits the organization's online reputation and SEO.
#5: Quickly explore pertinent questions
A great benefit to continuously measuring and tracking performance is being able to make updates to the survey to address new needs.
For example, suppose a new competitor enters the market and the organization wants to understand what consumers know about the competitor and/or the perception of the competitor. The survey could also be used to test new ideas, marketing tactics, opportunities, etc.
#6: Continuous customer engagement
Saving the best for last, continuously measuring and tracking performance helps organizations stay in tune with customer engagement. By regularly surveying customers, organizations stay top of mind.
"Regularly surveying" may vary for each organization. Factors that effect how often surveying is conducted depends on the needs of the organization. One organization may benefit from surveying customers yearly. Another organization may opt to survey customers after they make a purchase.
Another option is to conduct monthly satisfaction surveys. Learn why you should conduct monthly satisfaction surveys. You don't want to miss out!
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Drive Research is a market research company located in Syracuse, NY. Our team creates customized market research studies for a variety of industries and markets.
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