Market Research You Should Be Doing Every Year

The mark of a new year or new quarter typically means new and improved business strategies will be unleashed. These new strategies may include the need to get a deeper understanding of your customers, what consumers think of your brand, how satisfied employees are, and more.

Before creating these new strategies during a team brainstorming session turn instead to data. The data gained through market research gives an organization the tools to develop strategies based on feedback from key audiences rather than internal gut-feelings. Market research professionals craft custom research methodologies and create in depth reports which gives teams the data needed to ensure new strategies are set up for success.

Find out more below!

Market Research You Should Be Doing Every Year

Learn about the types of market research to do every year.


Voice of Customer Research

Voice of Customer (VoC) research is powerful. A variety of objectives can be accomplished through VoC research giving organizations data to fuel new business strategies. It answers questions such as the following: How effective are our current advertising initiatives? Do customers think our organization is easy to work with? What are our strengths and weaknesses from the minds of our customers?

VoC research can be done through quantitative research (e.g. online surveys), qualitative research (e.g., in-depth interviews, focus groups, etc.), or a combination of both. Oftentimes an online survey is the research method chosen for organizations because it offers the ability to reach more (if not all) customers rather than a select few being chosen to participate in focus groups or in-depth interviews.

Conducting VoC research every year helps users understand the outcomes of past and new strategies, and how organizational changes have affected customers. VoC research gives organizations the tools to heighten strategy, and doing it yearly will ensure new strategies continue to give the organization a competitive edge.

Learn all about VoC research and the benefits here.


 

Ongoing Customer Satisfaction Surveys

Want to know how satisfied customers are on an ongoing basis? Ongoing customer satisfaction surveys allow organizations to understand satisfaction trends weekly, monthly, quarterly, or yearly.

The key benefit to ongoing customer satisfaction surveys is the ability to adapt overtime. At Drive Research we are able to provide reports on data as often as the organization would like, even live data reports which show up to the second data. Keep an ongoing pulse on customer satisfaction, pain-points, and more with ongoing surveys. You can identify pain points in-the-moment and act to have them resolved quickly.

Wish you knew more about the ins and outs of ongoing customer satisfaction surveys? Let us guide you!

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Employee Satisfaction Survey

Employee satisfaction or Voice of Employee (VoE) surveys pass the mic to employees. Understanding employee satisfaction, how that satisfaction compares to the industry average, and how satisfaction has changed overtime gives organizations the tools to adapt year over year.

In many businesses, it's oftentimes the employee that customers feel they have a relationship with rather than the business as a whole. Knowing employees become the "face" of the organization from a customer standpoint is just part of the reason why employee satisfaction surveys are critical.

It's important to note that a third-party market research company should be used for employee satisfaction surveys to ensure anonymity for employees. Market research professionals will ensure employees of anonymity and confidentiality whether the survey is sent via mail or email, which also ensures honest feedback to base new employee satisfaction strategies on.


Brand Equity Study

Interested in learning what consumers think about your brand? Enter brand equity studies. Brand equity studies, sometimes referred to as image and awareness studies, give organizations an inside look at several factors such as overall awareness, brand perception, comparisons to competitors, and more.

A brand equity study is custom research developed based on the research objectives. These studies can target specific segments of the population (e.g., gender, income, martial status, etc.) as well as geographic areas of interest. The results of yearly brand equity studies can be used to understand how customers value a brand and put data into perspective so organizations are able to enhance strategies year over year.


Contact Our National Market Research Firm

Drive Research is a market research firm that fuels better strategies for organizations across the nation. Want to learn more about our team? Or, do you have a question for us? Don't hesitate to reach out. We're here to help.

Contact us at via email at info@driveresearch.com or call us at 315-303-2040.

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