“The customer is always right”. That’s one of the first things you’re told when starting a career in business. After all, these are the people that are responsible for buying our products/services and keeping our enterprise afloat. Therefore it makes sense to pay keen attention to what the customer wants. In fact this data should not only be taken on board, but should play a key role in shaping a marketing strategy.
Customer data is valuable, especially first party data. This provides high quality insight into consumer behaviour, and acquiring this data is big business.
The Market Research Society (MRS) recently published an article demonstrating that the UK research market has increased by 62% to £4.8 billion.
John Gambles, Chairman at Quadrangle Group commented, “In the second wave of digital, whoever can integrate research and data and turn this into value for clients has tremendous, unprecedented power. It is an enormously exciting period of change for our sector”.
Whilst businesses are investing more and more into market research, the ROI on this investment is potentially massive. In a survey of North American marketers, 81% who regularly used first party data reported the strongest ROI from data-related investments.
It’s easy to see why. This data gives us first hand insight into what people think about companies, their experiences with them and what they could do to improve. Acting on this feedback and making evidence-based decisions can lead to big rewards.
- On average 86% of buyers will pay more for a better customer experience.
- Studies show that 55% of consumers aren’t likely to stay with a company who ignore feedback.
- A 5% increase in customer loyalty would increase the average profit by customer by 25% – 100%
The infographic below showcases the boom in the market research industry as well as demonstrating the power this data gives businesses and why it should play a key role in your marketing strategy.
Infographic by SmartSurvey