Is your company planning to conduct market research? Here are a few things to consider beforehand:
Transaction vs. Non-transaction Based Studies
Transaction based studies are based on a recent, specific transaction or transactions. Examples of such research would be:
New/Increased Account Studies
Closed/Decreased Account Studies
Non-transaction based studies are not based on a specific transaction or transactions but focus on general retention and/or acquisition issues. Examples of such research would be:
Brand Image Studies
Customer Satisfaction Studies
New and Increased Accounts
New and increased accounts research provides insight into customers’ choices and experiences in selecting products. Additionally, it illustrates if service/ product standards are met and orders are handled correctly.
Lost/ Decreased Accounts
Account losses/decreases contribute to declining market share and this analysis pinpoints problem areas. This research is used to understand “normal” attrition and what is retainable (and how). With this method, it is possible to track changes over time.
Brand Image
The main goal of brand imagining main goal is to define your company's position in the marketplace. This can help you determine if you are attracting your intended audience, understand your ability to compete for new accounts, understand a company's vulnerability to lose current accounts and to accurately target potential customers.
Customer Satisfaction
The purpose of a customer satisfaction study is to identify customer expectations and determine the key drivers of customer satisfaction. Pinpointing factors that most impact on overall customer satisfaction and loyalty and measuring performance on an on-going basis are two objectives of this study. This allows your company to take action based on specific benchmarks and results.