Page 29 - April2015Spectrum
P. 29
RESEARCH EXPERT
Market research is an important part of any business and there are many diferent ways of obtaining
this informaion to beter understand what our customers are really thinking. The quesion we need to
ask ourselves is, “Are we doing it right?”
Market Research: Are We Doing It
Right?
Does your company truly understand its customers? such as Google+ and provide comments about their experience. Some
If you were to ask this quesion to business owners, their answer would companies might see this as free adverising, paricularly when the
probably be “YES”. However, the truth is that many companies under- reviews are posiive. However, what do companies do when they receive
stand only a small porion of who their customers are and what they are negaive feedback? If a company only has a few reviews then receiving
really thinking. Why? one negaive comment might be suicient to damage a company’s online
1) Inaccurate memory reputaion. Some business owners might not even know these reviews
exist, but this informaion might be how the public irst learns about their
It’s human nature to only remember the things that are most important company. Online reviews also atract extreme viewpoints about your
to be recalled. For example, you probably don’t remember what you ate company. That is, a person who voluntarily logs onto these sites is likely
for dinner last Wednesday. However, that meal might stand out in your moivated by an extremely good or bad experience. However, companies
mind if you got food poisoning. Our memory doesn’t work like a video re- should have more control over branding, paricularly, the message that is
corder by allowing us to accurately pull up footage about our past experi- placed online about their products and services.
ences. Sill, many companies ask customers to ill out surveys online ater
they leave their establishment. One issue with this approach is that most What are the alternaives?
people don’t run home to ill out a survey, if they do at all. This means Companies should consider collecing real-ime data about their custom-
that companies don’t have control over when customers complete the ers. This approach addresses the previously stated issue with memory by
survey and in turn, how this ime lag afects recall. If you wouldn’t rely asking customers to complete the survey while they are sill in the estab-
on an eyewitness account given days or weeks later then why would you lishment. However, not seen with the previous methods, real-ime data
base important decisions about your company on this type of informa- allows business owners to keep track of incoming informaion and take
ion? acion before an issue intensiies. Real-ime data also helps business own-
2) Small sample size ers to use informaion in a proacive way by allowing them to anicipate
trends and navigate future problems.
Some companies use paper surveys, which have the advantage of being
completed while customers are sill in your establishment. One disadvan- Finally, companies should consider being creaive with their market re-
tage is that you need a person dedicated to inpuing the survey data and search, such as entering customers in a draw for a small prize in exchange
analyzing the results. Similar to online surveys, paper surveys also sufer for their completed survey. Surveys should also be short with approxi-
from low response rates. Research shows that about 1,000 responses are mately 5 - 8 quesions to ensure a quick and posiive customer experi-
needed to ensure you have a representaive sample in terms of age, gen- ence.
der, ethnicity, educaion and socioeconomic status. However, from a busi- You owe it to your company to make informed business decisions while
ness standpoint, you might be saisied if you hear from 100 customers. ensuring that your customers receive the highest quality of service. Good
This begs the quesion: “Do the people you survey staisically represent market research can go a long way in helping companies to achieve these
the opinions of your larger customer base?” If they don’t then why are goals.
you tailoring your company to a minority of your clients?
Ryan Winter is the Founder/CEO of Client Care Audit Inc., a company
3) Extreme viewpoints based in Cambridge that conducts market research through mobile apps.
A new approach to understanding what your customers think involves For more informaion, please go to: www.clientcareaudit.com
online reviews. Here customers voluntarily log onto a social media site,
www.cambridgechamber.com Spring 2015 29
Market research is an important part of any business and there are many diferent ways of obtaining
this informaion to beter understand what our customers are really thinking. The quesion we need to
ask ourselves is, “Are we doing it right?”
Market Research: Are We Doing It
Right?
Does your company truly understand its customers? such as Google+ and provide comments about their experience. Some
If you were to ask this quesion to business owners, their answer would companies might see this as free adverising, paricularly when the
probably be “YES”. However, the truth is that many companies under- reviews are posiive. However, what do companies do when they receive
stand only a small porion of who their customers are and what they are negaive feedback? If a company only has a few reviews then receiving
really thinking. Why? one negaive comment might be suicient to damage a company’s online
1) Inaccurate memory reputaion. Some business owners might not even know these reviews
exist, but this informaion might be how the public irst learns about their
It’s human nature to only remember the things that are most important company. Online reviews also atract extreme viewpoints about your
to be recalled. For example, you probably don’t remember what you ate company. That is, a person who voluntarily logs onto these sites is likely
for dinner last Wednesday. However, that meal might stand out in your moivated by an extremely good or bad experience. However, companies
mind if you got food poisoning. Our memory doesn’t work like a video re- should have more control over branding, paricularly, the message that is
corder by allowing us to accurately pull up footage about our past experi- placed online about their products and services.
ences. Sill, many companies ask customers to ill out surveys online ater
they leave their establishment. One issue with this approach is that most What are the alternaives?
people don’t run home to ill out a survey, if they do at all. This means Companies should consider collecing real-ime data about their custom-
that companies don’t have control over when customers complete the ers. This approach addresses the previously stated issue with memory by
survey and in turn, how this ime lag afects recall. If you wouldn’t rely asking customers to complete the survey while they are sill in the estab-
on an eyewitness account given days or weeks later then why would you lishment. However, not seen with the previous methods, real-ime data
base important decisions about your company on this type of informa- allows business owners to keep track of incoming informaion and take
ion? acion before an issue intensiies. Real-ime data also helps business own-
2) Small sample size ers to use informaion in a proacive way by allowing them to anicipate
trends and navigate future problems.
Some companies use paper surveys, which have the advantage of being
completed while customers are sill in your establishment. One disadvan- Finally, companies should consider being creaive with their market re-
tage is that you need a person dedicated to inpuing the survey data and search, such as entering customers in a draw for a small prize in exchange
analyzing the results. Similar to online surveys, paper surveys also sufer for their completed survey. Surveys should also be short with approxi-
from low response rates. Research shows that about 1,000 responses are mately 5 - 8 quesions to ensure a quick and posiive customer experi-
needed to ensure you have a representaive sample in terms of age, gen- ence.
der, ethnicity, educaion and socioeconomic status. However, from a busi- You owe it to your company to make informed business decisions while
ness standpoint, you might be saisied if you hear from 100 customers. ensuring that your customers receive the highest quality of service. Good
This begs the quesion: “Do the people you survey staisically represent market research can go a long way in helping companies to achieve these
the opinions of your larger customer base?” If they don’t then why are goals.
you tailoring your company to a minority of your clients?
Ryan Winter is the Founder/CEO of Client Care Audit Inc., a company
3) Extreme viewpoints based in Cambridge that conducts market research through mobile apps.
A new approach to understanding what your customers think involves For more informaion, please go to: www.clientcareaudit.com
online reviews. Here customers voluntarily log onto a social media site,
www.cambridgechamber.com Spring 2015 29
