Why It Matters
Research indicates that increasing customer retention by as little as 5% results in improvements to top line financial results of 25% to 120%. Moreover, maintaining a cadre of dedicated, loyal customers helps build your business through customer referrals and positive word-of-mouth. According to Hinge Marketing, firms that conduct systematic research on their current and potential clients grow from 3 to 10 times faster and are up to 2 times more profitable. Even without the evidence of the numbers, working to keep customers – especially those who are the most profitable for you – is just plain common sense. But success with a retention strategy requires knowing with precision what you must do to build and sustain customer loyalty. That’s where we come in.
How We Work
First we learn as much as we can about your business, your situation and your needs. Then we review your existing customer data and data collection methods, if any, so that we can build on what you already have in place.
Qualitative research to map customer expectations
Research typically begins with expectations mapping which is a highly sspecialised qualitative method used to gain a deep understanding of customers’ requirements.
Quantitative research to ascertain customer perceptions vs. expectations
Although the map by itself provides rich information, it is usually translated into a SERVQUAL quantitative survey that allows us to compare your performance against the:
- level of performance expected of an ideal provider
- level of performance that is minimally acceptable to customers
- perceived performance of competitors or the market overall
We use advanced statistical methods to identify underlying customer segments that cluster around drivers of customer value and to determine the factors that drive customer loyalty. This statistical modelling, with distinctive graphic feedback and exclusive priority setting tools drives outcomes such as the development of value-based segmentation schemes and the creation of deliverable projects to improve results. The result is data that is extraordinarily useful and actionable. We also excel at cross-cultural and multi-lingual surveys.
Executive Workshops on the research data
We don’t just hand you a report and disappear. Since we believe that information must be used in order to justify its costs, we facilitate action and implementation planning workshops of your leadership team to present results. We also provide consultation and assistance with implementation, change management, communications, and executive and employee alignment. The workshops provide hard to challenge, objective data which can educate all your employees and provide information for scorecard measures and targets. It is totally crafted around your own clients, so provides deep insight into customer behaviour and company performance to which your competitors do not have access.
Who We Work For
Over twenty-five years, we have conducted Strategic Customer Research for leading companies in virtually every major industry including financial services, equipment manufacturing, chemical, pharma, credit rating services, retail, advertising , real estate, engineering consultancies, hi-tech manufacturing, distribution and even the performing arts.
The benefits to you
- Allows the development of customer-focused questionnaires based on what matters to customers and not only based on what the company’s managers want to know
- Allows the development of highly ccustomised questionnaires targeted to your customers
- Unusually broad and in-depth information not obtainable through other means
- Not generic data; specific to the client company. Data are easy to understand and work with
- Measures the gaps between your performance, ideal performance, and competitors’ performance
- Identifies all key areas where your performance fails to meet customer expectations
- Usually generates high response rates because customers see the questions as relevant
- Drivers of outcomes are determined
- Value-based segmentation schemes can be developed
- Executives more likely to take action on the data