Research into Markets and CRM
Customer relationship management is one of the best fields in which market research can be applied. It enables a company to receive precise and insightful feedback on their performance, and through a variety of customer opinions, it enables them to comprehend how their target market feels about them. The subjects listed below are just a few where market research could provide insightful feedback:
Obtaining pertinent information for future market expansion.
Prior to investing in product testing and production, determine whether a new product is feasible and likely to be accepted by consumers.
Determining the cost sensitivity of the target market.
Finding novel product features that will appeal to consumers and being aware of the advantages and benefits they may offer.
Identifying the hidden qualities that a product possesses and figuring out how to use those qualities to get them in front of customers.
Determining the extent to which customers are satisfied with the company, particularly with regard to performance, technology, quality, service, cost, and completion schedule.
Identifying the strong points to build on and the weak points to strengthen in order to ultimately increase customer satisfaction.
Creating a database of competitor information and using this database as a benchmark or reference based on customer feedback.
Identifying the main areas where the company outperforms its rivals and those where they lag behind them
Finding market trends and the causes behind them.
Discovering the causes of bad business and figuring out which regions are most affected.
Offering commercial solutions for common issues in all aspects.
Figuring out which purchasing channels customers prefer. Do they prefer making purchases online or in person?
Finding perspectives for the future.
In many organizations, managers and executives frequently interact directly with customers. Face-to-face interactions with customers result in a few negative reviews because doing so could be embarrassing. In a similar vein, they are hesitant to offer compliments out of concern that doing so might reduce their leverage in negotiations with suppliers. Therefore, it is crucial for the company to conduct market research and analyze the real feedback that they are unable to obtain from the customers.
In other situations, where customers are not present in person, suppliers are unable to directly solicit feedback from them. Only agents or middlemen who are infrequently atomistic and do not understand the true meaning can provide them with direct feedback. More thorough and analytical data is needed to produce business results and conclusions. To obtain appropriate and trustworthy customer feedback, it is therefore always imperative to conduct accurate market research or surveys.
This market research is integrated into CRM systems like market intelligence and is based on current customer data. Because of the integration of this data, all organizational departments can access it from a single location. However, it is also verified to ensure that no department without the necessary access cannot access confidential data. For instance, notifications of customer late payments should only be accessible by the accounting department and not by customer service departments that are open to the public. Despite being centrally stored in a single CRM system, the data is intelligently integrated and customized.
Integration of market research and CRM has proven to be very effective because it reduces the amount of time required for analysis and produces more reliable results than conventional market research methods.
