Market Research helps companies to become more Customer Centric.
Research is crucial for companies that interact with customers. It provides companies with customer data, and makes it easier to understand preferences and buying behavior. Companies can also identify opportunities to attract and keep customers. Key ways too boost customer centricity include:
Some industries have traditionally been less customer-centric. Research helps these industries become more customer centric:
Many patients consider themselves customers seeking best care at affordable prices. They are the ones driving the healthcare industry. However, customer centricity in the sector has remained elusive. Many industry players are still trying to catch up in putting the customer first. Only a few hospital administrators and doctors focus on providing customer-centered services. This lack of customer-centricity is evident, even though patients are becoming more selective. They have the power to choose where to spend their money in health care.
Financial Services Industry
The financial services industry is a state-of-the-art sector. However, it has poor scores in customer centricity. The industry has had a push for digital transformation. However, financial services companies tend to have rigid cultures. This rigidity makes it difficult to achieve high customer satisfaction levels. Most financial services companies struggle with generating and translating customer insights. Quantitative and Qualitative Market Research can inspire better services and products for customers.
Frictionless Business is a rising trend in Finance. The idea is to reduce the barriers for customers to use products and services. Still, companies in this industry can benefit from delivering more customer centric experiences.
The telecoms industry is one that struggles the most in customer centricity. It includes cable TV, wireless, and telephone and satellite companies. Most companies in the industry are not set-up to become customer-centric. They operate on a yearly budgeting process with a well-defined top-down system. It leaves little to no room for bottom-up feedback. Besides, their customers compare products and services online before choosing a company. With such dynamics, telecom companies face a real challenge. Research helps the Telecommunications industry to become more responsive and attuned to customer needs.
The digital revolution is disrupting the utilities industry. Companies in this industry face new challenges in meeting end-user expectations. As customer experiences evolve, it becomes harder to find new ways of engaging them. Customers have new digital touch points, including social media, at their disposal. They can now gather information about brands before interacting with them. Since customer expectations are shifting, it becomes difficult to please them. It’s also hard to keep their loyalty. It’s difficult for these companies to provide a seamless customer experience. Here are some of the reasons why:
- Complex infrastructure
- Fragmented processes
- Lack of business agility
- Disjointed customer service capabilities.
The insurance industry has faced several changes over the years. These changes have necessitated customer-centric services. However, the traditional organizational structure of these companies gets in the way. They depend on independent insurance agents or third-party brokers. The lack of direct customer contact makes it difficult to achieve customer centricity. Still, these companies are seeking to shift to a more customer-centric model. However, they need to overcome challenges such as rising consumerism. They also need to conquer their obsession with the use of technology and high rates of talent churn. These companies need to change their capability to compete. They have to deliver services consistent with customer expectations.
About Customer Centricity Market Research
Customer Centricity aims to provide positive customer experience throughout an interaction. It involves putting the customer first and their needs at the core of the business. However, companies in some sectors find it difficult to achieve customer centricity. These sectors include healthcare, financial services, telecommunications, utilities, and insurance industries. Their challenges may be due to the dynamics of their industries. The solution is market research, which will open avenues. It will also expose these companies to new ways of doing business.
We conduct Qualitative, Quantitative and Strategy Research. Key solutions include:
- Focus Groups
- Customer Interviews
- Home, Office & Store Ethnography