The importance of consumer feedback research in company growth
A consumer feedback is valuable for any business
big or small. When you hear from your consumers about their experiences with
your company, you’ll be in a much better position to offer the best products
and superior customer service that will make them loyal customers for years to
come. In order to grow it is important to understand the consumer needs, and
delivering them time to time. Former
mobile phone Giants, Nokia failed as they delivered a bad user experience and
didn't take timely action to rectify it.
Market research has a great value in today’s world where consumer data
is a key asset for any company to strategize their key marketing activities.
Investing in data analysis and research has increased twofold by big companies.
It is beneficial for the companies in terms of market share, profitability and
customer base. It helps to improve their products and services, enhance
customer experience and improve customer retention. It is said that in
marketing, finding a new customer is five time more costlier than retaining a
new customer. Profit through credible customer
satisfaction is the utmost goal of any business entity and this could be made
possible to a greater extent through market research.
Market research helps businesses to connect with the consumers better.
Market research function links the consumer to the marketer through information
which is used to identify opportunities and problems, and evaluate and refine
the marketing actions in turn improving the marketing process.
Organizations
develop long term strategy not just for offering products and advertising them
effectively but it is more about understanding customer demand and developing a
product that satisfies their needs and wants. True Code offers Market research
survey to learn more about the target market demands and preferences.
Consumer
feedback is important to a business. And one should remember- “Consumer
opinions matters.”Tony Thomas