what factors affect the cost of market research

customer satisfaction and preference studies

Are your customers satisfied? Really satisfied? If not, we can help you learn what you need to do to gain and retain highly satisfied and loyal customers.

How would your customers rate their overall satisfaction with your company? It is critical to know because customer satisfaction translates to customer loyalty and increased wallet share. You are aware that positive word-of-mouth and referrals are the best marketing for your company and often crucial for success, but do you know what your customers are really feeling and saying?

At Vernon Research, our customer satisfaction and preference studies can help you:

  • Determine your levels of customer satisfaction
  • Understand how unsatisfied customers are affecting your bottom line
  • Define customer preferences that will improve satisfaction
  • Identify ways to increase customer loyalty
  • Understand satisfaction levels among your competitors’ customers

At Vernon Research, we help our clients use the data gathered by our research to establish satisfaction benchmarks, develop programs for improvement, track performance, and report achievement over time.

Questions Vernon Research can help you answer:

  • What features do people really want?
  • What are people willing to pay for my product or service?
  • Are my current customers satisfied? Are there differences in satisfaction levels among different types of customers?
  • How likely are my customers to repurchase my products and services?
  • How likely are my customers to recommend or refer us to others?
  • How can we increase customer satisfaction?
  • How do people feel about my competitors?

What features do people really want?

Finding out what features potential buyers need and expect will help during product development and delivery. It will also help you identify which features will add value, and which features consumers do not consider when making purchasing decisions, which can help increase overall customer satisfaction and repurchase. Our expertise in conjoint analysis and other sophisticated techniques can determine the ideal bundle of attributes for your product or service.

What are people willing to pay for my product or service?

Am I charging too much or too little? When you know how to price your product, you will increase profits and set realistic expectations for your product or service that can, in turn, affect satisfaction levels and loyalty. Vernon Research has extensive experience in advanced analysis tools that can identify optimum pricing levels.

Are my current customers satisfied with our products and services? Are they dissatisfied? Are there differences among groups of customers?

Even when your sales are stable, you need to find out if your customers are satisfied. Sales are not always an indication of true satisfaction – loyalty and word-of-mouth are also key elements. Overall satisfaction levels can also be deceiving. You could have a sub-group of customers who are dissatisfied and ready to move over to your competitor.

Pinpointing your key strengths and weaknesses will help you adjust your messaging and make improvements to your products and services. Not knowing these factors could cost you customers and increase your risk for negative word-of-mouth advertising, the power of which should never be underestimated.

How likely are my customers to repurchase my products and services? Recommend us?

How would you rate the loyalty of your customers? In order to build customer retention, you need to understand the needs and requirements of your customers. At Vernon Research, we use tools such as customer loyalty surveys and customer feedback to identify the strength of customer loyalty and areas that would benefit from improvement.

How can we increase customer satisfaction?

Effectively enhancing your products and services keeps your business on the leading edge. This can include everything from product design to how people are able to purchase to financing services. Identifying what new features, functionality, distribution methods, and supporting services will improve customer satisfaction will help ensure continued success for your business.

How do people feel about my competitors?

Knowing the strengths and weaknesses of your competition is the first step in gaining a competitive edge. You may feel that you know your competition, but how are they really impacting your business? Knowing how satisfied or dissatisfied your current and potential customers are with your competition can help you identify situations that you can capitalize on.

Think you know your customer? Maybe not as well as you think. Customer requirements and needs are constantly changing and evolving. New technology has changed the way your customers get their information and the time they have to absorb your message. Buying habits and behaviors are different than they were just a few years ago. The economy has had an impact on priorities. We can give you the information you need to understand the “when, where, why and how” of your customers’ current buying process and their satisfaction with current options.

what factors affect the cost of market research