Market Research on Customer Satisfaction

Market research is a very important part of every business and it can be done to  examine  existing and potential markets. It is particularly important for companies to know and understand their consumer choices. Market research can also reach high levels of customer satisfaction, reduce customer turmoil and develop the business. In relation to Customer Service it helps determine what customers want and what to expect.

Market research
Market research is a very important part of every business and it can be done
to examine existing and potential markets. It is particularly important for
companies to know and understand their consumer choices. Market research
can also reach high levels of customer satisfaction, reduce customer turmoil
and develop the business. In relation to Customer Service it helps determine
what customers want and what to expect.
Primary research
Primary research is the collection of data directly from people through
different research methods:
* questionnaires - a series of questions used to collect useful information from
respondents;
* surveys - the collecting data from a predefined group of respondents to gain
information and insights into various topics of interest;
* interviews - the collection of data from a small group of subjects on a broad
range of topics;
* observations – the gathering data by watching people, events, or noting
physical characteristics in their natural setting.
Primary research is solely carried out to address a certain problem, which
requires in-depth analysis.
Advantages:
 information can be collected for specific purposes;
 the information is binding - it can be causally related to a specific
product or service;
 you can focus on those questions to which you need answers;
 the information gathered is up to date.
Disadvantages:

 because of the processes involved, primary research can be very time-
consuming;
 it can be quite expensive to conduct as collecting data is a costly
process;
 in case the research involves taking feedbacks from the targeted
audience, there are high chances that the feedback given is not correct.
Secondary research
Secondary research or desk research is a research method that involves using
already existing data. Existing data is summarized and collated to increase the
overall effectiveness of the research. Secondary research includes research
material published in research reports and similar documents.
Advantages:
 most information is secondary research is readily available
 this is a less expensive and less time-consuming process
 collected data gives us an idea about the effectiveness of primary
research
Disadvantages:
 data credibility evaluation must be performed to understand the
authenticity of the information available
 the researcher may have difficulty obtaining information specific to his
or her needs
 available data may not be updated enough to accommodate recent
timelines.
Quantitative research
Quantitative research is the process of gathering observable data to answer a
research question using statistical, computational, or mathematical
techniques. Quantitative research looks at measurable, numerical
relationships. Strengths of this approach include replication, large samples,
direct comparisons of results. Its limitations include lack of content, narrow
focus, structural bias.

Qualitative research
Qualitative research involves collecting and analysing non-numerical data (e.g.,
text, video, or audio) to understand concepts, opinions, or experiences. It can
be used to gather in-depth insights into a problem, as well as improve
customer service.
Qualitative research is good for natural settings, flexibility, meaningful insights,
and the generation of new ideas.
The main disadvantage of qualitative research is unreliability and subjectivity.
Importance of market research applied to customer service strategies
Based on the assessment of the data generated during the market research,
companies take important decisions on their market behaviour, such as the
further development of new or existing products and services, positioning and
communication of the company.
Through efficient market research, businesses are capable to set up an open-
ended line of communication with their customers. If you understand your
customer's needs, you would be able to adapt your business to meet them.
Contrary to the widespread view, a good price is not the most important for
the customer, but it is the quality of customer service. The perfect case, of
course, would be that the business doesn't have any disgruntled customers.
However, wherever people meet, there are different expectations, mistakes
are made, and misunderstandings arise. So the critics and dissatisfied
customers always are side by side. However, most frustrated customers can
remain loyal to your company if their problems are resolved quickly and
satisfactorily.
If you take appropriate action at contact points where customers and
businesses meet and fill these contact points with a positive customer
experience, this will increase customer satisfaction.

Only when you know, why your customers aren't satisfied you can take
appropriate steps to increase customer satisfaction. This means - ask
customers as often as possible.
Who, if not your clients can tell you if what you are doing is right. So customer
surveys are extremely important in market research from the outset. Feedback
on functions, quality, materials used and the price is important information
related to the further development of your products. You should allow each
customer to provide feedback whenever customers encounter your products,
services, and brands. Ideally, you can even use positive reviews as a real
marketing tool. But feedback isn't important only after you make a purchase.
Even before deciding on a purchase, you can get important feedback from
potential customers, such as whether your offer of information is sufficient and
appealing, for example, in the form of online interception surveys.
The only way to find out if customers are really satisfied with your business,
products and services is through their regular survey. Providing your customers
with a great customer experience always pays off on sales. Satisfied customers
keep coming back to you. They become loyal to your company, and a high level
of customer loyalty provides consistent returns.

Resources:
 https://www.toxplanet.com/primary-vs-secondary-research-the-pros-
and-cons.html
 https://brandongaille.com/25-advantages-disadvantages-qualitative-
research/
 https://www.thebalancesmb.com/quantitative-research-advantages-
and-disadvantages-2296728
 Customer service in Ireland, Suzan Twomey, Gill Education