Customer Experience Research –
Why Conduct One?

Customer experience or CX research is a branch of market analysis that seeks to try to understand the experience of customers when interacting with your company and using your products. Through the data collected and analysed, business owners can learn more on things to improve on to gain that competitive advantage over others.

Through successful customer experience research, companies increase loyalty and satisfaction among customers. In a research conducted by Forrester analysts, it highlights the idea that companies working with customer experience researchers have a revenue growth that’s three times larger than those who do not. The research can help you better understand what your customers need and their pain points among others to help improve the overall customer experience.

Thinking of investing in CX research? Reach out to us today!

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How Media Manager Conduct Customer Experience Research

As one of the industry’s leaders in market research, we at Media Manager always strive to deliver outstanding data collection and analysis experience to all our clients. Here are the main metrics we utilise to conduct efficient customer experience research.

Customer Satisfaction Score
Customer satisfaction score or CSAT is the simplest and most widely used method for CX research. Customers are asked to rate their experience from 1 to 10. Although it is relatively straightforward, it gives the company a general idea of how satisfied the customers are. This method may not provide a guideline on how to improve, but asking follow-up questions can help. To achieve this, customers are given an option to choose what areas they hope can be improved next time.
Customer Churn Rate
Customer churn rate is defined as the percentage at which customers stopped doing business with the company such as discontinuing the use of products or services. While it’s natural to lose some customers along the way, it is not a good sign for a company wanting to expand its clientele base. The company’s growth rate, which involves newly acquired customers, must never be lower than its churn rate. To achieve a lower churn rate, data analysis is conducted to determine reasons why customers leave and put into place necessary measures.
Net Promoter Score
A valuable metric used in measuring CX, the Net Promoter Score seeks to get answers from customers on their willingness to promote or recommend the business’ products or services to a family member, friend, or others. From 1 to 10 or -100 to 100, the customer is classified into three types based on their overall satisfaction with the product or service and brand loyalty – promoters, passives, and detractors. Some market research firms will take it a step further with an open-ended question for product or service improvement.

What Makes CX Research A Necessity For Companies Today?

After getting results from these metrics, the company can conclude as to which areas they need to make improvements. The key difference in companies that choose to invest in customer experience research is how it helps turn results into action. For example, the metric shows that there’s a lack of customer response time, or other companies have a faster customer response time compared to your company. You reassess and see if the company can improve the customer response time. If yes, then the company is able to successfully complete a part of the CX research campaign. Although the process seems simple, it requires a lot of communication inside the company such as the design team, customer service department, marketing team, and more. After all, it’s for the benefit of the customers and the company as well.

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Media Manager, Your Partner In Customer Experience Research

CX or customer experience research is a valuable data-gathering method utilised by numerous companies to improve their customer’s satisfaction and loyalty towards their brand, products, and services.

The cost of our services will be calculated in a price range of S$10-100 per survey.

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Media Manager is one of the leading market research companies you’ll find in Singapore.

Contact us today via our form here for more information on our research and other services!

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