At The DRG, we believe that every business, regardless of size or industry, has a need for customer insights. All organizations are looking for ways to increase customer satisfaction, loyalty, and referrals. In order to accomplish these objectives, you must stay in tune with your customers’ wants and needs. In today’s society, where customers have endless outlets to voice their opinions, research gives you the opportunity to listen to customers directly.
Customer research comprises about one-third of all The DRG’s studies, and we work closely with our clients to design research to uncover the critical insights they need to stay aligned with customers and prospects. Examples of customer research studies we implement include:
- Customer Experience Research – Provides a comprehensive view of customers’ satisfaction and experiences with your business and products, evaluating perceptions of performance and identifying opportunities for improvement.
- Win/Loss Research – Helps you maximize your growth potential and win business with new customers.
- Lost Customer Research – Provides recommendations around how to improve customer retention.
By providing a thorough understanding of your customers, The DRG enables you to strengthen relationships with existing customers, differentiate yourself from competitors, improve your market share, and increase your revenue and profits.
Customer Experience Research
…Leveraging Customer Insights to Optimize Business Results
The goal of The DRG’s Customer Experience (CX) programs is to help businesses better understand their customers’ unique journeys, including:
- Satisfaction with products/services
- Satisfaction with specific touchpoints and transactions (e.g., customer service call, online purchase or inquiry, experience with sales rep, etc.)
- Brand perceptions and reputation
- Perceptions of key competitors
- Current and unmet wants and needs
CX research will help you understand what you are doing well and what you need to improve. We partner with you to customize the research to fit your business, including:
- Designing the right methodology, sampling plan, and frequency to reach customers at key moments in their experience.
- Identifying the customer touchpoints to assess. Research can focus on specific transactions or cover the overall experience.
- Providing real-time updates and alerts to enable you to respond promptly to customer concerns.
- Delivering contextual insights, not just statistical data. While we incorporate statistical analysis, The DRG’s recommendations go beyond numbers. We also take into consideration our understanding of your industry and business.
- Pinpointing the key drivers of customers’ satisfaction to help you focus on areas most likely to enhance the overall customer experience.
- Collaborating with you to disseminate relevant, actionable insights to your employees, putting information into the hands of those who can act on it quickly.
The benefits of a Customer Experience program are numerous. Insights can be used to promote a customer-centric culture throughout the organization, and when decision-makers are meeting to make important business decisions, the customer will always have a seat at the table. Changes in perceptions are identified early on so businesses can respond quickly. And CX information can be utilized by nearly all employees, from front-line customer service representatives to senior executives.The DRG’s customer experience and satisfaction studies help you identify what it takes to cement customer relationships, promote repeat business and referrals, and grow your business, year after year.
For more information on The DRG’s approach to CX programs and tips on how to fully leverage customer insights, download our free eBook, 6 Steps to Launching CX Insights.
…Maximizing Growth Opportunities
In today’s competitive environment, it is important to understand the reasons for having won new business as well as to learn why potential new opportunities were lost. Sales strategies that worked in the past may become ineffective in the future, based on changes in customers’ needs, competitors’ offerings, and the industry itself.
One of the best ways to learn from both a company’s successes and losses is to conduct win-loss research with new clients as well as lost prospects to explore the reasons behind their decision.
The primary goal of win-loss research is to increase a business’s win rate. The DRG’s win-loss research studies provide you with insights you can leverage to improve your sales/marketing strategies so you can:
- Identify best practices and build on what’s working well
- Optimize resources by refining messaging, sales tools, and training programs
- Stay ahead of competitors by understanding your key strengths and weaknesses
- Meet and exceed expectations of new prospects
The DRG is adept at gathering candid and often critical feedback from both won and lost prospects. Our unbiased and objective approach to data analysis and reporting keeps you informed on what you are doing well and where you are falling short.
Lost Customer Research
…Improving Customer Retention
Studies across a number of industries estimate the cost of acquiring a new customer to be 5-10 times more expensive than the cost of keeping a current customer. Therefore, it makes good business sense to monitor customer retention rates and develop strategies to minimize customer attrition.
To help businesses do this, The DRG conducts lost customer research. We interview your lost customers to elicit honest, candid feedback that allows us to diagnose the causes behind their decisions not to repurchase or renew their business. We learn whether the lost customer moved to a competitor or whether they discontinued purchasing and using the product/service altogether. Any market trends or competitor actions that may be influencing customers are identified and evaluated.
After the interviews are completed and analyzed, The DRG then makes recommendations on how to improve customer retention, and instead of losing business, grow existing accounts through increased sales and referrals.