FAQs – Market Research

Annual customer satisfaction research is not suited for today’s dynamic world for the following reasons:

• Customer journeys have become more complex with the advent of Web and mobile channels, resulting in a diversity of experiences and emotions that cannot be captured accurately by a one-time exercise.
• Due to the high lead time between measurement and reporting of insights, there is a lack of actionability as the business context would have changed by that time.
• In customer satisfaction research, communication is one way. Customer feedback is collected to address a strategic question, but the customer issue itself is not resolved. An unresolved issue leads to an unsatisfied customer, leading to negative word-of-mouth. Customer issues need to be resolved quickly to turn detractors into promoters.

Transactional customer feedback is generated when you survey the customer after each interaction or transaction with your brand. It is highly actionable, contextual and helps in gauging customer experience in real-time.

Market research, on the other hand, helps in benchmarking and understanding customer perception about the brand. While market research is comprehensive, the reporting turnaround time is slow and may not be reflective of the current business scenario.