Consumer Empathy, CX and Retention
Market Research 101: For Early stage Founders, Growth stage Businesses and Product Leaders
Many of us may know how market research can help bring consumer-centricity and enable better decisions, unlock growth, find win-win business possibilities. Many a times we may not be sure of how and where to start. How should I define my research? What questions to ask? Who to go to for the research? Conduct it in-house or via expert partners? ……..finally you may be unsure of the expected outputs.
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Masters of CX: Developing a Winning Streak
Despite the increasing realization about the need for consumer-centricity as a way of life, the various pulls-pressures of the business make it very difficult to practise this consistently. Also, we sometimes confuse having customer data or consumer experience team as true consumer-centricity. Consumer empathy is a deeper and broader concept than customer experience metrics. It requires a focused effort and is typically a cultural pillar one builds over a period of time.
In this article, we bust 5 key myths and give insights on how to build a consumer empathy culture that can unlock profitable growth for us.
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Catch them yes, but retain them??
Staying top-of-mind and driving conversion and repeats is critical for all brands. According to an HBR report, repeat customers spend 33 percent more than existing ones and a 5 percent increase in customer retention can lead to at least 25 percent increase in profits.
However, in our effort to remain top-of-mind, we may be doing more harm to the brand than helping increase transactions or improve retention. How do we leverage existing category habits and consumer behavior to ensure the right frequency, tonality and personalization of content?
Read more to find out Elevate Insights learnings on Customer Retention and Performance Marketing