A satisfied customer is a happy customer who is likely to return to a brand in the future. Customers are not only impressed by the product or service a company has to offer but also by the overall experience they have through the buying journey and beyond. A PwC report says that one in three consumers will part ways with a brand they love after just one bad experience.
AI is a widely embraced reality for businesses in various industries now, and its impact will only continue to see upward growth in the days to come. AI and its advancements in generative models ( ChatGPT, Bard, Midjourney, Stable Diffusion) have gone mainstream and are getting rapidly integrated by businesses to reach their goals. In fact, McKinsey reports that generative AI has the potential to create value equivalent to $2.6 trillion to $4.4 trillion in global corporate profits annually.
Market research plays an important role in helping businesses understand consumer behavior and preferences. To gain a comprehensive understanding, researchers often combine multiple data collection methods through mixed-mode research. This blog post delves into pragmatic techniques for applying mixed-mode data collection in market research. These strategies enhance response rates and minimize bias, enabling businesses to gain actionable insights for informed decisions.
A study by Reichheld (Inventor of the Net Promoter Score) and his colleague Phil Schefter states that a 5% increase in customer retention can boost a company’s profit from 25% to 95%, depending on the type of company and the industry. This study set ablaze an interest amongst marketers to learn more about customer lifetime value, ultimately resulting in the development of various strategies surrounding the metric, along with acquisition cost and brand loyalty.
Topics: Borderless Access Insights, BA Insights, Neuromarketing, Consumer Neuroscience, Neuromarketing Consumer Behavior, Consumer Neuromarketing, Consumer Neuroscience and Neuromarketing, Neuromarketing and Consumer Behavior, Neuromarketing In Consumer Behavior, Consumer Insights Neuromarketing
The world is increasingly becoming digitized, resulting in many online businesses. Although operating on social media is convenient, it can sometimes feel impersonal.
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