Market Research: The Customer Is Not Always Right
There are many ways in which businesses can learn about customer satisfaction. Of course, sales are probably the best indicator of how well products and services are meeting market needs and wants. But they don’t tell the entire story. After all, companies with few competitors might have high sales figures even as customers complain about quality. (Certain cable providers come to mind.)
In more competitive industries, where substitute products abound, customer satisfaction is often measured in more qualitative ways. Companies might conduct surveys or host focus groups in order to better understand consumer purchase motivations and design products that tap into them. But do customers truly understand the why behind what they buy?
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