Businesses often fail simply because they do not understand what their ultimate aim should be. Whilst it may seem that the end goal should be to make as much profit as possible, the real aim of a business should be to ensure that customers are satisfied.
By looking for any possible way to increase profit, businesses are most likely going to end up having some very unhappy customers. Take the recent banking scandal as a case in point – not only have banks ended up losing a lot of their profit in excessive fines, but trust and goodwill towards banks is also now at an all time low.
By chasing profit, businesses risk putting themselves in the same category and, for the majority of businesses, conducting customer research can therefore be extremely beneficial. Not only will the right consumer research help you understand how to keep customers satisfied, but you will also be able to find out more easily exactly what your customers want as a whole.
Keeping customers happy can help a business in many ways. Ultimately, the happier your customers are with what you do, the more likely they are to return over and over again, and it is this loyalty that will give a business longevity and ensure that it succeeds in the long run as opposed to increasing profits in the short term but failing to keep turnover constant.
Customer service is the most important area of any business and it is surprising just how few businesses get this simple thing right. Customer research can help you understand if your staff are knowledgeable enough, courteous and prompt or whether the first time a customer uses your business is likely to be the last.
So whilst it may seem that high profit margins are important, consumer research may help you see that it is focussing on other areas that will bring you long-term success.
For more information please visit – www.douglasstafford.com/customer-research
