Market research has long been a useful tool for many brands to gain customer insight, but its value must not be underestimated in instilling customer loyalty, advises Cint, a global provider of software for obtaining market intelligence.
According to Cint, those brands who own a research survey panel are more likely to secure stronger brand loyalty amongst customers — a claim illustrated by its own research conducted on over 1,000 consumers. Results revealed that 62 percent of people are more inclined to buy from a brand that has sought their opinion through a survey.
Obtaining market insight through research has become more accessible in recent years, thanks to DIY tools that have allowed brands and businesses to engage with target audiences easily and cost effectively.
"Market intelligence is invaluable to any business or brand, and never more so than in the current climate," said Cint CEO Bo Mattsson in a news release. "Brand loyalty has diminished in recent years, due in part to the troubled economic environment as well as increased competition. As such, not only is customer opinion useful, but in seeking it, customer loyalty can be established and built upon."
"Customer loyalty is a significant factor in any business success and is a very powerful attribute," Mattsson added. "Having a market research panel with which to consult regularly is a huge advantage and a tactic which should not be underestimated."