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How to Improve Your Products and Services

market research companyData is vital to your organization. The data from your customers can tell you not only what they like about your products and services but also what they don’t like. Consequently, when you collect data, you are gathering information that can upgrade the products and services that you offer. But first, let’s to review the basics behind data-driven design so that you can use this Strategy effectively.

The Two Types of Data

There are two types of data: quantitative and Qualitative. Quantitative refers to quantity and is the data that provides you with a base number of cases which are sufficient enough to yield a statistically reliable finding, representative of the sample population it was drawn from. Qualitative relates to more probative data which is generally unstructured and tells you how customers understand, relate, or conceptualize a product or service.

When you start examining your data, you need to make the distinction between information that gives you percentages and statistics, and information about qualitative measures. You must then match the one against the other because both types of data are equally important in context.

Customer Interaction

All data is useful because it represents customer interaction with your business. Such interaction can give you the information you need to survive and expand. Here are some of the methods or sources where people can interact with your organization and provide valuable data:

  • Customer Service Calls
  • Product Registration Forms
  • Customer Satisfaction Surveys
  • Usability Testing
  • Online Market Research Studies
  • Social Media Listening
  • B2B Research
  • Focus Groups
  • User Group Meetings
  • Forums or Communities
  • Telephone Interviews

Analysis and Reflection

When you analyze data, keep an open mind. Moreover, reflect on what your data is telling you. Consider the quantitative and qualitative aspects and resist jumping to conclusions. You should also be wary of confirmation bias. In other words, don’t analyze your data with the intention of confirming what you already do or know.

Innovation

The need to innovate is an integral part of all enterprises. By adopting an open approach to data, and thinking about what your customers are telling you through this information, you can uncover fresh ideas.

Feedback and Loyalty

Data represents customers’ feedback. When you pursue a data-driven design strategy, you acknowledge the importance of such feedback and thereby show your customers that you listen. Your customers then respond by being loyal to your business. In this way, you create a business culture that focuses on customer loyalty as well as improvements to the design of your products and services.

Data by itself can be overwhelming and disorganized. By adopting a data-driven strategy, you can make data work for you. Your data can even identify, and help you develop, new opportunities for your growing enterprise or entrepreneurial activities. Be sure to reach out to a market research company who can help you develop the right strategy and approach to ensure you reach your goal.

About Us

Jim Whaley is CEO of Ovationmr and posts frequently on The Standard Ovation and other Industry Blogs.

OvationMR is a global provider of first party data for those seeking solutions that require data for informed business strategy. OvationMR is a leader in delivering insights and reliable data across a variety of industry sectors around the globe consistently for market research professionals and management consultants. Visit: https://www.ovationmr.com

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