Until a few years ago, researchers thought differently about consumer psychology, putting little or no emphasis on emotions, mood or situation that could influence the customer's purchasing process .
Many believed that marketing was applied economics. Consumers always made decisions based on statistics and mathematics and rationally evaluated goods and services, then selected items from those brands that gave them the greatest customer satisfaction at the lowest cost.
However, this is no longer the case. Consumers are very aware of brands and their competitors. A loyal customer is one who would not only buy from you repeatedly, but would also recommend their family and friends to buy from the same brand even if the prices are slightly higher, but they provide exceptional customer service.
This is where Net Promoter Score (NPS) helps brands identify brand loyalty and customer satisfaction with their consumers. The Net Promoter Score survey uses a single question that is sent to customers to identify their brand loyalty and customer satisfaction level. The response to this question is measured on a scale between 0-10 and based on this consumers can be identified as:
Detractors : Who have given a score between 0-6.
Passives : Those who have given a score between 7-8.
Promoters : Who have given a score between 9-10.
Consumer studies are based on two types of research methods:
1. Qualitative consumer studies
Qualitative research is descriptive in nature, it is a method that uses ivory coast phone number open-ended questions to gain meaningful insights from respondents and draws heavily on the following market research methods:
Focus Groups : Focus groups, as the name suggests, are a small group of highly validated subject matter experts who come together to discuss a product or service. The focus group comprises 6 to 10 respondents. The focus group is assigned a moderator, who helps facilitate discussions among members to gain meaningful insights.
Individual Interview : This is a more conversational method, where the researcher asks open-ended questions to collect data from the respondents. This method depends largely on the experience of the researcher. How much the researcher is able to probe with relevant questions to obtain maximum information. This is a time-consuming method and may take more than one attempt to obtain the desired insights.
Content/Text Analysis : Text analysis is a qualitative research method where researchers analyze social life by decoding words and images from available documents. Researchers analyze the context in which images are used and draw conclusions from them. Social media is an example of text analysis. In the last decade or so, inferences are made based on consumer behavior on social media.
2. Quantitative consumer studies
In the age of technology and information, meaningful data is very valuable. Quantitative research is all about numbers and statistics. An evolved consumer who shops regularly can attest to how customer-centric businesses have become the preferred choice today. It is all about customer satisfaction, about gaining loyal customers.
With just one question, companies can gather data that has the power to make or break a company. The Net Promoter Score question , “On a scale of 0 to 10, how likely are you to recommend our brand to your family or friends?”
Online surveys, questionnaires and polls are the preferred data collection tools. The data collected from consumers is then evaluated statistically, mathematically and numerically to understand consumer preferences.