Before we dive in, let’s first establish a few things about our focus on business applications. We’re not looking at people and government agencies. The reason is simple: people have different needs and requirements. Businesses have different needs and requirements, based on their specific market, geography, and size.
There is a lot of different types of business. We’re not going to dive into each and every one of them, but we will touch on some common examples that apply to each type of business. And we will talk about what type of information we’re looking for from your market research.
Here are a few examples for each of the types of businesses:
- Banking, Insurance, and Financial Services (BIFS)
- Manufacturing and Retail (M&R)
- Manufacturing and Services (M&S)
- Government and Public Services (GPS)
- Hospitality and Leisure (H&L)
- Education (SAT)
- Healthcare (CAM)
- Transportation (TRA)
- Technology and Information Technology (T&IT)
If you’ve noticed, our research questions are all business-specific. This is because these industries are unique as are their needs. You’ll want to make sure you have the most in-depth understanding of your business type before going into market research.
Let’s get rolling.
1. Banking, Insurance, and Financial Services
Banks, insurance companies, and financial services are a type of business that uses a lot of financial data to make business decisions. But they also use all kinds of data to provide services to customers. That means they have a wide range of data they can collect about customers, including:
- Income and spending habits
- Financial data
- Customer behavior
- Customer journey
We’re looking for information in a few different ways. We want to know who our customers are and what they need. Let’s talk about some ways to get this information.
We’re looking for:
- Customer segmentation data (this will give us a sense of who is a good fit for our business)
- Customer data (this will give us a sense of the size of our customer base)
- Customer journey data (this will give us a sense of how customers are interacting with our business)
- Customer lifetime value (LTV) data (this will give us a sense of how much we can profitably invest in a customer)
Market research for business
As mentioned above, we’re looking for a wide range of data that can help us build a better understanding of our customer base to better serve them.
We’re looking at:
- Website analytics
- Customer journey analytics
- Customer interactions with your business
We know that banking, insurance, and financial services are a broad category, but we’re trying to nail down a specific area of interest for each of these industries. We want to know what financial data banks and financial institutions collect about their customers. We also want to know what other types of data, such as customer interaction data, customer journey data, etc., they use to make and market to customers.
Let’s talk about exactly what you’ll need to collect for each of these questions.
1. Customer segmentation data
This data will give us insights into who our target customers are and help us figure out which customers are worth targeting.
It helps to start with a customer profile. This will give you an idea of who you should be targeting, and which customers are worth targeting. You’ll want to start by focusing on one of the following:
- Business owners
- Business decision-makers
- Professional contacts
Let’s talk about how to get this data.
There are a few different ways to collect this data. For example, you can do:
- Custom surveys
- Email outreach
- Survey tools
- Custom reports
Your customer segmentation data will depend on the type of business you’re looking at and how you’re collecting the data. That’s why it’s always important to get a solid understanding of the data you’re collecting.
Here’s a quick guide on how to get customer segmentation data from your website analytics tools.
1. Customer data
Let’s talk about customer data. This is data that shows everything about a customer. It could be:
- Customer data
- Customer interactions with other businesses
In order to collect customer data, you’ll need to do:
- Customer segmentation data collection
- Customer journey data collection
- Customer data collection
We’re looking at a wide variety of customer data. For example, you may have some information about your customers’ income, spending habits, and locations.
1. Customer journey data
Customer journey data is used to figure out the path a customer takes when interacting with your business. It can help you segment customers, understand their interaction patterns, and make informed business decisions.
Customer journey data can help you understand how customers move through your customer journey and how to better serve them.
There are a few different ways to collect customer journey data. For example, you may collect it through:
- Customer interviews
- Customer surveys
1. Customer interaction data
Customer interaction data is data you collect about customers during their interaction with your business. Customer interaction data can help you understand how customers use your business and how to better serve them.
Customer interaction data can help you understand customer behaviors and behaviors over time. For example, you may collect data like:
- Phone calls
1. Customer LTV data
Customer lifetime value (LTV) data is used to calculate how much a customer will pay for a product or service. It shows how much a customer is worth to your business, and how much it will cost to acquire them. It can help you figure out how to best use your resources to increase profitability.
We’re still in the very beginning stages of our journey with customer journey analytics.
So far, we’ve talked about what customer journey analytics is, some of the ways you can collect customer journey data, and some of the different ways to get customer segmentation data.
We’ve also talked about customer data and customer interaction data. We’re going to dive into some other areas over the next few blog posts.
In the next blog post, we’ll talk about customer engagement metrics, which can include customer sentiment, customer reviews, social media engagement, and customer engagement metrics.
The next blog post will discuss customer journey analysis, which is a way to determine how customers interact with your business and what they do next.
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