There is a Golden Opportunity for Market Research Agencies to increase their competitive advantage within Customer Experience!
Previously, customer experience programs were mainly based on infrequent surveys, where customers were often asked questions long after their interaction with the supplier and where actions based on the results were taken more at a strategic level.
Nowadays event driven customer feedback is more common, where the focus is to act quickly on certain trends, or even on individual customer cases.
To do that you need a sophisticated IT solution, in order to distribute clear and easy-to-understand results to many people with high frequency.
For an MRA, bringing a modern CX platform in-house can be an opportunity to provide exactly what the customer is looking for. There are, however, a couple of things to bear in mind when selecting the technology.
As an MRA you already have professional processes in place for data collection, analysis, and quality insurance. When adding the CX technology piece to your existing infrastructure you should select a platform and a partner that doesn’t overlap with your existing capabilities. It is also important that the platform can be adapted to the specific needs of you and your customers.
Does the end-to-end CX platform really support the DNA of a Market Research Agency?
There are plenty of CX platforms that are sold directly to enterprises and also offered to Market Research Agencies. These platforms offer an end-to-end solution for data collection and reporting. For an MRA, however, these solutions often replicate components of the process the MRA already has in place. Providers of end-to-end CX platforms might offer a complete package but won’t permit opt-in or opt-out of specific options and rarely allow for customizations that support that which the MRA wants to deliver to the customer. The result? Expensive functionality that causes gross margins to go down and at the same time reduces the ability to stand out against the competition.
Many end-to-end CX platforms are very powerful, well packaged, and well suited when the customer wants exactly that solution. However, for the majority of CX needs this model doesn’t work. Some customers want to start small – perhaps with a basic survey where results are distributed effectively to the organization – and then add more components to the program step by step when the organization is ready. Other customers have specific wishes that must be fulfilled to fully support their business. In order to be attractive and to build long term relationships with customers, an MRA needs to be able to support these different customer needs without spending too much time and money on configuring the platform.
What is needed is a platform where you can quickly and elegantly visualize the data collected using your existing infrastructure and then distribute frequent results to the customer’s organization in a personalized, intuitive, and beautiful way.
Focus on your strengths
A Market Research Agency should be able to focus on what they know really well – constructing research programs, collecting data and then presenting results and insights in an attractive, actionable format to the customer. Without a visual dashboard-based reporting platform that allows for notifications and case management – and that can connect to the existing infrastructure for data collection – there will be one vital piece of the jigsaw missing, leading to a lack of competitiveness. Customer Experience reporting and management is a crucial weapon in the MRA’s armory.
When it comes to staying competitive, using an end-to-end CX platform is going to be prohibitively expensive, since the whole package must be purchased, required or not. This investment has to be passed on, raising the cost of a bid and making it harder to win new business or retain existing customers – customers who might be tempted to approach CX platform providers directly, cutting the MRA out of the process.
By streamlining the way that data and insights are presented to the customer, MRAs can offer a much more attractive solution, both in terms of flexibility (with customized visual branding of insights) and cost (the customer is not having to absorb overheads).
Analyze – what do you need from a CX platform? What is ‘best practice’ when it comes to customer experience data reporting? Ask yourself the following questions:
- Will I be paying for functionality I don’t need?
- Can I use my existing infrastructure for data collection and analysis and then add CX reporting on top?
- Does it take a long time to configure new reporting solutions?
- Is it tricky to visually brand and adapt reports to different customers?
- Can I continue to be agile and offer my customers solutions that are meeting each specific need – not an off-the-shelf solution that I must shoehorn into my customer’s business?
- What is the margin in each project and is the overall financial outcome attractive enough in which to invest?
At Dapresy we are happy to offer you a free session on how we can provide a complete CX solution, adding to your existing infrastructure while also giving you the ability to provide high-end solutions to your customers.