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‘Trust and Confidence’ what is your score?

‘Trust and Confidence’ is a key indicator of how a range of stakeholders such as customers, potential customers, patients or members of the public view an organisation.

Over the last few years, the term ‘Trust and Confidence’ is becoming more commonly used as a key performance indicator to how well businesses are engaging with their audience across their ‘journey’ with them.3-trust-confidence

The more proactive of organisations within the utility (water, gas and electric), finance and NHS see that measuring the ‘Trust and Confidence’ of their stakeholders, is a more effective and accurate way to allow them to be more responsive to their needs and requirements – impacting positively on loyalty and satisfaction.

With competition opening up in the water industry and NHS organisations working harder to attract patients, Trust and Confidence is vital for these sectors that aren’t perhaps traditionally as ‘competitively’ driven as sectors such as retail. However with economic landscapes changing, whether you are public or private sector, understanding how you rate in ‘Trust and Confidence’ within your sector will of course provide a competitive advantage.

As experts working within regulated environments we have developed a ‘Trust and Confidence’ Evaluation Tool.

There are a number of factors that influence an individual’s ‘Trust and Confidence’ within an organisation, and we have carried out our own research to identify what these are. We then surveyed members of the public across the UK and asked them to rate their water, gas and electric, NHS and mortgage providers utilising these factors. This has resulted in Explain owning benchmark data for organisations within these sectors to compare themselves against.

This powerful insight allows organisations to track and measure against their sectors performance, identifying areas where improvements can be made.

Find out more about ‘Trust and Confidence’ by contacting Explain Market Research today.

trust and confidence fact sheet

 

 


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The power of social media in research

Read our article to find out how social media can be used as part of a robust research programme:

On the 15th of February Research Live reported that the global social media analytics market is set to grow by 27.6% due to new advanced analytic techniques and a surge of users. This is unsurprising given the power of social media and the volumes of unanticipated feedback customers provide on channels like Facebook and Twitter every day.

For example, last year in their social media report McCallum Layton reported that around half of social media users are likely to share positive or negative experiences of a brand on social media and so the power of social media for research purposes cannot be ignored. Customers are increasingly vocal and giving organisations ‘free’ and unprompted feedback every day on what they love and hate about your brand, service or product. If you can harness this feedback then you can gain insights to help shape the direction of your activities.

Social media listening should not be conducted in isolation (self-selection bias is at the extreme here with only the happiest and unhappiest customers likely to speak up), however as part of a robust research programme it can add an additional dimension to the knowledge base of your business. Further information on the benefits and drawbacks of social media listening can be found in our infographic: https://goo.gl/i5jTgk

You can even go one step further and ring fence the power of social media into your very own online community where your customers can interact with each other and you to drive business improvement. Communities can be long term with 5,000 plus members or short term with 100 members, either way providing you with plentiful actionable insights to help you make the right choices.

To learn more about how we build, moderate and manage online communities for our range of clients, get in touch!


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The fair exchange

The utopian concept of a seamless collaboration between creators and consumers is considered by many companies to be beyond their reach.

This is largely because the process of gaining the credible insights that are needed in order to develop the strongest iteration of a product or service is daunting. However, recent studies have revealed that consumers are more willing than ever to collaborate with a brand and, crucially, they’re in a better position to do so than ever before.

Research company Insites Consulting recently published data to demonstrate the status of the social media landscape. In it, they conclude “80-90% of consumers want to be involved in co-creation”. The only thing they ask in return is to be told how their feedback has been used.

In our view, the purpose of market research is to create the ‘actionable insights’ that are derived from gathering useful information and spending time, effort and money discerning what customers want.
However, despite the best intentions of business owners, there has long been an invisible barrier between ‘seller’ and ‘purchaser’ making it difficult to retrieve reliable results. Finding the right people, asking the right questions and motivating those involved have typically stood in the way.

Today, it is so much easier for consumers to communicate directly with brands. Indeed, according to the Insites report “1.5 billion people use social media sites… 51% of Internet users have a smartphone and most have data stored on it”. Given all this, it seems that there is a huge opportunity for organic interactions between creators and consumers. All we need to do is identify how these conversations can be facilitated and translated into more collaborative relationships, for example through online communities.

Online communities present the perfect platform for co-creation by providing a private online space through which a company can constantly engage in real-time monitoring of brand opinions and perceptions. The technology also allows a two-way conversation between customer and brand to become a vital component for ensuring all products and services are shaped around the consumers’ needs.
The saying goes that the ‘customer is always right’ but now they are always right there.

Your customers want more from you and their ability to tell you that is right at their fingertips. They want better products and services and they’re ready to tell you just what that means to them.

Or at least, you should hope they are, because they might hold the key to your future success.
For the full report, please click here.