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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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5 tips to consider when commissioning market research

How do you go about articulating to your research agency exactly what it is you need?

Some people are experienced in commissioning research, but some aren’t, resulting in the output not being as informative as it could be.

So what is the best way to go about creating a research brief to pass over to your chosen agency?

To gain the answers that will help your business, a well written research brief will convey exactly what you are trying to achieve and ensure that your research agency will formulate the best programme of activity for you within your budget.

Our top 5 tips aim to help anyone that needs research to form a well thought through market research brief so that they get exactly what it is they need first time.

1. What are your key business objectives?

You should have clear business objectives. Depending on your business model your objectives could be to impact social behaviour, optimise your services, grow sales or increase cross selling. It is vital that this is made explicit when writing a research brief, as the agency will gain a better understanding to how this project will link to the ‘bigger picture’ of your organisation.

2. What are the objectives of this particular piece of work?

What are you trying to find out? It may sound obvious, but this sometimes isn’t conveyed well! “We need a customer survey to measure satisfaction” isn’t enough. What are you trying to pin point? Do you suspect that there are areas where there are issues? Don’t be worried about informing your research agency of areas of concern whether these are merely just anecdotal or if it’s been something highlighted in research in the past.

3. How much in-depth information do you require?

This could be the difference between the types of research methodologies chosen by your research agency to deliver your project. For example, if you are trying to understand the emotive reasons why your customers would choose to purchase one product over another, an in-depth discussion would be more appropriate to gain better insight into this. If you are wanting to understand how customers rate how quickly your organisation responds to a complaint a survey which uses a rating scale would be adopted.

4. What are you planning to do with the research once it is delivered?

It may sound like a silly question in the beginning – as you don’t know what the results are! But always keep in mind what you intend to do with the output once it’s delivered. Research should add value to your business. Where it identifies opportunities or areas of weaknesses, then an action plan can be put in place to tackle these – resulting in a positive impact on the business. Don’t intend for your research reports to sit on a shelf and gather dust – document in your brief what you will be doing with them so that the agency can help carry this through for you!

5. What exactly is your budget and timeframe?

Don’t be afraid to stipulate your budget. A trusted research agency will not spend the full amount if it’s not necessary! Also if your budget is tight, a good research agency will have a range of other methodologies that they could tap into that could actually save you money, such as on-line panels/on-line communities.

Providing your agency with a timeframe is also important so that it allows them to plan the project effectively so all parties involved know what they need to do and at what point, to prevent any unnecessary project slippage resulting in missed deadlines.

For more information on the services that Explain Market Research offer contact kim@explainresearch.co.uk