Customer Needs Assessment for a Retailer
The European retail industry is growing exponentially and presents huge opportunities for retail companies around the globe. Despite this steady growth, rising need for convenience and rapidly changing market realities are making it vital for retailers to understand customer needs and analyze their buying patterns. Also, the increasing market volatility necessitates companies operating in the retail industry to have an agile operating model that keeps pace with evolving customer needs and demands. This is where retail companies realize the benefits of leveraging customer needs assessment.
Customer needs assessment solutions can help you keep pace with your customers’ needs and requirements. Request a FREE proposal today!
Business Challenge
The client is a retail company based out of Europe.
The company launched a new product in the market. But the product failed to gain traction as it did not meet customers’ needs and demands. Due to this, the company started losing ground to its competitors. Also, the company witnessed a decline in their sales and noted an increase in the customer churn rate. They approached the experts at Infiniti Research to leverage their expertise in offering customer needs assessment.
By leveraging Infiniti’s expertise in offering customer needs assessment, they also wanted to:
- Identify their customers’ unmet needs, purchase behaviors, and spending habits
- Better understand product features that would drive consumer purchase and satisfaction
- Assess customers’ perception of their current offerings and the strength of competing brands
- Better meet customers’ demand and sustain their market position
- Develop a standardized set of processes and competitive benchmarking metrics
Are you facing difficulties in tracking your customers’ needs and demands? If yes, contact us to know how our customer needs assessment solution can help you analyze your customers’ needs and win back lost customers.
Solutions Offered
The initial step of the customer needs assessment involved customer segmentation analysis. In this phase of the customer needs assessment engagement, the experts helped the client to segment their customers based on their need and demands. Furthermore, factors such as customers’ buying behaviour, spending patterns, and value for the brand were taken into consideration during the segmentation approach.
The next phase of the customer needs assessment engagement involved customer satisfaction analysis, where the experts helped the client to identify factors that drive product purchase and the satisfaction level of customers regarding their products and services.
Infiniti’s customer needs assessment engagement even involved a win-loss assessment. In this phase of the customer needs assessment solution, the experts helped the client to understand factors that drive their customers to competitors.
Also, the experts compared the client’s products to the top retail companies in Europe. The factors such as product features and price were taken into consideration. This phase of the customer needs assessment engagement helped the client to develop a standardized set of processes and competitive benchmarking metrics.
Lastly, the experts conducted a brand health assessment, where they analyzed customers’ perception of the client’s current offerings and helped the client to understand their brand strength and areas of improvement. Also, customer value analysis was conducted to evaluate customers’ value for the brand.
Results Obtained
The insights obtained from Infiniti’s customer needs assessment solution helped the client to understand their customers’ unmet needs and demands. Also, they were able to understand product features that drive product purchase.
Infiniti’s customer needs analysis solution further helped the company to enhance their brand awareness and drive more sales. Within one year, they were able to reduce customer churn rate by 37%.
Want to know how our customer needs analysis can help you efficiently engage with your target customers and enhance the customer retention rate? Request for more info!
