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eBook The Ultimate Guide toEngagement & Retention:Many Voices, OneCommunity 02 03 01 What Is A Market Research Community? How Do Market Research CommunitiesBenefit Companies? The Ultimate Guide to Engagement &Retention: Many Voices, One Community 05 06 04 3 Strategies For Engaging And RetainingCommunity Members Start Your Online Community Now WithFuel Cycle 3 Strategies For Increasing MemberResponse Rate To Provide MeaningfulInformation The Ultimate Guide to Engagement &Retention: Many Voices, One Community Building a successful business is all about learning how tospeak to your customers, meeting their immediate needs,and developing ongoing relationships with your most loyalbuyers. What’s more, 65% of a company’s business comes from existingcustomers, but many companies focus more on customer acquisition,even though it can cost 7x more to acquire new customers. One reason for this misguided focus is that companies aren’t familiarwith the best ways to understand unique consumer sentiments andmake business decisions based on consumer preferences. Recent stats support the importance ofcustomer retention as a critical business-building strategy. Consider the following: Thankfully, it’s not as difficult as it may seem. With the help of an activeonline community, it’s possible to get to know your customers and focuson making business changes that please your customer base. 20% of customers are the source ofapproximately 80% of a company’sprofits This guide will take a deeper dive into everything you need to know tobuild a successful market research community and drive higher responserates. U.S. companies lose $83 billionbecause of bad customer retentionstrategies Companies have a 60-70% chanceof selling to an existing customerand a 5-20% chance of selling to anew customer What Is A MarketResearch Community? Market researchers can use surveys, focus groups, and interviews tocapture customer insights. However, one of the best ways to captureongoing customer views is to start an online community. Online communities are a network of your customers who take part inongoing conversations, structured exercises, topical chats, games, andother relevant activities. These discussions are specific to your targetaudience and centered around topics that matter to your business. Communities are particularly valuable because they represent your targetaudience and customers, provide relevant, real-time, and long-termfeedback from customers who love your company, and offer flexibility asthey can be accessed from anywhere at any time. Another reason market research communities are particularly effectiveis because they tap into recent digital trends and help you captureinformation about where your customers spend their time online. Pew Research Center found 31% of U.S. adults say they are online “almostconstantly,” which is up 10% from reported numbers in 2015. Additionally,85% of Americans say they go online every day. A market research community is an organized and efficient way fororganizations to communicate directly with customers in a highly digitalworld. How Do Market ResearchCommunities Benefit Companies? When run on the right platform and with clear objectives, market research communities areworth their weight in gold. Here are some of the top benefits companies experience whenusing a market research community. Build Genuine Connections With Real Customers Feedback and Ideation Consumers are tired of inauthentic relationships with brands andexpect more genuine connections. One of the effects of buildingmeaningful relationships in onlinecommunities is you get to haveorganic conversations with customers. of consumers sayauthenticity is a keyfactor when decidingwhat brands theysupport. Stacklafound that88% Nostofound that86% During these conversations, you canask customers for their valuablefeedback on anything you arestruggling to understand from acustomer perspective. This can includefeedback on products, services, userexperience, marketing, and customerservice. An authentic connection can extend across all facets of brand andcustomer interaction, including chatting in online communities. Once you’ve discussed thesequestions with enough customers, youcan use their insight to improve yourbusiness practices and products. With online communities, customers can interact with your brand’sstakeholders, get answers to questions, and provide direct feedbackon stakeholder questions. Create Brand Advocates If customers don’t love your brand, they probably won’t spend timein your brand’s online community. As such, you can rest assuredmost of your community members are loyal customers. A great way to turn these loyal customers into brand advocatesis to find creative ways to make them feel special and incentivizethem to share your brand outside of the community. You can do this with gamification, an ambassador program,special early releases for products, and badges for top communitymembers.