LONDON–(COMMERCIAL THREAD) – Although there are multiple growth opportunities in the European retail sector, companies face a series of challenges. What are these challenges and how can retail businesses overcome them? Infiniti Customer Needs Assessment experts have observed that a growing need for convenience and changing market dynamics are acting as barriers to industry growth. This has led companies to identify unmet customer needs and understand the factors that influence their buying behaviors. Infiniti’s Customer Needs Assessment solutions allow businesses to monitor changing customer needs and develop strategies to launch products that meet those needs. To leverage Infiniti’s Customer Needs Assessment solution and gain in-depth insight into customer needs and buying behaviors in the European retail industry, request a free proposal.
“Growing market volatility is forcing companies operating in the retail industry to have an agile operating model that adapts to changing customer needs and demands. This is where retail businesses realize the benefits of leveraging Customer Needs Assessment., ” says a retail industry expert at Infiniti Research.
The client, a retail company based outside of Europe, has launched a new product on the market. However, the product did not meet the needs of customers and therefore could not gain traction. The retail company has also seen a drop in sales and an increase in customer churn. The customer was looking to understand the needs and spending behaviors of their customers and to assess the product features that would increase customer satisfaction. Therefore, they approached Infiniti Research to leverage our expertise by offering a Customer Needs Assessment. During the nine-week engagement, the European Union retail business The client also sought to gauge customer perception of their products and standardize a set of competitive benchmarking metrics.
Infiniti’s customer needs assessment experts developed a five-phase approach to help the European retail company, which included the following:
The first phase involved a customer segmentation analysis that segmented customers based on their needs, purchasing behavior and brand value.
A Customer Satisfaction Analysis was conducted to enable the customer to identify the drivers of product purchasing and to understand customer satisfaction levels with the customer’s offerings.
A win-loss assessment to help the customer assess the factors that increase their churn rate and drive customers to competitors
A comparison of the customer’s products and pricing strategies with competitors and establishment of a standardized set of competitive benchmarking metrics
A brand health assessment to analyze customer perceptions of customer offerings and understand strengths and gaps in customer offerings.
Talk to industry experts for in-depth information on the benefits of Infiniti’s Customer Needs Assessment solution for businesses in the competitive and demanding European retail industry.
The Customer Needs Assessment provided the customer with valuable information and enabled them to understand the unmet needs and changing demands of their customers. Additionally, the retail company has successfully identified the characteristics that drive product purchases. Customer needs assessment also helped the customer increase sales by improving brand awareness and standardizing a set of competitive benchmarking metrics. Finally, the distribution company reduced the customer churn rate by 37% in one year.
About Infiniti Research
Created in 2003, Infiniti Research is a leading market intelligence company providing intelligent solutions to meet your business challenges. Infiniti Research studies the markets in over 100 countries to analyze competitive activity, see past market disruptions and develop smart business strategies. To learn more visit: https://www.infinitiresearch.com/about-us