Measuring customer preference means having a better idea of what makes customers tick and what leaves them disenchanted and unfulfilled.
A customer-centric business can be created only when you know what your customers prefer and want. The more you align your products and services with your customers’ preferences, your customer base becomes more loyal to you.
As you start making sales, your customers’ preference data can reveal shifts, rises, and dips in demand and buying habits. Based on those numbers, you can make product decisions that are in line with the tangible trends based on your customers’ preferences and transform your business to become customer centric. The more customer centric your organization gets, the more sales you will make. Market share and margins will increase simultaneously.
Technology and big data have revolutionized the way we should do business. Business leaders should know how to mine the data to gain competitive advantages. Data has become an integral part of measuring customer preferences.
Customer preference impacts your business, and your business development depends on data processing and analysis. Direct marketplace experience generates data and when this data is processed into measurable numbers, it can strategically drive progressive decisions about product design, marketing, and customer acquisition.
You can also use this data to make decisions to impact your pricing strategy, sales and marketing efforts, and research and development plans.
By leveraging consumer preferences and data, you can formulate a business strategy that centers on the product attributes that are most influential to your customers to grow your business.
Learn how to analyze customer preferences by applying the statistical method of conjoint analysis to find out the attributes that influence your customers’ buying habits. Enroll now in the Integrated Marketing 360 certificate program offered by Genashtim in collaboration with eCornell!
eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRD Corp Malaysia under its HRD Corp Claimable Course Scheme.