A solid understanding of customers’ lives, motivations, and aspirations is the first step to improving customer experience – and increasing value for customers and your organization. It’s the entry point for designing more effective products and services. Research often reveals exactly what influences personal finance decisions.
Although everyone in a customer-centric organization is responsible for thinking about customer needs and experiences, it’s the research team that should regularly draw insights from customer information. Insights can come from existing interactions between customers and tellers or agents, or from explicit research.
Get Going with a Research Plan
To truly understand customer behavior, an approach that combines qualitative and quantitative research is most effective. An efficient research plan first taps into existing internal knowledge, then dives into the unknown. And if you already have data, focusing on knowledge gaps can generate more relevant findings.
- Begin by looking at internal transaction data and Voice of the Customer feedback.
- Start small – even a quick conversation is a good place to begin.
- Go to a busy market and conduct 15-minute interviews.
- Deepen some conversations into one-on-one interviews.