A European Retail Company Understand Customers’ Needs and Reduces Churn Rate with Customer Needs Assessment Solutions | Infiniti’s Recent Client Engagement

LONDON--(BUSINESS WIRE)--Although there are multiple opportunities for growth in the European retail industry, companies face a series of challenges. What are these challenges and how can retail companies overcome them? Infiniti’s customer needs assessment experts observed that an increasing need for convenience and changing market dynamics are acting as roadblocks to growth in the industry. This has led to a need for companies to identify customers’ unmet needs and understand the factors that influence their spending behaviors. Infiniti’s customer needs assessment solutions enable companies to track customers’ changing needs and develop strategies to launch products that address these needs. To leverage Infiniti’s customer needs assessment solution and gain in-depth insights into customers' needs and buying behaviors in the European retail industry, request a free proposal.

“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,” says a retail industry expert at Infiniti Research.

Business Challenge:

The client, a retail company, based out of Europe, launched a new product in the market. However, the product did not meet customers’ needs and consequently could not gain traction. The retail company also witnessed declining sales and an increasing customer churn rate. The client sought to understand their customers' needs and spending behaviors and evaluate product features that would increase customer satisfaction. Therefore, they approached Infiniti Research to leverage our expertise in offering customer needs assessment. During the nine-week engagement, the European retail industry client also sought to evaluate customers' perception of their products and standardize a set of competitive benchmarking metrics.

Our Approach:

Infiniti’s customer needs assessment experts developed a five-phased approach to assist the European retail company, that included the following:

• The first phase involved customer segmentation analysis that segmented the customers according to their needs, buying behavior, and value for the brand
• A customer satisfaction analysis was conducted to enable the client to identify product purchase drivers and understand customers’ satisfaction levels concerning the client’s offerings
• A win-loss assessment to assist the client in evaluating the factors that are increasing their churn rate and driving customers to competitors
• A comparison of the client’s products and pricing strategies with competitors and establishing a standardized set of competitive benchmarking metrics
• A brand health assessment to analyze customers’ perceptions of the client’s offerings and understand the strengths and gaps in the client’s offerings.

Speak to industry experts for in-depth insights into the benefits of Infiniti’s customer needs assessment solution for companies in the competitive and challenging European retail industry.

Business Outcome:

The customer needs assessment provided the client with valuable insights and enabled the client to understand the unmet needs and changing demands of their customers. Additionally, the retail company successfully identified features that drive product purchases. The customer needs assessment also helped the client drive more sales by enhancing their brand awareness and standardize a set of competitive benchmarking metrics. Lastly, the retail company reduced customer churn rate by 37% within one year.

About Infiniti Research

Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to analyze competitive activity, see beyond market disruptions and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us