Multi-Tiered Business Insights

Luxury Goods

Want a Bulgari Diamond Gold Ring for $13,500? Or perhaps a Prada Chinchilla Boat Neck Jacket for a mere $28,000? When it comes to high-end furniture, fashion, and jewelry, this New York City-based dealer of antiques and fine things is second to none.

But who are their customers? Customers include those at the individual or retail, level, as well as intermediaries, such as interior designers, residential and commercial architects, and consultants acting on behalf of their clients (i.e., personal shoppers, and administrative assistants for high net worth individuals). This multi-tiered customer base presents unique research challenges since purchases can come from a variety of sources.

We were retained by this fascinating company to better understand their customers and dealers. Online survey research is conducted among many target groups. Data are integrated with transactional information, such as repeat dealer customer purchases, previous category buying, and reasons for cart abandonment. Members of the customer and trade teams are intimately involved in utilizing this feedback to shape product offerings and future marketing communications.

Ongoing research utilizes Net Promoter Score-type measures, as well as similarly scaled questions, to assess satisfaction and loyalty, and to better understand the criteria for product selection and purchase. In addition to ongoing monitoring, we conduct a variety of ad hoc research studies to understand the reactions to the company’s online store, incentivization and fee structure, and new product/service ideas. The company also conducts research among online communities of customers and dealers to obtain feedback before ideas are executed or programs are ruled out to the entire network.

Surveys & Forecasts, LLC has helped this company move to a fact-based, research driven e-commerce business. The results have been remarkable. The company has grown significantly in the past several years and exceeds sales objectives each year.

This is but one of many examples of how Surveys & Forecasts, LLC works with clients to help them understand their customers — often integrating data already at their disposal.

Are you getting the most out of your customer satisfaction or tracking program? If not, call us to discuss ways to truly uncover the insights that are waiting for you.