When was the last time you instigated an in-depth look at your customers' consumer behaviour and thought patterns, perhaps through the use of customer satisfaction surveys or a customer service survey?
If you haven't performed a survey at your organisation recently, now is the perfect time to do so.
The latest Superannuation and Wealth Management Report from Roy Morgan Research is a reminder of what kind of valuable insights can be gained from taking a closer look at consumers.
Overall, Australia's household debt has clocked in at over $1 trillion, revealed Roy Morgan Research as part of its report launch. This kind of spending behaviour could well be relevant to your business.
To illustrate the extent of this growing debt, total household debt has increased by 27.6 per cent since June 2009 – that's $224 billion.
As well as this, fewer Australians this year are feeling positive about their future financial security, with only 27.8 per cent of those with superannuation reporting they have planned enough to be financially secure in the future. Members of industry super funds are the least likely to believe they are secure.
"This latest report provides a comprehensive update to the superannuation and wealth management industry, including new figures and analysis about many on-going issues such as the effect of Super Choice, the proposed Future of Financial Advice (FoFA) reforms, and the changing levels of understanding and satisfaction among Australian holders of different financial products," said Norman Morris, industry communications director at Roy Morgan Research.
With the kinds of extremely valuable insight that can be gained through studies and surveys, consider implementing a survey strategy. And, with the New Year coming up, what better time to set this as a company resolution?
Want to trial an Australian-built online survey tool? Try a free custom-branded demonstration of PeoplePulse.