The following post was written by Tal Gordon, Intern at RMS.
The market research industry is flooded with an abundance of phrases and lingo that is commonly used between businesses, employers, and clients. The use of acronyms in particular has gained in popularity, thanks largely due to the prevalence of social media usage, but also in an effort to become more efficient. We have put together a brief list of market research acronyms to provide more insight into the most commonly used terms.
NPS – Net Promoter Score
The NPS measures consumer loyalty pertaining to a particular product or service. The range for a NPS can be between -100 to +100. NPS is frequently used as a benchmark to compare an organization’s performance to competitors or an industry as a whole.
VOC – Voice of the Customer
VOC is a frequently used term to describe a research process which determines the customer’s needs, desires and preferences. Popularity in VOC research has grown exponentially recently, as organizations learn the value of research in shaping the successful delivery of a product or service that fits the customer’s requirements.
CX – Customer Experience
CX research helps identify the perceptions that customers have regarding the purchase cycle of the product/service sold by a business. Understanding the needs of the customer through CX research is vital to improving delivery of services and ultimately increasing customer satisfaction and loyalty.
B2B – Business to Business
B2B is a term used to describe the transactional process one business has with another business. This is different than business to consumer (B2C) relationships, where a business is selling a good or service that is targeted at consumers rather than business entities.
IDI – In-Depth Interview
The term IDI is used when referring to research interviews conducted to garner in-depth perceptions on a certain idea, situation, or set of circumstances. In-depth interviews are another facet in a market researcher’s arsenal to further gather detailed qualitative data from the consumers.
CATI – Computer-Assisted Telephone Interview
CATI research is a survey method where the telephone interviewer follows a pre-determined script verbatim when collecting data. This technique provides a more structured interview to aid the interviewer, while also maintaining consistency in data collection.
UX – User Experience
UX is referred to when describing the customer’s experience while utilizing a particular product or service. UX research focuses on improving usability, accessibility, as well as enhancing the overall user experience.
MRX – Market Research Exchange
Market Research Exchange is a social media hashtag (#MRX) used by organizations or individuals interested in participating in online discussions related to marketing research, or organizations promoting market research opportunities.
RMS is a full-service market research firm located in Syracuse, NY. If you are interested in learning more about our research capabilities, please contact Sandy Baker, our Senior Director of Business Development & Corporate Strategy at SandyB@RMSresults.com or by calling 1-866-567-5422.