The ROI of data from quantitative research findings

- [Instructor] In 2020, with the world locked down from the pandemic, Nike realized their in-store customers had all but vanished. They couldn't rely on foot traffic anymore. So they turned to quantitative research to figure out exactly what their customers wanted from a digital experience. The data spoke loud and clear. Customers were craving personalized, interactive features that mirrored an in-store experience. So Nike revamped their app, adding new features like virtual try-ons, personalized workout plans, and even early access to sneaker drops. They even introduced virtual product experts to give realtime advice on fit and style. And the results? By 2021, a year later, Nike's digital sales soared by 85% with a 19% increase in direct sales. Quantitative research didn't just guide their changes, it transformed their entire customer experience, proving that data-driven decisions lead to real results. If you're making major business decisions for your company, you're going to want to make sure they're backed by data. That's the power of quant research. It doesn't just give you numbers, it gives you confidence, a roadmap to success. It's all about eliminating guesswork and using real measurable insights to optimize your efforts. But let's be honest, your boss and their boss are always going to want to know that their investment and research is paying off. So in this video, I'm going to throw some stats your way to justify spending on research. Because here's the truth, data brings better results, period. Now, that leads me to my first stat, that companies using data-driven decisions are 23 times more likely to acquire customers, and 19 times more likely to be profitable. Businesses that excel in customer insights grow faster and are 85% more profitable than those that don't. 85%. Let that sink in for a minute. Imagine running a survey and discovering that one region is seeing a drop in customer satisfaction. Now you know exactly where to focus your efforts to reduce churn and boost loyalty. Quant research is your secret weapon for figuring out what your customers actually want at scale. 63% of customers today expect companies to know their needs. No pressure, right? Instead of throwing stuff against the wall hoping it sticks, run a survey first. You'll know exactly what features will land. No more wasted resources. And pricing? Quantitative research can save you from massive pricing mistakes, which account for up to 30% of lost revenue. Tools like Van Westendorp or Gabor-Granger surveys help you find the sweet spot your customers are willing to pay. Here's a real-world example. Doctors and nurses were surveyed about a new digital stethoscope. The research showed that they were willing to pay $120 more for a specific feature. That's not just a fun fact. That's a critical insight into how the company can design, price and sell their product for maximum profitability. In UX, the numbers are just as wild. Every $1 invested in UX brings $100 in return. That's a 9,900% ROI. The top 10 companies leading in user experience outperformed the S&P index by 35%. And a well-designed user interface could raise your website's conversion rate by 200% and better UX design could yield conversion rates up to 400%. Harvard Business School even reports that improving UX raises KPIs by up to 83%. Real money from real research. And here's a fun story from my personal experience, and it just happened about a week ago. I was working with Cvent, an event marketing platform, and my company was on a call with their UX team, and they told me that one of our team's recommendations to move a single button on their homepage had boosted their conversions by 64%. Imagine what 64% more conversions on your website could do for your business. Of course, I told their UX director he should ask for a 64% raise. We'll see if that happens. All this to say, data makes your decisions smarter, your investments more strategic, and your business more profitable. That's the ROI of quantitative research. Real numbers, real insights, real results.