Increase Revenue with Market Research
As companies are creating their business plan for the year, they should be strategizing how best to reach out to potential customers, gain a competitive advantage over others in their industry, promote brand awareness to their target market, and understand the feasibility of planned products and services. Market research can be a valuable business development tool for companies and their sales teams to recognize market trends. However, it is a time-consuming initiative that may make good sense to outsource to an expert vendor.
Types of Market Research and What it Can Accomplish
B2BAppointmentSetting.com is a company with lead generation expertise and ancillary services that include surveys, marketing research, and gathering customer feedback. Our experienced calling agents gather significant first-hand information from customers and prospects alike, compiling actionable insights that help companies develop their sales and marketing strategy. Information is power and it can be the competitive advantage your company needs to gain a large market share in your industry.
Competitive analysis is specific research that helps companies gain that advantage over their biggest industry rivals. Data analysis compiles the statistical information to help companies make smart decisions in their sales efforts. This data collection can be key to determining the efforts your sales team should make, the resources and tools your company will need, and the target audience you should be reaching to drive revenue and business growth.
What types of market research may work best for your company:
- qualitative research – helps to understand the feelings, attitudes, opinions, and thoughts of a person, who may be your target customer and determine what the factors are that influence their behaviors. In regard to your business, companies are trying to gain insights into the prospect’s perceptions, behavior, and needs. This type of research utilizes open-ended questions to gain insights.
- quantitative research – refers to the collection of large amounts of data to gather reliable, standardized facts and statistics that help to direct key business questions. This is where you learn if there is interest within your target market for your products or services. This type of research relies on close-ended and following questions and a large pool of respondents to gain insights.
- primary market research – refers to the collection of original data specific to a particular research project, gathering first-hand information vs. available information found in databases and other resources.
- secondary market research – refers to the research method that compiles existing data obtained from a variety of resources, both internal sources (such as in-house research) or external sources (such as government statistics, publication, or even, the internet).
There are many methods for conducting market research, including:
- focus groups
- in-depth interviews
- exploratory research
- online survey
- survey research
- research study
- social media
When market research is conducted, companies are trying to make smart decisions about its sales strategy, next steps, and how they want to approach prospects and customers, to gain and retain a portfolio of customers. The information gained from the research will give insights to demographics, buying habits, consumer behavior, customer satisfaction, new products, pricing, functionality, and decision making habits. These insights are some of the most valuable information a company can gather – revenue and business growth is dependent on it.
A telemarketing calling campaign can be at the center of your market research efforts. It can work to complement many of the methods listed above and produce significant results that help companies understand their customers, prospects, and the market.
When Customer Satisfaction is a Priority, Customer Retention is Possible
Along with market research, obtaining customer feedback is an important step in your business planning. This gives your company an opportunity to learn all the information it can about your customers, their product feedback, and whether or not they are happy or unhappy customers. Customer loyalty and feedback management must be a priority and a consistent effort in your company plans. Your revenue and business growth is reliant on these efforts and when you collect customer feedback, the information you receive is worth more than can be truly measured. Both small businesses and large enterprises benefit from customer insights. The wealth of information you receive when you gather customer feedback not only helps your sales and marketing teams, it can also provide actionable insights on your products and services, including functionality and pricing from feedback survey respondents. Receiving user feedback gives you unbiased, truthful information which you cannot receive from anywhere else.
A calling campaign with B2BAppointmentSetting.com can collect feedback from your customer list. Our expert calling agents can discuss their customer journey to your company and the problems/issues you help them to solve on a daily basis. They can extract the customer’s user experience, favorable or unfavorable, from them. Every calling campaign is customizable to each company’s individual needs and is based on the criteria set by you to obtain the information you want to receive. This type of campaign is a great way to execute experience management and fully understand the customer experience. Your company will surely learn if it is truly customer-centric or if it is an illusion that you think is a reality. Insights like this can help your company make the proper adjustments in customer support in real-time and help you reduce high churn rates.
Key considerations when implementing customer satisfaction (CSAT) management:
- Should you utilize customer satisfaction surveys (phone and online surveys), forums, and feedback forms to gain useful insight based on real-life experiences?
- Can your company facilitate a help desk to provide exceptional, ongoing customer support?
- Should you have a concentrated effort on a follow-up campaign and whose responsibility would that be – sales reps, sales support staff, or an outside vendor?
- What metrics should be measured – response rates, sentiment analysis, product usability, user testing, customer effort score (CES), or others – to help your company provide exceptional customer experiences?
- Can you implement feedback campaigns through social media and a mobile app, dependent on your business and industry?
- How will you implement proper market segmentation so that you may hone your messaging, sales tactics, marketing strategy/roadmap, and survey questions?
- Which benchmarks and metrics are important to your company?
- Can your company utilize user generated content (UGC) like online reviews?
- What templates, notifications, or pop-ups for customer surveys can you create and regularly utilize that will optimize and encourage your collection of customer feedback?
There are many reporting tools, feedback software, survey tools, CRM, automation, widgets, survey makers, SaaS, and all-in-one platforms, it is difficult to name the best customer feedback tools. However, there are many.
Here are a few tools that come to mind:
- Net Promoter Score (NPS)
- And many more.
Couple this information with your market research efforts, and your company is in possession of extremely powerful data. Utilize technology and the plethora of tools that are available to you, especially if your company is a small or medium sized business. It will help you compete with larger enterprises.
Your company must prioritize many different efforts to reach a variety of customers. While new customer acquisition is important, customer retention and customer reactivation are also vital to success.
How can B2BAppointmentSetting.com help you with your survey, market research and customer feedback efforts and free your sales team from time-consuming tasks so that they can focus on closing sales and generating revenue? We are a skilled, expert, B2B appointment setting services company who deploys only the highest quality, experienced B2B calling agents. Contact us today!