“Do you have a minute to discuss your experience with our product?”
Upon answering an unexpected call, you’re implored by a friendly voice on the other end of the line.
You’re a long-time user of the product in question, and do indeed want to voice your opinion to the company. Is it worth it?
When you stay on the line with this representative to offer up your two cents, you’re participating in market research. Market research uses economic trends, along with statistical analysis of consumers, to create guidelines for approaching different markets with different products.
Outbound market research campaigns have several distinct benefits, which small and mid-level businesses have taken advantage of for decades.
1. Retain Customers
Market research is used for quality assurance purposes, and to successfully redirect campaigns to recapture revenue.
This can take the form of questionnaires (like in the scenario above) to gather data and gauge your consumer base’s sentiment. It can also include proactive sales calling to current subscribers and customers – to make sure their details and desired subscription status is up to date.
The proactive approach to getting in touch with your existing clientele might strike some as bothersome. However, RAIN group reports that it’s highly effective, with 82% of buyers accepting meetings with sales people who actively reach out.
In fact, AnswerNet saw success in assisting Farm Journal Media, the nation’s leading agricultural publishing company, retain subscribers. Agents in Webster City, Iowa were able to confirm subscriptions and upsell to existing Farm Journal aficionados, retaining and increasing an existing revenue stream. While on the line, the agents also conducted live surveys with the subscribers to build out a smarter database and hone their target market.
Don’t underestimate the value of leveraging your existing customer’s experiences and impressions of your product. Your customers are typically your best-informed stakeholders. Understanding their relationship to what you offer is critical to strategizing your brand as your company’s story continues to unfold.
2. Understand the Market Landscape
Market research broadly falls into two categories: primary market research, and secondary market research.
With primary market research, researchers gather new data; points that did not exist in the database already. This research happens via surveys, interviews, and questionnaires.
Secondary market research comprises putting together existing data to compose hypotheses, or using such data to support theories, strategies, and the like – regarding your target market.
In the case of Farm Journal media and AnswerNet, a blend of the two styles was cleverly deployed. Existing markets were tuned into, and existing customers who were statistically engaged were the first to be targeted in the call-campaign. Building on the existing market’s responses, primary research was conducted by asking new questions to gather new data points.
Either style of research is going to give you a sense of what you’re dealing with, both when it comes to the clientele you’ve created through your product and branding, and to the direction to take going forward. If you wish to entice new markets, or extract more value from the markets you’re already targeting.
3. Reach Your Specific Audience
Want more clarity on which market to target? Get deeper insight into the end-to-end customer experience that your company provides.
Marketing strategies can often feel like a gamble. And, given the unpredictability of markets – based on constantly changing cultural sentiments – they often are. Research surveying can greatly benefit you in collecting the data that your team needs to create better-informed strategies.
Using social media to conduct surveys gives you insight into which socials your target market is most actively engaged with, along with the data they provide. Consumer demographics like your average user’s age, gender, income, and lifestyle choices can be gleaned from surveys – absolutely crucial information for strategizing how to target your market.
A well orchestrated blend of calling campaigns and social campaigns can give you a landscape of customer data to work with. Of course, your product may predominantly appeal to consumers who aren’t into social media. Or in the rare cases they’re using social media, they’re not using it to interact with brands. In this case, phone outreach is your go-to.
Small Surveys, Big Benefits
No matter how brief or informal, if you’re tracking user behavior, responses and sentiments, you’re actively conducting market research.
AnswerNet and Farm Journal media were pleasantly surprised with how informative “a few questions” (asked throughout a driven and focused reengagement campaign) could be. You might be too! If you’re interested in getting outbound market research underway using our teams of ready-to-rock, dedicated agents – we’d love to help you gain critical insights about your market.
