What is the value of market research? The data. The findings. The strategic implications. The improvements on marketing. The insights. Likely all of the above right? But the value of market research extends far beyond just the immediate top-of-mind benefits.
Some market research companies can work with your business or organization to maximize the value of your efforts. So beyond the data and findings, there are 4 hidden values in market research our team has identified. When these are added to the high-level benefits, it creates incredible ROI for your market research.
These hidden value-adds include: (1) repurposing the findings for marketing, (2) integrating feedback into CRM tools, (3) training education, and (4) case management. Each is explained in more detail below.
Here are 4 hidden values of market research. We'll help you unlock them.
Hidden Value 1: Re-purposing the Findings for Marketing
If your customer satisfaction survey comes back with excellent ratings, it does no good to keep this story in house. Featuring scores like net promoter score (NPS) and your customer satisfaction (CSAT) can be featured on your website, press releases, blogs, marketing materials, eBlasts, sales collateral, and many other channels. Highlighting these scores can help your business gain more visibility and credibility (and ultimately more customers).
Think about ways to re-purpose your findings into a series of blog posts or a few web pages. Putting this information online allows you to be found more easily. Market research often creates a lot of content for your to build on.
Hidden Value 2: Integrating Feedback into CRM Tools
A key tie-in for market research and customer experience (CX) data is integration with Salesforce or another CRM tool. Through a unique customer record number or ID, survey results can be tied to fields in your database (sales numbers, orders, products, sales person assigned, etc.) This tie-in helps save you questions in your survey but still allows you to integrate those fields into the data analysis. On the flip side, comments and data can be put back into CRM tools for follow-up calls. Wouldn't it be valuable the next time a salesperson called if they knew the customer was happy with A, chose your organization because of B, and planned on buying C in the next 6 months?
Here are 6 data points to tie-into your CRM tool.
Hidden Value 3: Training Education
Many of the clients of our market research company use the customer feedback from market research for training purposes. Whether it is written comments from a survey or a recorded calls as part of follow-up surveys, this feedback can prove extremely valuable. Why? Because it comes directly from the customer. Unfiltered.
Managers can use this raw data to help improve processes and training for staff. Scenarios like here is what happened with customer A, the caller rep handled it using technique B, but they should have addressed it with technique C.
Hidden Value 4: Case Management
Through a customer experience (CX) program, flags can be set up a system to identify customers automatically who meet specific criteria. This may include customers who plan to purchase a product or service in the next 30 days. Another flag could be customers who rate their experience as a "5" or lower on a 1 to 10 customer satisfaction scale.
These case management flags allow a manager or team member to follow-up with a customer immediately and potentially save business from a bad experience. This can prove invaluable. Also, it's feedback that may go on deaf ears or never be heard without a market research program in place.
Contact Our Team
Drive Research is a market research company serving Buffalo, Upstate New York, and the rest of the country. Questions about an upcoming market research project or need advice on a survey, focus group, or intercept study? Contact us below.
Email us at [email protected] or call us at 315-303-2040.