Objectives of the Market Research
Kris-Tech Wire partnered with Drive Research and Advance Media New York to conduct a Voice of Customer (VoC) survey. The market research study provided Kris-Tech Wire with the necessary data to better understand customer needs, wants, behaviors, as well as other secondary objectives. The data and findings from the market research helped guide the client with customer relationship strategies, marketing ROI, competitive insight, and opportunity areas to further strengthen the Kris-Tech Wire relationships with end-users and distributors. The data will be used to drive next steps in marketing efforts.
Kris-Tech Wire is a vertically integrated wire manufacturer. They serve commercial building, water and gas, solar, and explosives industries, among others.
Market Research Approach
To address the objectives at-hand, Drive Research recommended the following market research approach for the Kris-Tech Wire VoC survey. Drive recommended taking an approach that utilized a number of touch-points in the most cost-effective way for the client. Using several touch-points as part of this survey will show customers the importance of their feedback as well as confirm Kris-Tech Wire’s personal approach.
VoC follows a step-by-step process.
Step 1: Kickoff Meeting
Drive Research scheduled an in-person kickoff meeting with the Kris-Tech Wire team on-site in Rome. An agenda was sent prior to the meeting which highlighted expectations, timeline, and next steps. At the conclusion of the 1-hour kickoff meeting, our manufacturing market research company prepared a living project workplan which detailed deliverables, responsible parties,
and dates of completion. The workplan was updated each week and shared throughout the life
of the project. Kris-Tech Wire passed Drive Research a customer sample file which included a contact name, email address, and phone number.
Step 2: Survey
Drive utilized the feedback obtained from the kickoff meeting to create a draft survey document for Kris-Tech Wire. This survey addressed the key objectives of the study including communication preferences, feedback on current ordering processes, marketing messages, service differentiators, appeal of some communication concepts, as well as other secondary objectives. The survey document was sent in Word. Once the Word version was finalized, the survey was programmed into an online survey software and tested. The link was sent to Kris-Tech Wire for review. The survey was designed, tested, administered, managed, analyzed, and reported on by Drive Research. As an incentive to participate, Kris-Tech Wire offered 100 coffee mugs to the first 100 respondents as well as raffling off 1 iPad mini.
Step 3: Fieldwork
Before the survey began an introductory email was sent by the President of Kris-Tech Wire identifying Drive Research and the importance of survey responses. The survey lasted an average of 5 to 7 minutes and included 23 questions. Fieldwork began on March 17 and lasted until April 1. A total of 130 respondents participated in this survey. Open-ended questions are free text responses with no radio button selections for respondents. These questions were categorized and coded in the final report.
Step 4: Reporting
The market research report was compiled into a PowerPoint document and was delivered in a
PDF. At the conclusion of the project, Drive Research sent Kris-Tech Wire a draft report which included detailed sections from each step of the market research. The report included an executive summary of themes derived from the research, including infographics and recommendations based on data. Several cross-tabulations were included in the report including age breakdowns and customer class breakdowns. Drive Research debriefed with Kris-Tech Wire at the conclusion of the market research through an in-person scheduled meeting in Rome.
The executive summary highlighted several key themes and takeaways from the market research. In addition to the executive summary, Drive Research also prepared a one-page infographic and typical customer persona for the manufacturing company.
Using the net promoter score (NPS) metric of likelihood to recommend which ranges from -100 to +100, Drive Research calculated a NPS rating for Kris-Tech Wire. NPS is broken down into 3 respondent categories: (1) promoters or those who actively promote a company or brand, (2) passives who do not promote or detract from a brand but can be easily swayed to a competitor, and (3) detractors or those who actively detract from a brand through negative word-of-mouth. Drive Research benchmarked the Kris-Tech Wire NPS rating to over 80,000 organizations and companies over the past 12 months who collected NPS.
Other Questions Answered for Kris-Tech Wire
- Word associations with Kris-Tech Wire
- Factor(s) most important when choosing products
- Competitive usage and comparisons
- Drivers to satisfaction and loyalty
- Areas of improvement
- Ease of the ordering process
- Communication preferences
- Social media usage
- Appeal of communication concepts
- Interest in online content on the website
- Categorization questions
Drive Research is an manufacturing market research company in Upstate New York. We work with manufacturing companies and industrial companies across the country to assist with their market research and Voice of Customer (VoC) needs.
Contact us at firstname.lastname@example.org or by calling 315-303-2040.