In a constantly changing industry, sales and advertising teams must stay informed on the ever-changing approaches to promotion tactics. On top of that, it is a tough task to sell something the buyer doesn't think they need.
For this reason, conducting market research with current and potential advertisers can share the in-depth insight your teams need to increase sales.
In fact, our market research company recently completed both an online survey and competitive analysis to accomplish this exact goal.
Learn more by reading the case study below.
Challenges of the Advertisers
The organization sought to understand the best approach to undertake advertising sales to positively augment or generate new net revenues and help support its existing content distribution and sharing platforms.
This project aimed to explore and provide information to staff about the most effective ways for the organization to pursue and benefit from paid advertising.
Therefore, the main objectives of the study were to provide an analysis and advice around the advantages, disadvantages, and feasibility of strategically aligning new advertising operations with streamlined sales processes.
Solution: Conduct an Online Survey with Current & Potential Advertisers
Drive Research recommended conducting an online survey with current and potential advertisers on behalf of an organization.
Additionally, our market research company worked with the client to identify five critical competitors for competitor analysis.
The competitor analysis included a full audit of key components such as:
- Marketing efforts
- Competitors’ websites
- Strengths, weaknesses, opportunities, and threats for the client
Approach to the Current and Potential Advertiser Survey
Our market research team followed a streamlined approach to both the online survey and competitor analysis. Like most studies, we always start research projects off with a kickoff meeting.
It helps to learn more about our client’s objectives in detail as this is what shapes the questions asked in the survey.
After the kickoff meeting, our team drafted a custom current and potential advertiser survey to meet the objectives of the client.
Below are a few example survey questions from the current and potential advertiser survey:
- Based on your knowledge, what is the number one reason your organization supports [insert organization]? Enter your response below.
- If [insert organization]expanded its advertising opportunities, how likely is your organization to purchase advertising from [insert organization] within the next 3 years? Select a rating.
- How appealing is each of the following types of advertising/support from [insert organization] for your organization? Select a rating for each.
- Approximately how much does your organization spend on commercial promotion with [insert organization] in a typical year? Select one.
- Which of the following best describes the annual advertising budget for your organization? Select one.
Please note, these questions have been edited to protect client confidentiality.
Fieldwork for the survey began on July 20 and lasted until August 6, 2021. The survey took an average of 7 minutes to complete and included 31 questions.
Once fieldwork was completed, Drive Research created a comprehensive market research report for the client.
For an in-depth look at our market research process, How Does an Online Survey Project Work?
Results of the Current and Potential Advertiser Survey
This data was used to create a fact and evidence-driven marketing plan for the client. This market research will serve as a roadmap to improve marketing and operational strategies.
The report included the following components:
- Background and methodology
- An executive summary of themes from both surveys
- Strategic implications and recommendations
- The full competitive assessment for five competitors
- A comprehensive appendix of question by question results
In addition to the full report, the client received a full Excel CSV file of all survey responses and an Excel file of topline results tabulated with significance testing.
The market research analysis resulted in recommendations on how the organization should address and help mitigate the impact of multiple sales functions servicing the same potential advertiser.
Drive Research is a full-service market research company specializing in advertising and marketing research. We partner with various organization types from across the country to deliver quantitative and qualitative data to fuel their operations.
Interested in learning more about our services? Or looking for a project quote? Contact Drive Research today.
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As a Senior Research Analyst, Emily is approaching a decade of experience in the market research industry and loves to challenge the status quo. She is a certified VoC professional with a passion for storytelling.
Learn more about Emily, here.