Several times on our market research blog, we've talked about the benefits of using market research for public relations (PR), marketing, and content strategy. Clients across the country are taking advantage of third-party and unbiased B2C and B2B data to back sales efforts. Drive Research has supplied content marketing data for companies like loanDepot, Carbonite, and Sqrrl.
The example below is a recently completed online survey project with Agilence, Inc. The company utilized a third-party industry survey to develop infographics, whitepapers, compare cards, and sales collateral.
Read about our latest study in this case study. Drive Research conducted a customer and non-customer industry study with users and decision-makers in loss prevention and data analytics roles.
Agilence partnered with Drive Research to conduct market research on both its customers and non-customers through industry surveys. The market research provided Agilence with a comprehensive review of the decision-making process, awareness, perceptions, and satisfaction with several competitors including Agilence. The market research outcomes allowed Agilence to drive both marketing strategy and content decisions.
To address the objectives at-hand, Drive Research recommended the following approach and audience research for Agilence: (1) an online survey to Agilence customers in both retail and restaurants and (2) an online survey to targeted industries as a whole.
The first step of the market research process was a kickoff meeting to officially launch the project. A kickoff meeting agenda was prepared and sent prior to the meeting. The kickoff meeting highlighted key objectives, expected outcomes, and provided an overview of the process.
A driver’s manual workplan was developed following the kickoff meeting which highlighted key tasks, dates, and responsible parties. This workplan served as a living and evolving document through the market research project, keeping all parties informed of next steps.
Component 1: Customer Survey
This component of the market research study addressed and obtained feedback from current customers of Agilence. Agilence had customers across industries (with the majority being in retail). These customers were emailed an online survey containing approximately 25 questions lasting about 5 to 7 minutes. Each respondent received 2 email reminders if they did not complete the survey.
Questions in the survey included net promoter score (NPS), word association for Agilence, feedback on the value and ROI of the product, interest level in types of information and content, feedback on customer service, and areas of improvement for Agilence.
Component 2: Non-Customer Survey
This component of market research utilized a similar script to the customer survey so comparisons could be made. This survey was mainly administered through LinkedIn combining targeted InMail invites, sponsored advertisements, and organic posts in targeted groups.
Targeted titles for this market research included asset protection, loss prevention, operations, restaurant owners, and franchisees. The survey targeted both the restaurant and retail industries. The survey contained approximately 30 questions and lasted about 5 to 7 minutes.
The customer survey response rate returned an outstanding 47% response rate. The non-customer survey obtained nearly 200 total participants. All respondents were given the opportunity to enter into a sweepstakes to win 1 of 5 separate $100 gift cards.
Here are few sample findings from the market research study. The findings were featured in Markets Insider and PRNewswire.com.
Net Promoter Score (NPS)
Net promoter score (NPS) is a key benchmarking metric in market research. Using the net promoter score (NPS) metric of likelihood to recommend which ranges from -100 to +100, Agilence scored a +70. 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 swayed to a competitor, and (3) detractors or those who actively detract from a brand through negative word-of-mouth. Agilence scored a +70 for NPS which is extremely high. This exceeded the average NPS of +58 for software companies.
Drivers to High NPS
When asked to rate their likelihood to recommend several themes emerged. These centered around Agilence's ability to listen to and support client needs. The software also addresses serious problems with the ability to expand it into other departments across the company. Customer service stood out as a key differentiator as well.
Other comments included best of class, ease of use, and the product only scratching the surface on what it can do.
Above is the testimonial for Drive Research, written by our client at Agilence.
Drive Research is market research company in Upstate, NY. For more information about our market research services such as Voice of Customer (VoC) or Customer Experience (CX) browse our website. Contact us at firstname.lastname@example.org or call us at 315-303-2040.