When looking at successful business operations, there are a few key factors that stand out. One of the first is people: well-trained data administrators, content creators, sales reps, and coaches are critical. In conjunction with a quality team is consumer market research. Why consumer market research? Because it brings the vital data needed for long-term growth.
The greatest development team is nothing without the right data to equip them. Consumer market research brings that data, arming teams with the information they need to build a database, target leads, and continually move their sales pipeline. Hinge Marketing found that companies that use market research saw profitability double and growth increase by 15x compared to those that don’t’ use research. Why is consumer market research so essential?
It Builds a Relevant Database
When your team understands who is interested in your product or service, they can start auditing and augmenting your database. Once you know what types of businesses and job titles you should target, your team can gather leads and start tagging them based on differentiating factors (i.e., location, job title, price point).
Market research can also help identify new markets, allowing you to grow your database and outreach. And, market research enables you to understand your competition to pinpoint your unique values in the market.
It Helps Better Qualify Leads
Once you have data on what factors constitute the hottest leads, run reports to flesh out those high-quality prospects. The more information you have on the market and what your target audience wants, the better you can qualify the leads in your database. And, market research can tell you which prospects are best fits for particular products or services, making it easier for you to target leads correctly.
It Leads to Better Content
Great content comes from data. With market research, you can identify specific pain points and build responses to those needs into your content. Research also tells you what type of content your audience responds to best and the ideal times to contact them in the buying cycle. With that information, you can pinpoint the ideal moments to send your targeted content, maximizing efforts and increasing response. Additional insights like what motivates change and the top initiatives in the coming calendar year can put your team one step ahead with content.
It Improves Conversations and Conversions
Knowing the best contact times and what contacts want to hear is critical to your sales reps. Armed with data on pain points, job responsibilities and goals, and other vital elements, your reps have a huge leg up in conversations. Insights like the current systems, processes, and opinions in the prospect’s business give reps essential background to bring depth to a discussion.
Each conversation can start with a data-driven hook to get the prospect interested and follow with the right questions to understand their unique perspective. The easier it is for your reps to start and sustain conversations, the more likely you’ll see those conversations continue and convert into sales.
Make Consumer Market Research a Part of Your Strategy with NuGrowth
As with all valuable sales elements, consumer market research is not a one-time thing. You need to continually engage with the market, conducting research regularly to understand changes and adapt your strategy in response.
Stay on top of your market research with the outsourced team at NuGrowth Solutions. Our experts are data-driven and focused on watching for changes in the market to help our clients hit their goals. We bring a team of seasoned professionals and the data they need to help them get to work, fast.
Find out more about our market research campaigns and other sales services: get in touch at 800.966.3051 or fill out a contact form today.
Sarah Deak is a veteran copywriter and content strategist with NuGrowth Solutions. She likes to look for the unexpected angle and uses her background in education, business development, and marketing to create interesting and informative pieces to equip readers with actionable data