We’re less than three months from the November election, which means each day seemingly brings a new poll of some sort. But conducting surveys and gathering valuable intelligence is hardly limited to the political world.
Market research is also a key strategy of many B2B lead generation campaigns, perhaps even more so during an election year, when normal sales activity can be impacted by the political uncertainty (a 2010 study concluded that “firms reduce investment expenditures by an average of 4.8% during election years”).
VSA has been conducting market research on behalf of our clients throughout our 23-year history. Sometimes, the research is done in conjunction with an appointment-setting campaign; other times, the immediate goal is exclusively information-gathering.
The latter is the case with one current client program: a business association is surveying members to find ways to better meet their needs. Another current research campaign involves a niche cleaning company reaching out to prospective customers to determine if there is a market for their services and schedule on-site appointments.
Here are a five other examples of market research campaigns we’ve conducted for our B2B clients, followed by five ways to increase response rates and ensure you’re getting the feedback you’re looking for:
Five ways lead generation market research surveys have benefited our clients:
1. Develop a list of the most qualified leads
This can be critical for organizations branching out into new business opportunities. In one case, a long-term VSA healthcare client acquired a small company and needed to quickly develop a strong lead list for its software offering.
The most appealing targets were ambulatory centers using a competitor’s software that was about to be replaced by an upgrade with less functionality. We contacted targets with the specific goal of identifying who was using the competitor’s software, asked a series of pertinent questions, created a database of viable contacts, and ultimately provided our client with a well-defined lead list and better understanding of the market.
2. Acquire customer loyalty data
In another case, a multi-national healthcare corporation was eying five different acquisition targets and hired VSA to gather previously unavailable customer loyalty data. We developed and refined a list of highly specific questions, parlayed our healthcare experience to help navigate to the correct titles, and ended up amassing sufficient responses for four of the five surveys. In each instance, our client used the survey results as part of its decision process/negotiating terms.
3. Assess buyer intent, interests, and needs
Whether it’s cold-calling untapped prospects or reaching out to warm leads who show some level of interest, VSA has implemented multiple programs that involve targeting senior leaders to determine their decision-making clout, gauge their interest in making new capital investments, and acquire information about budgets and timeframes.
4. Learn if there’s an audience for new products or services
Before a company devotes significant time, money, and resources to a new offering, it helps to know if there’s a potential demand for it. VSA has performed this service for a wide variety of clients, from surveying nurses and other healthcare workers to determine their interest in new products to seeking opinions from professionals regarding a new insurance concept. Sometimes, the prospect’s feedback helps directly shape the finished product.
5. Gain intel on competitors
It can be hard to compete without knowing exactly what you’re up against. VSA has conducted multiple “secret shopper” campaigns for clients in which we reach out to some of their competitors to acquire information about pricing, product details, and sales processes.
*****
Regardless of the type of market research, the key to a successful campaign is ensuring adequate participation. Getting somebody to answer questions from a stranger can be a challenge, but there are ways to increase response rates. Here are five of them:
1. Keep your survey short and to the point
Sure, you want to acquire as much data as possible, but that’s not always realistic—especially if you’re surveying busy, high-level executives. Figure out the information you absolutely must have, and use that criteria to develop your questions. Targets will also be more likely to participate if they’re assured in advance that it will only require a limited time commitment.
You can always make additional questions optional for prospects who are willing to take the time to answer them.
2. Use a multichannel approach
Getting somebody to answer the phone is difficult enough, let alone getting them to agree to stay on the line long enough to answer all your questions. Sharing the survey via email or text message gives them the opportunity to take it on their own time.
Of course, conducting the survey on the phone is the only way to guarantee its completion, but developing a multi-channel sequence of calls, voicemails, texts, and emails can go a long way toward increasing participation. Sometimes, a quick reminder is all it takes.
3. Appeal to your target’s ego
People like to know their opinions matter. By letting them know how important their feedback is to your campaign, they’ll be more likely to participate—especially if it means helping to shape a product or service they’re already using or are considering using.
4. Offer an incentive
Promising a gift of some sort can be a great way to increase your response rate. This can range from something as simple as a free cup of coffee to something directly related to your target’s work. For example, on one of our current market research campaigns, prospects who complete the survey receive a complimentary suite of management training materials. In a past campaign that involved a company looking to compile an industry-specific report, all participants were promised a free copy of the completed report.
5. Demonstrate a human touch
There are plenty of automated surveys out there, and even those that are conducted by actual humans don’t always sound human. There’s nothing worse than a call center rep droning through a series of questions in a dull monotone, sounding bored and disinterested. Why should your target care if you don’t?
Remind them that their time is appreciated. Share a laugh with them. Make it feel more like a conversation than an interview. Don’t let them forget they’re talking to an actual person. You can still be professional and focused without being cold and impersonal.
*****
If your company could use assistance developing and sustaining a market research campaign to help grow your business, consider partnering with VSA. We’re always excited to help our clients gather the market intelligence they need to be successful.