Case Study: How a customer analysis saved thousands for a B2B client

Looking for the “wow” factor in your business is not always about what you want your company to be for your customers, but very often, it is more about what your customers value about your company. As a first step to creating powerful strategic marketing plans, we always recommend market research to our clients. Market research, specifically customer analysis, is the most powerful tool marketers have for really finding out first hand exactly what your customers value and why they choose you over your competitors.

Many companies want this business intelligence and feel they can “do it themselves” with an email survey or direct mail piece. Well, with almost 20 years in the business, I can tell you that research obtained by “doing it yourself” is truly invalid research. Research needs to be conducted by an unbiased third party who can listen and respond without prejudice or emotion.

I’d like to share with you the big wow factor that came as a result of the research we conducted as the first leg in a strategic marketing project. We’ll call this company ABC Consulting. Prior to our engagement, they were about to “press the button” on several online marketing tactics including investing heavily in a new website with interactive capabilities and launching into social media networking sites. We convinced the client to “hold off” on implementing these tactics until after we conducted a competitive analysis and customer analysis. They took our recommendation and decided to hold off and are eternally thankful that they did. It is true, as with most qualitative research, that the truth lies in asking the “right” questions and so we personally spoke to our client’s customers, asking them a host of custom questions to determine not only what they value in the service they are receiving, but how they feel what they are getting differs from other competitors.

There was not one customer we spoke to that values online communication, stating that they never visit ABC Consulting’s website, and have no need for social media. What do they value? Personal calls, face-to-face meetings, etc. The result of this research is a 180 degree shift from what our client had determined was what their customers’ wanted. As I have said in many of my blogs holds particularly true here: no tactics before you understand who your audience is, and what they value. If our client had executed their online tactics, what type of success do you think they would have had? My guess is none, as their customers never visit their website and new customers search for this service in other ways, but not online.

The research revealed many values, behaviours, wants and needs of ABC Consulting’s customers and competitors, but none stronger than a 180 degree shift in thinking!

With this research in hand we are now able to develop a targeted and strategic plan, rooted in solid research, and our client will save the thousands of dollars they were about to spend on the wrong tactics: tactics that were rooted in guess work and marketing pressure to conform.

My take-away for all business owners is to take the time to get to really know your customers, NOT through your own personal dealings but through someone else’s eyes and the result could be a game changer!

When was the last time your company conducted third party qualitative research? Do you think you need to conduct research before you execute a new marketing initiative? Are you willing to try new tactics without knowing what your customers value? I look forward to you sharing your thoughts in our comment section.

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Do You Know Why Your Customers Choose You?

With more and more competing services spreading around the world, it is becoming easier to create look-alike companies and services. And yet, standing out from the crowd is one of the most important requirements of any company. Being different gives customers a good reason to choose your company over one of the many lookalikes.

There are many ways to be different. Offering a unique and better service is a good place to start. However, adding layers of innovative services or developing a brand with special attributes can also make you look and feel different.

One of the most important roles that market research can play is to find out what your potential audience wants and needs, and use these findings to help differentiate your company or service offering.

With almost two decades of market research expertise, I have outlined below a few compelling reasons as to why you should survey your customers. As for the process of creating the survey, how the survey is conducted, and what methods can be used to follow up, I’ll leave those for another blog later in the month!

Customer Loyalty: Understand the magic – what they like about you and what they dislike. Knowing what keeps them coming back over and over again is the secret to your success. Loyalty is the magic when they start talking about you and referring you to others.

Customer Satisfaction: Satisfied customers are those who do not have outstanding negative issues concerning you on their mind. This doesn’t mean everything has always been perfect. Sometimes things may not have gone all right. In all such situations you gave your customers a chance to talk to you. Sympathetic listening to customers is essential. An online survey, or better yet, a personal phone call from a third party, provide an excellent way for your customers to have a chance to get their side of the story out without being interrupted. A second essential is follow-through. Proper tools of analysis will help you segment your customers into different categories based on what you need to do in return. Then show them you “heard” them and are putting their words into action.

Effective Communication: By inviting customers to talk to you through careful design of your survey or asking key questions in a telephone conversation can effectively inform your customers about things they may not know or remind them of important changes or innovations in your organization. This is clever because customers will take your survey more seriously than most other communication you send them.

Spotting Trends: Beyond understanding the drivers behind loyalty and satisfaction of your customers, you can benefit from the wisdom of the masses by asking them for their ideas and spotting patterns in their feedback. Spotting such trends ahead of competition could offer you a significant advantage.

Think about your own loyalty as a customer and why you choose certain brands or companies to work with – heck, knowing what your customers value is what’s behind those great beer commercials who put their customer in their brand experience! Listen to your customers; let them show you what they value and once you act on their input, enjoy watching your business grow!

When was the last time you conducted a customer survey? Did you send out an online survey or did you call your customers? Did you follow up on the customer feedback and if so, how? Do you feel you did a professional job or do you think you should have hired a marketing firm to conduct it for you?