By Luke Weigel
Marketing Manager, Lessiter Media
lweigel@lessitermedia.com
414-326-0437
We recently had fiber optic internet installed in our neighborhood. As soon as the crews were done tearing up our yards, the door-to-door sales team came knocking with an offer too good to pass up — half the cost of what my current provider was charging, faster speeds, free internet security, advanced parental controls and more.
When it came time to cancel my previous provider, it was as though they were expecting my call and were armed with even better rates, faster speeds, the newest iPhone free of charge, etc. Had they been proactive, it's an offer I likely would have accepted and stuck with them. But it was too late — the cords were cut, literally and figuratively.
It left me with questions. Why did they wait until it was too late to offer me something better? Were they not aware of their pricing compared to others? Were they not aware that a competitor was moving in on their territory? Did they care about customer experience?
It's these types of questions and scenarios that make market research so important for companies in today's competitive landscapes. A simple survey, phone call, email or some other form of outreach could have saved them at least my monthly payment, and likely would have gone a long way in preempting the mass exodus of other customers — at least in the Fox Brook Hollow subdivision!
One of my favorite examples of market research during my time at Lessiter Media was with a company that had gone through some corporate changes and was convinced they had developed a negative image/reputation issue in the industry — one they were spending a lot of time and resources trying to fix. To help them dig deeper and identify any issues that existed, we conducted a market research survey among their target audience.
Much to their surprise, the data not only showed they did NOT have an image/reputation issue with existing and potential customers, but that they were actually one of the higher-rated companies in their segment of the industry.
A simple survey allowed them to shift their focus and resources to more meaningful projects with confidence ... and they even picked up a few hot leads in the process that expressed interest in their products and wanted someone to reach out.
The old saying "you don't know what you don't know" has never been truer. But by simply asking the question and showing that you care, you'll be surprised by what you might learn in the process. This infographic highlights the role market research can play in your company's marketing efforts.
Want to learn more about how Lessiter Media can help with market research projects and get you the answers, info and data needed to make informed decisions? Drop me a line — I'd be happy to set up a quick call to discuss.
Source: dynata
