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What is Market Research?

By 12th September 2017Knowledge, knowledge bank

Before you commit time and resource to a costly B2B marketing campaign you need accurate information about your target market so that your offering can be pitched perfectly.

Understanding your market will save you time and money.  Especially if you are launching a new product or services, market research can provide insights on profiling, preferences and opportunities that will enable you to conduct your telemarketing campaign with the confidence that you have your message and offering right.

In addition, you can improve your current marketing database by data cleansing the information as part of the call.  This then gives you a great basis for a separate appointment setting or lead generation campaign.

Before conducting market research, think about what you want to achieve.  There are several questions that you should consider:

  • What does our target market ‘look’ like?
  • What are their pressing issues/business needs?
  • Who is the decision-maker?
  • What will make them act?
  • When do they buy?

Market research can answer these questions.  In turn, you will create a telemarketing campaign that sends the right message to the right person at the right time, shortening your sales process/cycle, improving your business efficiencies and ultimately your profit.

Fully managed outsourced market research can also be used to obtain insights into existing and previous clients through customer surveys.  The information about their customer experience, including issues such as service issues or problems and how they were managed, is essential to feed back into your business.  By working with an outsourced telemarketing company you can gain genuine insights that might otherwise go uncaptured, enabling you to improve all elements of your customer offering.

Market research will enable your company to become more responsive to your market’s needs and more aware of the issues affecting the success or failure of your business.  Can you afford not to?