Market Research Services
Think of how much time and effort your business expends to initiate new relationships with potential customers and to follow through until the deal is closed. Post-sales follow-up calls during “the honeymoon phase” of your initial business transaction can lead to increased revenues and valuable referrals.
Typical sales follow-ups may include:
- A warm, friendly thank you for the customer’s business
- An exchange of contact information for future interactions
- A check-in to ask whether they are happy with their purchases and customer service, and to answer questions
- Requesting permission to send valuable content later and keep the lines of communication open
- Information about complementary products the customer may be interested in
- A referral request and reward
It costs anywhere from 5-25 times more to get a new client than to sell to an existing one, so it makes sense to invest in post-sales follow-up and marketing research to help you close more deals and continue to prosper.
You can save even more money by outsourcing your marketing research activities to Executive Boutique’s Philippines-based call center. We work with you to identify business process strengths and weaknesses, as indicated by your current customers.
What are Market Research Services?
Market research services help you understand the needs and desires of your customers and the behavior of your market. Research has found that 96% of unhappy customers do not issue a formal complaint; 91% simply leave and never come back. This statistics reveal how important it is to stay on top of of your customers’ satisfaction.
Customer surveys are an easy and effective way to assess the customer service experience and overall satisfaction levels. Why do people buy from you once, but never again? Was it something lacking in what you offer, or was it a problem with customer service? Is there some way you could better meet the needs of your customers now or in the future? All these questions can be answered by effective market research strategy.
Happy customers come back and buy again, spread the word to their colleagues and friends, and are less likely to post a negative review or defect to competitors. On the other hand, a study by the White House Office of Consumer Affairs found that the average dissatisfied customer will tell 9-15 people about their negative experience, thus affecting your brand reputation.
Market Research Benefits
Post-sales market research offers countless benefits:
- Catch people quickly to identify the happiest or unhappiest customers for follow-up.
- Answer questions before they become problems.
- Ensure a favorable impression with new customers to get repeat business and referrals.
- Run your business more efficiently by adjusting internal customer service training based on real feedback.
- Receive the actionable customer feedback you need to create amazing experiences for your customers.
How Outsourcing Market Research Helps You Understand Your Market
The cost for completing 200 phone surveys can vary from $5,000 and $15,000, according to marketing research firm Hosted Survey. Not every small to medium-sized business can afford that kind of investment. Outsourcing call center work to a tech-savvy city of educated native English speakers like Cebu City can dramatically lower these costs, as the cost of living is lower here.
Frequently Asked Questions about Outsourced Market Research
Here are a few questions about our market research services:
What is Market Research?
Market research can mean many things, but to us, it involves short customer surveys to inquire into customer satisfaction following a recent sale. We can ask open-ended questions, rating scale questions, or a combination, depending on your preferences. The market research gathered is then used to make improvements, assure success, and drive innovation.
How can market research help you understand your market?
Market research surveys help you examine different areas of customer satisfaction to understand why customers come and go. Calling to offer a simple “thank you” and ask just a few questions can dramatically improve customer satisfaction and put out small fires before they turn into raging infernos. We’ll help you gauge how well (usually on a scale of 1-5) your team and products meet customer needs. We’ll also identify your market’s biggest current challenges to gain ideas on what they’d like to see in the future.
What is the value of outsourcing market research?
Even though the value of market research is clear, making all those calls and tracking the results takes up valuable resources in time, money, and personnel. That’s why many small and medium-sized businesses make the leap into conductingpost-sales surveys faster, easier, and cheaper by outsourcing to an experienced call center that acts as an extension of your business.
- HubSpot – A Beginner’s Guide To Lead Generation
- LinkedIn – Five Things You Need To Know To Qualify A Lead
- Business2Community – 5 Reasons You Can’t Afford To Ignore Outsourced Lead Generation
- LinkedIn – 4 Things You Need To Know When Qualifying a Lead