How Market Research Can Help You Grow
Market research helps a business determine who to target and what messages will be most effective. Here are some ways that market research can help increase your sales.
1. What is most important to your customers?
A well crafted research script will reveal what’s most important to your customers and why they are purchasing from you. Often, businesses excel at exactly what their customers are looking for, but they don’t always include those selling points in their messages. When you know the two or three attributes that customers and prospects are most interested in, your message can be adjusted on your website, in your advertisements and company literature, and in your sales pitch. Customers will recognize immediately that you offer exactly what they are looking for.
2. What offers and contact methods will your customers respond to?
Effective research tells you exactly what offers will cause customers and prospects to purchase. Once a new customer makes one purchase, you have a reason to contact them and try to expand the types of purchases they make with your company. You can also find out what types of communication methods they will respond to—emails, sales visits, postcards and/or ads. Then, you can shift your marketing efforts to optimize your time and your budget to achieve much better returns.
3. Where are you ranked against your competitors?
Market research will show how the market ranks your company when compared to your competitors. Who is #1 in your market? Who is in the middle, and who is last? Where does your company rank?
Your sales team can target customers of companies who are considered less capable. Market research includes conducting surveys with prospects in your market to find out who they do business with. This kind of approach can also work in a sales effort. If they are doing business with a company that is considered less capable than yours, provide an offer that the research says will work to persuade them to try your company.
Market Research Case Study
Here is an example of how Winsby’s market research helped one company grow
Market Research Changed their Business
According to Dennis Heller, president of Stephenson Equipment, a Manitowoc dealer with seven locations in Pennsylvania and New York, market research “changed the company’s culture”—especially the messages it was sending to their market.
With more than 50 percent of the crane buying decision based on product support, the dealer chose to promote parts and service in a way that emphasized uptime. Together with Winsby, Stephenson began crafting messages focused on what was most important to crane owners.
“We used to talk about how many millions of dollars of parts we had in inventory,” explained Heller. “Now we talk about our 24-hour fill rate.”
How the Research Was Implemented
Brochures for new products, rental and product support were updated with messages that customers would respond to, according to the research. Product support brochures now explain the dealer’s services, such as operator training, welding repair services, and reconditioning services.
“Why talk about the color of the machine, when you can talk about your ability to supply parts or how quickly you can turn around a repair,” advised Heller. “That’s the new dialogue.”
One of the top forms of communications that customers said they would respond to was emails. Topics included in the emails are things the customers and prospects said were important to them: OSHA regulations, changes to crane laws, and special promotions.
Results
Year-over-year parts sales rose 18 percent, service sales, 16 percent and new machine sales, 20 percent.
Categories
CUSTOMER RETENTION
CUSTOMER SATISFACTION SURVEYS
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- Are Your Customer Satisfaction Surveys Actually Working? Look at Your Customer Retention
- Customer Satisfaction Survey Companies in Chicago
- Customer Satisfaction Surveys
- Customer Satisfaction Surveys for Heavy Equipment Dealers
- Customer Satisfaction Surveys Tell You What Needs to Change
- How Customer Satisfaction Surveys Help Equipment Dealers Grow
- How to Identify Company Problems Fast with Customer Satisfaction Surveys
- How to Improve Your Customers’ Experience
- Importance Of Customer Service Satisfaction Survey To Grow Your Business
- Increase Your Customer Retention Rate with Customer Satisfaction Surveys
- Run A Customer Feedback Survey Chicago
- The Dos and Don’ts of Customer Satisfaction Surveys
- What are the Benefits of Customer Satisfaction Surveys?
- What Can Customer Satisfaction Surveys do for Your Business
- Why Equipment Dealers Should Conduct Customer Satisfaction Phone Surveys
- Why You Lose Customers
EMAIL MARKETING
- 3 Ways to Boost Your Email Open Rates
- 5 Reasons to Expand Your Email Distribution List
- 5 Ways to Grow Your Email Distribution List
- 5-email-marketing-benefits
- A Guide to Writing Copy that Hooks Your Audience
- B2B Email Marketing Services
- B2B Email Marketing Tips for 2023
- Dealing with High Email Bounce Rates during COVID-19
- Email List Expansion Services
- Email Mailings: Top Reasons to Send Emails to Customers Consistently
- Email Marketing Guidelines
- Email Marketing Is Key to Your Growth
- Email Marketing List Guide
- Email Marketing Mistakes to Avoid
- Equipment Dealer Marketing: Why You Need to Send Out Emails
- Goals for Content Marketing
- How an Email Marketing Agency Helps Small Businesses
- How Fast Your b2b Email List Goes Bad
- How to Build a Profitable Email Distribution List
- How to Build Your B2B Email List
- How Your Email Distribution List Is Key to Purchase Frequency
- Is Your Email Distribution List up to Date?
- Is Your Email Distribution Working? There’s One Metric that Matters
- Make Email Distribution More Effective by Increasing Your Open Rates—Here’s How
- The #1 Way to Increase Customer Purchase Frequency
- The 4 Reasons to Hire an Email Marketing Agency in Chicago
- The Importance of Segmenting Your Email Distribution List
- The Most Common B2B Email Marketing Mistakes to Avoid
- What Email Content Should You Be Using?
- What Is an Email Distribution List?
- What Is the Geographic Market for Your Business?
- Why Aren’t Your Marketing Emails Working?
- Why Customer Retention Is Key for Purchase Frequency
- Why Your Business Needs to Send Emails
EQUIPMENT DEALER MARKETING
- Equipment Dealer Marketing Strategies to Boost Revenue Growth
- Equipment Dealer Marketing: How to Build an Email Distribution List
- Equipment Dealer Marketing: Why Expand Your Email List
- How Equipment Dealers Can Identify At Risk Customers
- How Equipment Dealers Can Increase Revenue: Target What Customers Are Buying
- How Equipment Dealers Identify Website Visitors
- How to Build an Effective Equipment Dealer Website for Conversion
- How to Know If Equipment Dealer Marketing Is Working: Look at the Key Metrics
- Market Research Services for Equipment Dealers
- Purchase Frequency for Equipment Dealers
- The Best Strategy for Equipment Dealer Marketing
- Top Equipment Dealership Marketing Tips for 2024
- Top Lead Generation Tips for Equipment Dealers
- What Equipment Dealers Should Include in their Marketing Emails
- Which Lead Sources Should Equipment Dealers Focus on?
- Why Equipment Dealers Need a Full Service Marketing Agency
KEY METRICS
- Analytics Are the Pulse of Your Business
- Are Your Customer Satisfaction Surveys Actually Working? Look at Your Customer Retention
- Best Practices for Equipment Dealers
- How to Improve Business Retention
- How to Know What Your Customers Are Buying from You Most Often
- How to Measure the Sales Performance of Your Reps
- How to Not Lose at Risk Customers
- How to Spot Trends with Analytics
- How You Can Identify at Risk Customers for Your Business
- Key Metrics that Are Often Ignored
- Key Metrics that Are Often Ignored
- The Most Important Strategy for Boosting Purchase Frequency
- What Are Your Customers Buying from You?
- What Is an Industry Analysis and How It Helps Your Company
- What Is the Geographic Market for Your Business?
- What Purchase Frequency Really Means for Your Company
- Why Customer Retention Is Key for Purchase Frequency
- Why Purchase Frequency Matters
LEAD GENERATION
- B2B Lead Generation Strategies
- How to Make More Sales with Email Distribution and Drip Campaigns
- Lead Generation Companies
- Must Read Guide for Finding B2B Lead Generation Companies
- Sources of Leads for Sales Reps
- Top Lead Generation Tips for 2022
- What Are the Best Lead Sources for Your Business?
LIST EXPANSION
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- The Key to Increasing Email Opens: List Verification
- Tips for Construction Trade Shows: Generate More Leads than Ever
MARKET RESEARCH
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- Customer Satisfaction Survey Companies in Chicago
- Find out How to Succeed Big with Market Research
- How Market Research Can Help You Grow
- Why Market Research Services Are Crucial for Your Business
MARKETING FOR MANUFACTURERS
- Email Marketing Benefits for Manufacturers
- How Manufacturers Can Increase Purchase Frequency
- Lead Generation Tips for Manufacturers
- Manufacturer Marketing: Build Your Email Distribution List
- Manufacturer Marketing: Why Hire an Agency?
- Top 4 Lead Sources for Manufacturers
- Why Manufacturers Should Conduct a Customer Satisfaction Phone Survey
MARKETING STRATEGY
- B2B Chicago Marketing Agency
- Choosing Your Marketing Consultant – 5 Questions to Ask Before You Hire
- Cut Costs by Outsourcing Marketing
- How to Choose Top Marketing Agencies in Chicago
- How to Cut Costs with an Outsourced Marketing Agency
- How to Know If Distributor Marketing Is Working: Key Analytics
- How to Scale Your Business
- Marketing Agencies in Chicago
- The 6 Basics You Need for Successful Marketing
- The Importance of Maintaining Brand Standards
- Top Reasons You Need a Full Service Marketing Agency
- Track Your Marketing: Implement the Strategies You Can Measure
- What Does an Email Marketing Agency in Chicago Do?
- Why Choose an Outsourced Marketing Firm in Chicago
- Why Do People Work with You? Take Advantage of Customer Insights
- Why You Need a Small Business Marketing Plan
- Your B2B Marketing Agency in Chicago
ONLINE PRESENCE
- Increase Web Traffic and Sales with Video Content
- Online Optimization for Companies: Google My Business
REPUTATION MANAGEMENT
- Build Your Online Presence with ClearTail
- Grow Your Business with an Effective Online Reputation Management Strategy
- Why Verified Reviews Are Crucial for Your Online Reputation Management Strategy
SEO
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- 5 Ways to Improve Your SEO
- How Old School Media Relations Boosts Business
- How to Get Backlinks for Your Website
- How to Improve Your Website Ranking with New Content
- Improve Website SEO with New Content
- Reasons to Target Low Volume Keywords
- The Importance of Website Content for SEO Rankings
- Why Content Is King for B2B SEO
SOCIAL MEDIA
- B2B Social Media Marketing
- B2B Social Media: Does It Matter for Equipment Dealers?
- Build Your Online Reputation with Social Media
- Equipment Dealer Social Media: Why You Need It
- Successfully Managing Social Media
WEBSITES
- 4 Tips to Improve Your Company’s Brand
- A Guide to Writing Copy that Hooks Your Audience
- A Secret Weapon: Website Visitor Tracking
- Chicago Website Development Services
- How to Identify Website Visitors
- How to Improve Your Website Conversion Rate
- How Your Email Distribution List and Website Can Work Together
- Increase Web Traffic and Sales with Video Content
- Should You Rely on AI for Website and Email Copywriting?
- Tell Your Story with Videos
- Top 5 Items that Belong on Your Home Page
- Website Agency in Chicago
- Website Development Company in Chicago
- What Makes Great Web Developers
- Why Aren’t You Generating Sales from Your Website?