Market research for sales

MARKET RESEARCH TECHNIQUES FOR SALES Prepared by Market Directions

ESTABLISHING RELATIONSHIP & FRAMEWORK Understand

Develop •Feedback Loop •Customer Sat. •Engagement •Segments

•Business •Customers •Methods •Capabilities

Plan

Implement

•Content •Frequency •Calendar

•Distribution •Frequency •Tracking •Reporting

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CLIENT DESIRED RESULTS INCREASED SALES The result of the market research and consulting will enable CLIENT’s business development to: use the data and information to appropriate marketing techniques to

qualify

the right

identify the targets and

engage the right prospects, at the right time for purchase. All this must quantify the most desirable audience to assure the highest gains from the least (correct amount) of resources.

Increase Sales—Market Research is the tool to develop the process.

DISCOVER Market Research Uncovers:  Identity of decision makers     

Primary decision maker Influencer or committee Champion or advocate Purchasing or Finance Compliance

 Dif ferences and similarities in regions  Segments  Which segments should be targeted more than others

 Current successes and why  Competitive Environment

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MARKET RESEARCH TECHNIQUES | for SALES

Market Directions will identify the right decisions makers and the decision process Segmenting the Market ◦ Qualitatively ◦ Probing ◦ Personas ◦ Characteristics ◦ Life Events

Exploring the Decision Maker ◦ ◦ ◦ ◦

Who makes?

Who influences?

How? Who does the work?

◦ Quantitatively ◦ Counting ◦ Demographics

Developing Customer Journey Map ◦ Understand ‘Buying’ Process ◦ ◦ ◦ ◦ ◦

Prospects’ Goals Touch Points Emotional Responses Thought Process Experience, ◦ What has brought them to this point? ◦ What experience with competition?

Engaging Stakeholders ◦ It effects them. ◦ Buy-in to change. ◦ Motivation to accomplish goals.

WHO WE ARE Market Directions is a full service custom market research firm, that gathers information for clients to learn-- understand and take actions which impact business results.

ESTABLISHING OUR RELATIONSHIP Market Directions:

Focuses on your goals and listens to what you know about your industry, your customers and their behaviors.

Assists you in setting your own goals to ensure “buy-in� -- goals are reasonable and practical.

We recognize your strengths, abilities and internal environments that may constrain certain activities including budget limits.

PROPOSED SOLUTIONS Market Research that enables CLIENT to make marketing and business development decisions based upon complete information which engages customers and prospects with the correct messages and actions at the right time and right place in their decision making process.

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REVIEW OF CURRENT ASSETS

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DATABASE DEVELOPMENT

A review of your marketing assets, we will provide a preliminary overview of strengths and weaknesses. We will also conduct a digital overview of your website, social media and reputation.

Review of marketing communications collateral and sales scripts.

Database development from various resources, including social media, panels, company and association directories.

A new reality in marketing has increased the demand and value for marketing research.

Successful marketing is focused on

customer relationships through experience and engagement.

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PRIMARY RESEARCH

Based upon review of your currents assets and database propose a

Customers today, quickly adopt new technologies, move between

primary market research study which results in an in-depth look at the

online and offline media and channels and have higher

buyer’s journey across all of touchpoints. Interviews and/or survey,

expectations of relationships with companies they do business

prospects, healthcare providers, salesforce, relevant thought leaders.

with.

In order for CLIENT to discover new customers, Market Directions

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proposes the following qualitative, primary and secondary market research techniques in order to understand customers and prospects expectations and purchase decision making.

Experience tells us that when companies know why their customers are their customers, what a customer “looks” like and competitive differentiation, then they know how to attract more customers.

As a result of the research we want to enable

CLIENT to make marketing decisions based upon complete,

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CUSTOMER IDENTIFICATION Segmentation analysis and Buyer Journey Map as a result of the primary research of buyers and prospects

BUSINESS INTELLIGENCE Customers perceive offers in reference to what key competitors do and what experiences they provide. Understanding the experiences competitors are offering and the external environment (including political) in which CLIENT operates assists in anticipating future fluctuations to your customer base.

intelligent evidence from proven market research process.

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MARKET RESEARCH TECHNIQUES for SALES

PROPOSED SOLUTION 1 –

REVIEW OF CURRENT ASSETS

Market Directions will review CLIENT’s

Current Strategic Marketing Plans

current marketing assets in order to

Marketing Collateral

develop research instruments.

After

Internal Sources

Sales Collateral Market Research Reports

review of these materials, we will

Satisfaction Surveys

determine the best instrument to use in order to discover, prospects,

who,

Assumptions about Customers and Markets

are the best

why they buy, when is the

Internal Process

right time and how and what their

Points of Contact

internal processes are.

Website

Included with the Digital Footprint review will be a user review of the website.

Sales Process

Social Media Sites

Digital Footprint

On-line Reputation On-line Communities Organic Search Results

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MARKET RESEARCH TECHNIQUES for SALES

PROPOSED SOLUTION 3

PRIMARY RESEARCH

The results of the CLIENT’s marketing asset review and data base review will determine the actual survey instrument we will use to gather data that meets your objective to increase sales.

PRIMARY RESEARCH: WORK PLAN

PRIMARY RESEARCH TECHNIQUES Surveys •

On-line

•

Phone

•

Mail

•

On-site

•

Combination

Interviews

BENEFITS • Greatest number of responses • Quick • Quantitative , statistical conclusions • Can be qualitative • Cost Effective

•

Face-to –face

• Detailed

•

In-depth

•

Phone

• Hear the ‘voice of the customer’

•

On-site

•

Exit

•

Combination

• Addresses specific issues with each segment • Guided conversation

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Administer Research Instrument. The following process applies to survey, on-line or phone, and interviews. We do not propose a Focus Group at this time as a primary research instrument for this project.

Target Respondents: Identify and select, recruit through email, phone or mail. Choose appropriate sample size for either quantitative or qualitative results.

Develop Questions: In the form of a questionnaire or interview questions, all questions should be relevant and address the scope and objective of the study--no nice to know. Appropriate length and language for audience.

Audience ‘Buy In’: Should be relevant accommodating and interesting to each group of respondents. Are incentives required?

Communicate with CLIENT: Keep client updated on progress, recruited respondents, time frame and any obstacles along the way. Keep client on track with meeting objectives and scope.

MARKET RESEARCH TECHNIQUES | for SALES

PROPOSED SOLUTION 4– CUSTOMER IDENTIFICATION AFTER SEGMENTATION, DEVELOP A CUSTOMER DECISION JOURNEY MAP. Segmentation and Decision Journey Maps must be primary research

Understanding the prospects decision journey assists in identifying the

driven. A Customer Journey Map tracks the customer at each touch point of the organization. It identifies how a customer initiates contact

strengths and weaknesses of brand, the strengths and weaknesses of selling process, messaging and channels. It will also provide insights

with you, how they experience a customer service event and how and

into the informal networks The decision-making journey is a circular

why they commit to a long-term relationship.

journey with three phases: initial consideration; active evaluation; decision ---- buy, do not buy or repeat the process.

The shift in consumer decision making from a pull rather than push marketing needs to be examined in the CLIENT environment. But we

Customers do not engage in company’s touch points only. They go outside of your system. The complete customer journey ecosystem includes social media friends and family, etc.

must proceed with caution, research should only be conducted IF CLIENT is willing and capable to use the results to alter their current processes. The results of this research should allow CLIENT the opportunity to be in the right place at the right time, giving prospects the information and support they need to make mutually beneficial purchase decisions. Thus, increasing sales, understanding the customer

A customer Journey Map is important to this project in that we will look at the decision making journey. How does a prospect discover CLIENT? Where do they go to find the information? Who do they rely on for a recommendation?

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in the long-run and sustaining targeted growth rates.

It is marketing’s goal to influence purchase decisions at the moments and channels that most effect the prospects’ process of choosing.

MARKET RESEARCH TECHNIQUES for SALES

PROPOSED SOLUTION 4  CUSTOMER

IDENTIFICATION

SEGMENTATION

What is segmentation?

 Puts customer groups into buckets

65%

 Demographic  Psychographic  Behavior  Transaction

47%

Benefits

 Can be developed from databases  Identify addressable markets

37%

 Quantifies market size  Marketing Collateral  Targeted Marketing

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A segmentation study is conducted to determine similarities and differences among target groups in order to divide a market into segments. These segments are comprised of consumers who are as similar as possible to each other, but also as different as possible from those in other segments.

MARKET RESEARCH TECHNIQUES for SALES

18%

CUSTOMER JOURNEY MAP Customer Expectations Easily find information & resources online to help

Have information online about their solutions, pricing and differentiation.

Can speak to others about their experience.

Online support community, FAQ; service-level-agreement.

Customer Journey Maps are all about understanding how prospects may think and feel while they are interacting with your organization.

Customer Decision Journey

BUYING PROCESS CUSTOMER GOALS

DISCOVERY/RESEARCH 1. One 2. Two 3. Three

1

TOUCHPOINTS & EMOTIONAL RESPONSE

CUSTOMER THOUGHTS

OVERALL CUSTOMER EXPERIENCE

EVALUATION/COMPARISON

2

1. One 2. Two 3. Three

Online Research – Pleased to Find Info (Google Searches, Analyst Firms, Blogs, Tech Reviews, etc.)

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Talk to Other People – Get Excited About Us (Find Facebook Fans, Twitter Followers, LinkedIn Connections, Quora Answers, etc.)

Negotiate Contract – Conflicted Want to get best possible pricing but don’t want to sign a multi-year deal.

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Lead Nurturing Email Campaign – Upset Feel they get too many emails from us too soon and 20% unsubscribe from all emails from us.

4

Live Chat with Us – Disappointed Initial questions answered promptly, but wish we would reveal pricing on live chat.

8

Speak to Analyst Firm – Reassured Re-engage with us happily once they have assurance from reputable firm.

 What features and functions are available?

2

 Will this vendor be around in 5 years to support us?

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10

8 1

Get Buy-In from CFO – Stressed Don’t know how to predict ROI/TCO and we don’t help them much.

Select Vendor – Relieved (After many demos and internal meetings, happy to select a vendor.

Call from Sales Representative - Annoyed Typically annoyed as not ready for sales call, ask to be called back in a few months.

Pleased Satisfied Upset

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Product Demo with Sales – Overwhelmed (Happy with product but get stressed out that they are not ready to start this initiative yet.

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 Why isn’t there more info available online for solutions for our industry?  Do we have budget for this project?  How long will this take to implement?  Who are the key players in the market?  What are our competitors doing about this?

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7

3

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Recommendations

IDEAS TO IMPROVE

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 One  Two  Three

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 One  Two  Three

To build an effective journey map, it is critical to conduct primary research both qualitative methods. EACH SEGMENT OF YOUR PROSPECT’S pain points and level of satisfaction are identified as they engage with your brand though all channels, as well as those touch-points you don't own, such as social media.

1. One 2. Two 3. Three

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Website Visit - Excited to Get Resources (Sign Up to Get Content - Video, Webinars, Whitepapers, Case Studies, etc.

DECISION/PURCHASE

 One  Two  Three

MARKET RESEARCH TECHNIQUES for SALES

Pleased Satisfied Upset

In the end, its all about distilling research of the 'real-world', not 'ideal' into something actionable that is used to initiate sales and marketing strategies.

Market Directions definition of business intelligence includes competitive, market and political (compliance) forces. It includes how an organization operates and is affected by its by environmental forces and how customers perceive the organization.

PROPOSED SOLUTION 5 BUSINESS MARKET DIRECTIONS BUSINESS INTELLIGENCE

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INTELLIGENCE

BENEFITS OF BUSINESS INTELLIGENCE

Our Business Intelligence is designed to establish the essence of a brand, and make recommendations in terms of how to make the brand value as clear and positive as possible, while increasing your market’s awareness of the brand.

It reveals the direction of change

CLIENT’s Business Intelligence results must include and emphasize the political environment.

Not only what this environment means to CLIENT but also to its customers and its prospects and the actions they may or may not take in response to their political environment.

It helps you avoid starting projects

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within your environment. This helps you shape what you're doing, so that you work with change, rather than against it. that are likely to fail, for reasons beyond your control.

It can help you break free of

erroneous assumptions and develop an objective view of new environments based on new assumptions.

MARKET RESEARCH TECHNIQUES for SALES

BUSINESS INTELLIGENCE WHICH INCLUDES COMPETITIVE Key Facts Name

Apple Inc.

Industries served

Computer hardware (Mac, iMac, Mac Pro, MacBook, MacBook Air) Computer software (iOS, OS X, Safari, iLife, iWork, iMovie, iPhoto) Consumer electronics (iPod, iPhone, iPad, Apple TV and Mac products) Digital distribution (iTunes store, iCloud, App Store, Mac App Store)

Geographic areas served

Worldwide (retail stores in 20 countries and online stores in 38 countries)

Headquarter Cupertino, California, United States s

Strengths Market Leadership Strong Brand Solid Financials Supply Chain High Profit Margin

Current CEO Tim Cook

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Revenue (US$)

215.639 billion (2016) 7.7% decrease over 233.715 billion (2015)

Profit (US$)

45.687 billion (2016) 14.4% decrease over 53.394 billion (2015)

Employees

116,000 (2016)

Main Competitors

Samsung Electronics Co., Ltd., Amazon.com, Inc., International Business Machines Corporation, Cisco Systems, Inc., Google Inc., Microsoft Corporation, Dell Inc., LG Electronics, Lenovo Group Limited, Hewlett-Packard Company, Sony Corporation and many other computer hardware, computer software, consumer electronics and Internet companies.

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Opportunities Business Services R&D Investment Strategic Partnerships

Weaknesses

S W O T

Compatibility

MARKET RESEARCH TECHNIQUES for SALES

High Prices Incompatibility Narrow Product Range Global Appeal

Threats Foreign Competition Intellectual Property Rights Reputation Management Increase in Mfg. Costs including Labor

The result of the study should quantify those segments that are ready for purchase. This is obtained by characterizing the persona of each group and developing a unique selling proposition that is true for that group.

MARKET OPPORTUNITIES

Understanding where your efforts should be focused

Market Opportunity Map 1.6 Highly Competitive

1.4

Top Priority Segments

1.2

motivates sales and marketing efforts. It also can improve ROI

1.0 0.8

Bubble Size = Market Opportunity

0.6

as assets are not wasted in areas that are difficult to gain traction.

0.4

15

Low Competition

0.2 0.0

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Undesirable Segment

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

MARKET RESEARCH TECHNIQUES | for SALES

Prepared by Market Directions

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MARKET RESEARCH Review of Current Marketing Assets Including Digital ‘Footprint’

Database Review and Development

PROCESS FLOW Report and Analysis

Conduct Primary Research

CUSTOMER/BUYER Identification •Segmentation •Decision Map

Recommendations, Analysis, Report, Conclusions

Business Intelligence Primary Research Instrument Development

www.marketdirectionsmr.com 16

Identify and Recruit Respondents

MARKET RESEARCH TECHNIQUES | for SALES

•Political- Compliance •Market •Competitive •SWOT •Collaborative

About Market Directions

Why Market Directions?

EXPERIENCE   

Firm Identification

20 plus years in business as market research firm 25 plus years analytical & marketing experience Developed and trained PROFESSIONAL associates

MASTERY  

Published results at conference Consistent measurements of delighted customers by outside firm

PROCESS      

Quality assurance is provided throughout Control the process Accountable and Responsible Communicate with customer on progress throughout Deliver results on time and within budget.

Match costs and information value.

TOOLS   

Snap Survey Software SPSS QUALTRONICS

EXPERTISE AND TECHNICAL ABILITY   

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PhD level statisticians Highly trained staff Results that have increase client’s market share

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Market Directions provides a full range of research primary and secondary, qualitative and quantitative, locally and nationally. We are capable of managing all phases of marketing strategy and market research projects from conceptual design through implementation. We listen to our clients, consult and apply our expertise to deliver data, strategies and clarity.

Our strength in the marketplace is our dedication, and responsiveness to customer’s needs. Your results include the development of concise, easy to understand information, giving you the ability to integrate relevant information into your strategic decision-making process. We guarantee our client’s satisfaction with our work.

We offer superior professionalism, responsiveness, expertise, flexibility and cost effectiveness.

Our Research Process: The Market Directions Experience  A proprietary multi-step process that produces superior results by using a series of internally-developed best practices revised over a 20 year period. W e are always growing and learning.

MARKET RESEARCH TECHNIQUES for SALES

“We Accelerate Growth” In order to accelerate your growth, Market Directions equips you with information to help you build and sell offerings that your customers value. The result of our work will help you understand your customers and your business in a whole new way by experiencing your products and services as your key customers do. Market Directions’ customized solutions, proactive communication, high quality data and exceptional project management is your solution for cost effective market research with competitive advantages that deliver optimum client satisfaction.

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The number of areas market research supports directly with evidence for go-tomarket strategy.

What’s Next?--1

Getting Started– Building Relationship

2

Timeframe

3

Paperwork– Contract, SOW, NDA

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Set up meetings Contact Info: Mary Malaszek 617-323-1862 Market Directions 200 Mt. Vernon St.

BOSTON

mary@marketdirectionsmr.com www.marketdirectionsmr.com