So what if with a bit of market research you could improve your chances that your next launch would be a big hit with your customer base?
Market insight isn’t just helpful after you’ve put your new product or service out into the world. It can help you while your planning your next launch, too.
These three pieces of market insight will put you one step ahead of your competition:
1. Where Your Customers Are Hanging Out
Increase your odds of reaching your target audience by finding out where they’re hanging out online. When you meet your customers on their turf, they are more likely to engage with you and you are more likely to influence how they think about your brand.
Spending time where your customers spend time also allows you to:
- Create dynamic 360-degree customer profiles
- Capture new customer spaces before they happen
- Deliver product information and test brand messaging with the right high-value customers
- Deepen connections that generate loyalty and referrals
A data hub like the one in QuestBack’s feedback management system can give you detailed access to your customers’ habits so you can better engage them online. Whatever you use, make sure it takes into account the whole spectrum of data sources, like social, mobile, survey-based and unsolicited feedback.
Need more convincing? High-performance companies are 18 times more likely manage customer satisfaction through surveys and feedback, and 44.5 times more likely than to increase customer retention than average-performance companies.
2. What Your Customers Are Saying on Social Media
Out of all the places you go online to get customer feedback, social media may be one of the most important. This is where customers tell their friends and family what they think about their experience with you.
Surveys are powerful tools, and unsolicited feedback is a goldmine of customer information – but social media is where the power of your customer’s network comes into play.
Paying particular attention to what is said about your company – especially what is said about your last launch – on social media allows you to better evaluate and plan your next campaign.
But spending time interacting with your customers on social media has even more benefits. When you build an interactive social presence:
- You can share targeted product information to gain more referrals and leads. You can then target your next launch much more accurately.
- Your customers will feel more connected in the decision-making within your company. More engagement leads to more loyalty.
When you spend time on social media with your customers, monitor the talk, tweets, shares, likes, recommendations and complaints and share that learning back with your organization.
3. What Customers REALLY Thought of Your Last Launch
Understanding where you went wrong with the last launch will help you make your next launch that much better. Negative feedback can be the best feedback you ever get!
There aren’t many times in life where focusing on the negative is a good thing, but before your next launch is the perfect time to do just that. Insight into your customers’ negative thoughts about your last launch let you:
- Improve your ability to meet customer needs
- Solve customer problems
- Make your customers’ lives better
We can actually help with this part. Questback multi-touchpoint surveys let you to see and understand the precise touchpoints where you are winning or losing customers.
Plus, by addressing dissatisfaction, customers see that your company cares about their opinions and takes them seriously. This builds trust.
Before your next launch, remember to consider where your customers are spending their time, pay extra attention to social media and reflect on the lessons learned from your last launch. You’ll be way ahead of the game.