Step 5: Conduct Actionable Market Research

Use qualitative and quantitative research tools, including customer advisory boards and satisfaction surveys, to validate your company's market potential, to test name, positioning or messaging, and to get regular feedback.

Sean Murphy of NeoNova Networks said that his company tested a qualitative customer survey and then rolled what it had learned into a quantitative customer satisfaction survey to calculate a "net promoter score." Companies obtain their "net promoter score" by asking customers: "How likely is it that you would recommend our company to a friend or colleague?" Based on their response, a customer can be categorized into one of three groups: promoters, passives and detractors. The percentage of detractors is then subtracted from the percentage of promoters to obtain a "net promoter score."

From this, the Morrisville company found many areas worthy of further exploration, including what products to emphasize and what products could be pruned. NeoNova then created an in-depth discussion guide and assigned and trained several team members to interview a dozen affiliates across the nation to truly understand "the voice of the customer."

Instead of conducting annual customer surveys, Cary-based SciQuest conducts research with one quarter of its customer base every three months. Jeff Woody, director of customer support, and Jamie Duke, chief operating officer, put together action plans based on the research to optimize its product releases each year.

SciQuest also has online community forums where users can vote on future features as well as an "open mic" night for customers at its annual user conference.

Such research has contributed to strong business results. SciQuest has seen more than 230 percent revenue growth over the last four years.

BlueStripe Software develops its products in part by having customers come into its Morrisville offices on a regular basis to test the latest versions. BlueStripe's employees then observe their behavior and get feedback that incorporated into the product's design.

Randy Carter, whose title is user interaction designer, also gets a detailed study of the company's customers, their needs and challenges and a detailed list of the tasks they need to perform with the product.

 

www.savvymarketinggroup.com

Comments

[Alena]

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Alena

http://grantsforeducation.info