As far as business strategies go, in most cases market research is a component of the marketing budget. This organized effort to gather information about markets and customers is, of course, only as important as the company understands it to be.
However, the importance of Market Research is about to increase exponentially.
We’ve come up with a new feature for our Network CRM application which will act as a kind of an add-on to our Feedback Module. How does this work? Let’s see if I can explain it simple enough, in a hypothetical case study, in the wider scheme of all Clintelica essential things.
1. The user logs in to the app, downloads contacts, shares with other colleagues.
2. The user then adds prospects to the CRM as tasks, sets up meetings, closes the deal.
3. The user handles the client within the CRM by way of the Newsfeed feature, that pushes information on all relevant projects.
4. Upon ending a project, the user can program automated feedback forms to the client.
5. After responding to a feedback form, the satisfied client will then be able to share his satisfaction scores on social networks.
Now, this simple latest feature takes Market Research beyond it’s usual status, making it ever more important in Marketing. If we say, for example, that out of 100.000 client respondents that are satisfied, 10% share their experience on social networks, that means 10.000 people will basically advertise the respective brand by way of the most trustable experience: user generated review & recommendation. Keeping in mind that a regular user has around 634 contacts on average, that means the brand will benefit from being exposed to roughly 6.000.000 people.
And when you compare the cost of reaching 6.000.000 people through conventional channels to the simple option of being recommended by your clients through a simple click in a CRM application you already use, it’s obvious which way the balance shifts.
…or how companies can benefit from customers sharing their positive brand experiences on social networks.
Market Research has now reached a point where it’s too much about anonymous respondents, even though in this day in age, people tend to build their Social Media reputation based on the product reviews they write and talk about.
This is why I believe 2012 will have to bring a huge change, because companies will start to realize the dormant power of social media influence on brands. Satisfaction Sharing. SatShare, if I may.
Let’s say you analyze a Market Research report where 50% of your 1.000 respondents have given positive reviews. In a conventional situation, these 500 people would end up in a spreadsheet and clearly, important decisions would be taken based on this. But if you took an innovative approach to this figure and gave these 500 people the opportunity to share their satisfaction on social networks, then you’d stand a good chance of reaching about 50.000 people instantly, considering at least 100 of them would share the info to 500 friends (on average)…