Stop Guessing How to Sell and Use Market Research with Corey Hammer #208

Many companies fail to understand the drivers that motivate customers to buy. Through luck and pluck these companies have found a level of success. Yet they know they’re leaving money on the table. Now if there was only a way to know for certain our prospects are thinking. In this episode guest Corey Hammer shows how companies can stop guessing how to sell and instead use market research to know for FACT, the drivers for selling success.

Corey Hammer has 15+ years as an insights professional across multiple industries. This includes CPG, education, hospitality, pharmaceuticals, and consumer services. He holds a PhD in Experimental Psychology and is a longtime Boy Scout and Scouter (Be Prepared).

Market Research Process

Companies looking to roll out a new product or service should thoroughly investigate the new market. According to Corey, there is a methodical market research process. This process will provide insight into the drivers for converting prospects into consumers, customers and long time clients.

Look at the data you currently collect: sales, overheads, marketing campaigns, conversions, and repurchase. It’s costs nothing to investigate and analyze data already in-house. Analyze and parse the data. For example”
- Look at marketing ads with different, copy and channels. Next look at conversion rates. However too often people fail look across channels Youtube, Twitter, Facebook, LinkedIn, Instagram, Pinterest etc….
- Also focus on internal sales data. Know what’s selling in what channels
Next look at your customers. Accept that 80% of your business comes from 20% of your customers. Use a customer experience measurement tool to know how they think. Ask quick questions on recent purchasing and owning experience of you products and services. Make it a transactional survey of a recent purchase, especially B2C. A relational survey makes more sense in the B2B space.
Value Engineering is the process of optimizing the value of a product of service to a customer by lowering costs or improving the functionality. Market research creates the opportunity to successfully complete a Value Engineering activity. Segment audience and align products and services.

What Do Startups Do?

If you’re new to a market place you can’t rely on existing customers for market research. Instead, Corey recommends you go the library. Many local libraries have the following databases you can use for free: