There are always a lot of things to learn about the marketplace, that’s why research is an essential tool for survival. The good news is that you don’t have to put so much effort in your research efforts; as it turns out, telemarketing can do the job for you – well, at least some of it.
Majority of telemarketing calls do not result in an appointment or lead generation success, but the effort that went with it and the information gathered during the call do not have to be wasted. Telemarketing calls can be an opportunity for a business to learn something about marketing approaches, target market needs and even common business operations. Here are some pertinent pieces of information that can be extracted from conversations:
- Perform A/B test for pitches. A company can try different ideas and then concentrate on the most successful one, rather than guessing at the most effective pitch to be used for prospects.
- Hand over different market lists to different telemarketing teams. Sometimes going down-market makes up in volume what it sacrifices in margin.
- Re-structuring the value proposition. Using segmented telemarketing efforts is a good way to find out what difference it would make to adjust a price point here or credit terms there.
- List down reasons for rejection. There is much to be learned from the reasons behind rejections. Telemarketing calls can help consolidate the details so marketers can come up with a logical explanation why calls fail, and consequently address the issue.
- Find out who is getting the business. In the course of a telemarketing effort, a key thing to learn is who has what business. This can be valuable for competitive analysis and for targeting specific competitors in the future.
- Be aware to waning demand. Telemarketing callers could try to discern if rejections are based on choosing someone else, or simply on declining interest in the product or service. This data is very important in thinking about a company’s long-term goals.
- Watch out for substitution trends. Be aware if there is a type of different product or service people are turning to as an alternative. It might be that your products are already obsolete in the eyes of your audience, or because a completely different replacement has risen.
- Observe new needs. Find out what people want, even in the short-term scale, and it might help guide product development efforts. Technology is fast growing, and people’s desires also rapidly change. By conversing with prospects, you’ll get a picture of what to offer next.