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Maintaining a clear view of your market, your customer and their evolving needs can be a challenge when the business landscape is constantly changing and often uncertain. Without that clarity, however, your business can’t hope to stay relevant, let alone remain profitable and grow.
Whilst we have more data than ever, it doesn’t always equate to meaningful or actionable customer insight. Online surveys and AI-driven data can highlight trends, but they don’t always fully expose the nuances behind human behaviour and the understanding of motivations that can be unearthed through direct human interaction, including phone conversations.
Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
Phone-based research may not be as high-tech as AI or other emerging tools, but it offers a unique value proposition. A phone survey connects you directly with those whose opinions matter most and can, with open and sensitive questions, get to the heart of any issue, capturing deep and accurate customer and market insight you can rely on. Authentic, human interaction allows you to drill down and validate AI-based assumptions, so you know what is driving behaviours and understand the true cause and effect behind patterns and trends. What is more, customers are more inclined to reveal their true feelings when speaking to a real person and showing them the human face of your brand makes an authentic connection that technology in general can’t replicate.
In short, phone-based research is an agile and sensitive tool that allows you to answer almost any question your business faces and tune in to the ‘voice of your customer’ in any sector or market segment.
How does phone research ensure more effective decision making?
Here are some areas where it can shine a light:
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Market and customer intelligence
Pre- and post-sales phone research helps you truly understand your market, your customers, and your competitors. That might mean understanding the drivers behind current buying trends, gaining insight into competitor offerings, or identifying features they lack that you can provide. This type of intelligence helps you stay ahead of your competitors, differentiate your brand, and unearth new opportunities.
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Product lifecycle
Phone research can help inform design and development at every stage of the product lifecycle. Pre-launch, it enables you to test and benchmark concepts and gather customer feedback to help shape a product and proposition aligned to the needs of your audience. It allows you to drill down and understand how customers use your products, which features they value most so your proposition stays relevant and business growth strong.
Organisations that prioritise customer input are 60 % more likely to see profitable outcomes from new products.
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Customer experience
Using phone research to understand your customer’s buying experience is one of the most powerful ways to differentiate your offer and your brand. Identifying the pain points and bottlenecks where buyers fall out and most importantly, why, enables you to improve ease of purchase. Gaining first hand feedback to fully understand your buyer’s experience at each stage of their journey with you allows you to elevate that experience, drive up retention and increase their lifetime value.
Experience driven businesses report driving faster topline growth with an average revenue growth rate of 15%.
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Brand perception
Buyers in today’s market want to give business to brands that they trust and who share their values. Using phone research to understand how you are perceived will enable you to align your brand identity to your target audience in terms of your company values and purpose. It can help you measure the effectiveness of your communications, how well your key messages are understood and gauge overall brand sentiment, giving customers the reassurance they need to express their true emotions through human interaction.
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Data quality
Phone surveys also provide an opportunity to validate and verify customer data, ensuring accuracy in your CRM data and in turn the quality of customer interactions. A clean, profiled database also supports more intelligent segmentation and targeting, increasing the quality and relevance of your marketing campaigns. By segmenting survey respondents based on detailed, accurate information, businesses can tailor marketing efforts and sales pitches to sustain business growth.
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Loyalty and customer satisfaction
Phone surveys, including customer satisfaction (CSAT) or Net Promoter Score (NPS) surveys, enable you to gather customer insights you can act on to improve loyalty and retention. Customer feedback might identify areas for improvement in the customer experience, pain points or challenges in the onboarding process, or new requirements to feed future product development.
Phone surveys also show customers that their opinions are valued and demonstrate your commitment to customer satisfaction, building trust and strengthening relationships.
1/3
of respondents said human interaction is important to their loyalty, and for many types of businesses it was more than 50%.
Source: PwC
- Compliance.
Beyond measuring satisfaction, one-to-one conversations with your customers ensure that you are meeting and continuing to meet their needs and staying fully compliant with any industry regulations. This includes Financial Conduct Authority (FCA) regulations where compliance calls and surveys allow financial services firms to confirm that they are following regulations. This might involve making sure customers fully understand the features, benefits, risks, and costs of the financial products they invest in, protecting the vulnerable or mitigating the risk of selling unsuitable products to specific customers segments.
Can phone-based research help your business make the right choices?
If one of your biggest challenges is knowing the decisions you make for your business are grounded in reliable, accurate customer insight, phone-based research can help. It provides deep granularity so you can take specific action with confidence and make changes that address key issues, driving the right decisions and actions for your business.
Other sources may help identify market potential or trends within the market, but phone research will throw light on what is driving those trends and behaviours and provide a deeper understanding of that audience. Qualitative data captured through phone conversations can pinpoint vital information and actionable insight to hone your strategy, enhance customer satisfaction, and ultimately drive sustainable business growth.
