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Benchmark surveys can be very insightful when they are used to validate the information gained through in-depth interviews with recent buyers.
Benchmark surveys are one of the most popular forms of market research. And we use them to quickly provide a reading and validation of Buyer Insights that we’ve uncovered in our interviews.
We’ve used them to test differentiators and validate the rank order of customer outcomes by importance to buyers.
We’ve tested buyer beliefs about drivers of those outcomes and the perceived risks and barriers that prevented them from addressing those outcomes sooner.
We’ve even tested a set of practical objections, uncovered in interviews with buyers, that sales reps would have to deal with in their sales calls.
So let us help!
We survey a broad range of buyers.
1. How much urgency do buyers assign to the outcomes you deliver?
2. Which buyers are receptive to your differentiators and what triggers their decision to change?
3. How well do your capabilities communicate an ability to deliver what your buyers expects?
4. Is your marketing content too general and convey the same benefits as your competitors?
The breadth and depth of insights make the difference.
Once you’ve got a vision, it’s not easy to hear that the market has a different idea.
That is why we use benchmark surveys to validate the buyer insights gained through in-depth interviews with small numbers of buyers. For companies wanting a greater degree of confidence that their buyer insights and messaging is going to nail it, testing it across a wider audience with a survey often provides the validation that the market agrees.
The objective of Benchmarking is to identify the capabilities that will influence your prospective buyers decision-making process and to understand the processes and practices driving that behavior. Benchmarking is a great first order evaluation tool. It can answer if your company is in the ballpark of other companies, identify where your team may be falling behind and provide a GAP Analysis that compares management’s view of the current situation with marketing or sales.
INSIGHThought used buyer insights to spot a market shift and drive $2M in revenue.
A provider of ERP applications in the utility market space was struggling to gain the attention of buyers. Their product team had developed a suite of new application features that they believed would significantly change their competitive position in the marketplace but found no measurable jump in adoption.
Our buyer interviews revealed that senior managers at the utility companies had been blindsided by changes in state regulations that were recently reviewed and passed and were now totally focused on avoiding significant fines and penalties due to non-compliance. Our client tested the implications of these new regulations in a survey across their market and confirmed the cost impact that the new regulations would impose and the shift in buying behavior.
Our client responded by quickly developing a monitoring component to their application that they highlighted in a demand generation campaign aimed at helping utilities understand the cost implications of these new state regulatory changes. The campaign was incredibly successful generating over 20% response rate and closing 3 large deals exceeding $2M.
INSIGHThought used buyer insights to stop a competitor and prevent 60-75% discounting.
A provider of CRM software to the financial market was losing 80% of their deals to a single upstart competitor. The sales team was planning to discount by 60-75% to stop the bleeding and brunt the success of this competitor. They were going to win the battle but lose the war!
Our buyer interviews revealed that the competitor had tapped into the key capabilities that buyers were looking for (the same capabilities that our client provided but had considered unimportant) and were successfully positioning these capabilities as their strengths and our clients weaknesses. “I’m looking for the technical details that explain the capabilities of your CRM system said the buyer. I didn’t see any mention of them in your website or marketing materials.”
This executive then went on to describe the particular capabilities that he was looking for and the perceived limitations of our clients solution. Our client responded by revamping their website, content marketing and sales playbooks to address the capabilities and obstacles that were preventing buyers from choosing their solution. They have won 5 of the last 8 engagements.
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