Market research is essential to understand your target audience, their pain points and goals, and how you can serve them better. Without these insights, your product or service does not reach its full potential. Learn how to use local phone numbers when conducting market research to achieve the best results.
Local Market Research: Definition
Local market research is the process of evaluating a current or new market. More specifically, when researching a market, researchers pay attention to customers’ and prospects’ needs, pain points, goals, and motivations. These insights then fuel product development and marketing efforts. If you do not know who your target audience is and where they are, you will be selling to the wrong crowd. Market research can help your business find the right customers and the best ways to reach them. There are many different ways to conduct market research such as interviews (in-person, phone, video), observation, surveys, etc. Check out our comprehensive guide to local market research.
Why Should Your Business Research Your Market?
Local market research helps your business gain insights into various aspects such as:
- How customers view your business
- What lucrative markets should you target
- How to best develop buyer personas
- How to develop your product in comparison to competitors
- In what ways you can improve customer experience and loyalty
Market research studies current and new markets so your business can develop good and relevant products and market them effectively.
How to Conduct Market Research with a Local Number
Here we will look at how a business can use local phone numbers when conducting market research. Businesses can get local phone numbers for various countries, cities, and regions around the world. Local numbers have specific area codes and formats assigned to them which are recognizable by locals within that area. This makes local numbers great tools for conducting research and test marketing. So, how can your business use local numbers to conduct research?
1. Market Segmentation
You can segment your target audience into smaller groups to get more detailed information and feedback from them. This process is called market segmentation. You can then use different local numbers for each segment to track responses and measure results. The four main types of market segmentation include:
- Demographic (B2C): based on individual attributes
- Firmographic (B2B): based on company/business attributes
- Psychographic (B2B/B2C): based on attitudes, traits, values, motivations, etc.
- Behavioral (B2B/B2C): based on usage, user status, purchasing/researching habits, etc.
Depending on what information you are looking for, you can either focus on behavioral or demographic elements or more. Information that you receive through market segmentation can help you tailor the product and its features as well as refine your marketing strategies to better appeal to each segment.
2. Brand Awareness Research
You can also use local phone numbers to learn more about your brand awareness. In other words, how much do customers know about your business, and how aware are they of its existence. Furthermore, you do not need to limit yourself to your own country. You can measure brand awareness in neighboring countries as well as target markets.
Your marketing and sales teams can take this a step ahead and study your customers’ awareness of the problem your business can solve. Most customers do not know that they have a problem or that there is a solution (your product or service) to their issues. Teams can take this opportunity to learn what stage of the buyer’s or customer’s journey your target audience is in.
You can also use local phone numbers to improve brand awareness in these target areas. You can do so by purchasing local numbers and advertising your product locally as well as focusing sales efforts in those regions.
3. Campaigning & Marketing ROI
Next, local numbers can help with marketing and campaigning efforts as well as measuring ROI. Use local numbers along with specific campaigns and promotions and study the results. How many customers are coming through specific campaigns or promotions? How many of these customers are converting? And how many stay on as repeat customers? The customers who don’t convert, what are they looking for?
These questions can help you determine better ways to appeal to customer pain points and display your product as a valuable solution.
4. Qualifying Leads via Presale Surveys
Presale surveys include questions marketing and sales teams use to qualify leads and determine quality prospects. This is a good way to weed out low-rank prospects as well as customers that won’t add value to your business. It also helps reduce time spent chasing bad leads. Your teams can use local numbers to easily connect with potential customers and vet them before they move further down the pipeline.
5. Customer Satisfaction & Loyalty Research
Lastly, use local numbers to keep in touch with existing customers. Your current customers are much more valuable than new customers because they are the ones who are likely to stay and become advocates for your brand. And so, you want to ensure your business and products are satisfying current customers. Measuring customer satisfaction and loyalty can help you understand how your product is performing and how much customers value it. If it is not performing well, you will need to make changes and improvements.
Survey New Markets with Local Numbers
You can get local phone numbers from Global Call Forwarding for target countries and areas. We offer international virtual numbers for more than 160 countries around the world and provide call management tools to effectively organize calls when conducting research. Browse through our inventory today or call us to learn more!