Sales Hacks with Market Research - Dawn of the Data Age Lecture Series
- 1. Dawn of the Data Age Lecture Series Interpreting Data Like a Pro
- 2. Hi. I’m Luciano Pesci… Founder & CEO, EMPERITAS ● Team of economists and data scientists delivering bi-weekly Customer Lifetime Value intelligence so our clients can beat their competitors for the best customers. Founder & Director, Utah Community Research Group, Univ. of Utah ● Teach microeconomics, data science, applied research, & American economic history. 2
- 3. Today’s Lecture Outline ● Teach the power of market research for sales. ● Show secondary & qualitative methods for sales teams. ● Explain how to use behavioral data to increase conversions. 3
- 4. 4Power of Market Research
- 5. Market Research Perceptions 5 ● The perception is that market research is boring. ○ Couldn’t be more wrong. ● Provides an experimental environment where you can learn about the world in explicit detail.
- 6. The Power Source ● Market research gives you access to information you don’t otherwise have. ● Could be information everyone has access to (public) or it could be something only you know (proprietary). 6
- 7. Public Information 7 ● Information that’s available to anyone through: ○ Government ○ Academia, Think Tanks, & Journals ○ News Media & Public Domain (social & slack channels) ● It isn’t info you create; you just consume it. ○ Best way to get this info is secondary research.
- 8. Proprietary Information ● Information you generate and don’t sell. ○ Typically done through observation, surveys, or qualitative interviews. ● Qualitative research is fast & efficient for uncovering large trends and focusing quantitative research (like surveys). 8
- 9. Systematized* 9 ● When completing secondary research & qualitative interviews you need a system. ● Any system, no matter how flawed, is better than no system at all. *The Agile Research System Explained: goo.gl/yzfkuX
- 10. 10Secondary & Qualitative Methods
- 11. Secondary Research ● There’s a mountain of existing public knowledge to help your research. ● Focus your attention on learning: ○ Market trends including your competitor’s product, price, messaging, & channel mix ○ Customer chatter (reviews, social, etc) ○ Similar research that’s been done in the past 11 *Product Manager Secondary Research Sources: goo.gl/CY53fg
- 12. Qualitative Interviews* ● This should be a natural conversation between two humans, not a survey. ● Prepare topics & questions, but probe and be willing to go off script.** ○ A $50 incentive helps participation rates. ○ Solicitation takes a lot of time. 12 *Customer Conversations (00:09:05): youtu.be/CO_JlBDZgNs **Product Manager Conversation Script: goo.gl/69YWVw
- 13. Interviews By Sales Stages Interviews can be done for each of the sales stages outlined in the last lecture*: ● Lead Qualification ● Outreach ● Customizing Pitch ● Nurturing Lost Deals 13 *Data-Drive Better Sales Conversions: goo.gl/GZLdtk
- 14. Qualification Interviews ● These need to be done by your team, or a highly qualified & reliable 3rd-party partner. ● Should be hyper-focused on getting info that predicts a deal will close (and at what value): ○ Clear (time-constrained) need & budget ○ Try selling a “power hour” in place of doing an interview* 14 *Dennis Yu’s Power Hour: blitzmetrics.com/powerhour-dennis-yu/
- 15. Outreach Interviews 15 ● Your customer fits a predictable pattern, find others like them to interview. ○ They may question your intentions, solve this by using a 3rd-party to conduct these interviews. ● Learn their product preferences, price sensitivity, messaging preferences, and the channel mix that reaches them.
- 16. Observing the Pitching ● This is something you need to do yourself. ○ Can’t use a 3rd-party for this one. ● Unlike the other stages where you’d ask questions, you just observe and report back. ○ Watching for behavioral signals like body language. 16
- 17. Nurture Interviews 17 ● Not every deal will close, understanding why one failed is extremely important information to collect. ○ An equivalent later in the customer journey is when an existing customer (aka former sale) churns out. ● Has to be done by a 3rd-party to get accurate information, and should be very short & very focused.
- 19. Behavioral Motivations 19 ● Signaling is real & most communication in nonverbal. ○ Yet most sales data only captures written/spoken text. ● Behavioral approaches have been well validated by extensive economic experimentation.* ○ It’s because humans are creatures of habit, and the world is predictable (to an extent given our knowledge).** *The Power of Being Watched: goo.gl/kzd6BS **The Master Algorithm: youtu.be/B8J4uefCQMc
- 20. The Circular Flow Approach ● Economics can be boiled down to 2 groups: ○ Customers (households) ○ Companies (firms) ● Circular flow shows the connections in the market and gives you information targets: ○ Customers (all types), competitors, & the marketplace. 20
- 21. Customer Personas 21 ● Representative Agents = Personas ○ The most important is the Pareto Persona* because of Customer Lifetime Value.** ● Using data to create customer personas is the focus of the next lecture.*** *Pareto Principle (00:04:16): youtu.be/pyNrxUB-tBc **Calculating Your CLV: goo.gl/rpu7iV ***Lecture Registration: emperitas.com/lecture
- 22. Gaming With Intelligence ● Competitive intelligence (CI) is the information you can legally collect about your competitors.* ○ Without feeling gross about yourself inside. ● The reason this information is so powerful is because you can use it for game theory. ○ One of the “best” uses is to create best response curves.** 22 *Free & Paid Tools for Digital Marketing CI: goo.gl/j5F9RE **Best Response Curves: goo.gl/ijkw6W
- 23. 23What We Covered Today
- 24. What We Covered Today... ● The power of market research for sales. ● Secondary & qualitative methods for sales teams. ● How to use behavioral data to increase conversions. 24
- 25. 25At The Next Lecture...
- 26. Thursday April 12th, 2018 emperitas.com/lecture