Markable Solutions Executes Custom B2B List Development and Market Research for a Silicon Valley High Tech Start-Up
Problem Facing Client:
What do you do when you are new company with no much history, your first product is successful, but is it safe to introduce a new product on the market? This was the dilemma facing a well-funded Silicon Valley startup.
The company was looking for the best approach to position their new product, but was not sure if the features it had developed would be compelling enough for today’s customers. Also, how best to price it? Much debate ensued after which they approached Markable Solutions for help with strategy.
The Markable Solutions:
Markable Solutions recommended a survey to poll experts using similar software for their opinions on the features and benefits our client was now able to offer with their latest version.
Markable Solutions, developed a database of target companies with the right contact titles in each. Our market research team then went on to put together the first draft of a questionnaire. The questionnaire is the most difficult part of a survey. It has to be well worded, focused on getting the answers you so desperately need, yet not so inquisitive that it makes the responder wary as they can easily stop the survey midway or not start it at all.
Well, our market research team developed a set of well formulated questions suited to eliciting the responses required by the company. The questions covered opinions on product features, benefits, expectations, comparisons with similar products on the market, and most importantly, on price expectations.
After a few reiterations and discussions between the client and our team, the questionnaire was developed and tested and the survey was done using the database we had already developed. Results poured in, but alas they fell short of the required number needed to draw any there were not enough responses for us to develop any assumptions. Markable Solutions’ team of tele-callers were put on the job to call the non-responders and get enough surveys done so that some meaningful conclusions could be made. The tele-calling team did get enough survey responses and the project was completed.
The data was analyzed, sliced and diced and presented to the client. Our happy client was able to study the data and decide on how to introduce their product on the market, what features to delete, what to add, how to position each feature and what benefits to highlight in their marketing campaigns and collateral.
They were clear on their how their messaging would resonate with industry. Most importantly, they figured out their pricing strategy.
Markable Solutions was rewarded with a job well done!
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