Top Market Research Questions You Can Find Answers to in Your Call Data

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Top Market Research Questions You Can Find Answers to in Your Call Data

When you think of market research, traditional sources for information gathering like customer surveys, questionnaires, and focus groups might pop to mind. But in a digital world powered by automation, machine learning, and artificial intelligence (AI), businesses and marketers are not limited to these methods. They can also use advanced technology tools to explore an array of valuable data resources — including their call data — quickly, easily, and deeply.

In this post, we’ll look at the importance of analyzing call data as part of your market research efforts, and how Invoca can help you to do that at scale. We also offer a host of business research questions you may want to consider asking when utilizing your call data for market research. 

But first, let’s quickly cover what market research is and what you can learn from it when you invest in the right tools and take the time to do it well.

The Role of Market Research in Business

Market research, as its name suggests, is the process of gathering and analyzing information relevant to a specific market, product, or service. The goal is to gain insight into your customers, competitors, and target market. That information is vital for developing an effective marketing strategy, whether your business is a mature company that’s been around for decades or a fast-growing startup. 

Market research involves actively listening to your customers, analyzing their comments and concerns, and acting on the results. And one of the best sources for market research data is from phone calls. That’s because the voice of the customer really comes through in these interactions. And by reviewing your call data at scale, you can:

  • Gain critical insights into your customers and target audiences
  • Identify new customers and market opportunities
  • Better understand the overall business environment in which your company operates 
  • Inform your marketing strategies
  • Optimize your marketing spend

The importance of analyzing call data

Phone calls with customers provide a trove of market research data that offers insight into:

  • How to improve your product or service
  • How to define your value as a business
  • What current consumer preferences are
  • Who your true competitors are
  • What your current market position is
  • Whether the price point of your product or service is effective 

But you need modern technology to unlock the full value of that data. Even if you record some or all of your calls with customers, listening to, analyzing, and trying to identify trends and patterns in data within those calls is time-consuming and resource-intensive without the right tools.

Technology, like AI-powered call tracking, can help you get the most from your call data. Artificial intelligence (AI) takes recording, transcribing, and analyzing conversation data in phone calls to an entirely new level. AI can accomplish relatively simple but often laborious tasks like recording and analyzing phone call data at scale. It’s the key to opening the treasure chest that is your phone call data.

In the following sections, you’ll find a host of market research questions you may want to ask of the data you collect from the everyday calls that come into your call or customer service center — and are captured by AI-powered call tracking solutions like Invoca.

Product or Service

You want to know if your product or service resonates with customers, of course. Sales figures provide an important metric for gauging your success, but you should still seek more granular data related to customer perceptions of your product. By digging deep into your call data, you can answer critical business research questions on this topic such as:

  • Is our product or service solving our customers’ problems accurately?
  • Are our customers likely to recommend our product or service to others?
  • Are customers offering suggestions for how we could improve our product or service?
  • How are our customers rating their experience with us?
  • What products or services are our customers most frequently asking questions about?

Customer Behavior and Preferences

Knowing your customers, especially their buying behavior and preferences, is an essential part of marketing (and sales!). Answers to the following questions can help you understand why customers are calling, what problems they might be experiencing with your product or service, and how they rate your offerings:

  • What are the most common reasons customers call us?
  • What common issues or complaints are customers raising?
  • Are there patterns in our call data showing which times of day or days of the week we receive specific types of customer inquiries?
  • Does the data show potential challenges or barriers that our customers face when using our products or services?
  • Are there complementary products or services that we could offer to enhance our customers’ experiences?

Competitive Analysis

Phone call analysis can usually tell you a lot about your competition — and how you stack up against them. Valuable data about competitors can include insight into their products, pricing, advertising, and marketing, and consumers’ opinions of them. By reviewing and analyzing your call data at scale, you can dive into an array of competitor-focused business research questions such as:

  • Are our new products or services unique compared with our competitors’ offerings? How are they different?
  • What does our target audience like most about our competitor’s product?
  • Does our target customer like how our competitor’s products are marketed? Do they like their ads? Why?
  • How do our customers perceive the quality of our products or services compared with our competitors?
  • How prominently does our brand show up in search results?
  • Are we actively monitoring and responding to online reviews and comments about our brand?
  • Are there any emerging trends or technologies in the market that could disrupt our current products or services?

Business Value

Some business research questions that you can include in your market research can help you identify ways to reduce your cost of customer acquisition and increase your return on ad spend (ROAS). For example, by understanding how customers who made a purchase first heard about your product, you can more accurately attribute conversions to your marketing campaign. 

This type of information might be revealed through an analysis of your call data:

  • Through what channels are buyers hearing about us?
  • Do our customers consider other brands before deciding on ours? Which ones?
  • What do customers see as our brand’s value proposition?
  • Are there specific features or benefits that our customers consistently find valuable?
  • What customer pain points or challenges do our products or services address?
  • How are customers using our product or service to solve their issue or derive other benefits?

Target Market and Segmentation

You can also get more granular insights by seeking answers to questions that can help you glean demographic, firmographic, and psychographic information about customers and prospects. These types of inquiries can also help you generate ideas for new products and services and surface growth opportunities your business may want to pursue:

  • Are our customers asking about new features or trends in the industry?
  • Does the data show problems we can solve for our target groups?
  • What emerging topics are our customers discussing during phone calls?
  • Does call data help us identify new target segments?
  • Do we have other company growth strategies? Affiliates, referrals, franchises, etc.?
  • Are there examples within our calls of other market segments or niches where our products or services could be a perfect fit?

Pricing

Hitting the right price point is critical to business success. You can make the best product in the world, but if your customers can’t afford it, you won’t be selling it for long. Or, if you set the price too low, it will undermine your profitability and also jeopardize the long-term survival of your business. 

When conducting market research, getting data about additional features and customers’ perceptions of value can open the door to price growth and make you more competitive with peers. It helps if marketing or customer service agents are trained to ask some open-ended questions of customers during calls, as well, so you can gather as much detail as possible from call recordings. 

Here are some market research questions about pricing you might find answers to in your call data:

  • Would our customers buy our products or services at a higher price if we added more features to them?
  • What types of features would customers pay more for?
  • Are our competitor’s prices more affordable than ours?Are there examples in the call data where customers express a willingness to pay more based on the perceived value our offerings provide?
  • Do call interactions reveal how customers perceive the relationship between pricing and the value they expect to receive?

How Invoca Analyzes Call Data at Scale

Invoca’s solutions can be valuable tools for AI-driven marketing departments that want to deliver data-intensive market research and actionable insights at scale to the business.

Invoca’s Signal AI Studio, for example, allows businesses to use either out-of-the-box algorithms or create and train custom algorithms to identify conversion events, outcomes, and any conversational topic of interest in every phone call. This data can be streamed across hundreds of platforms immediately following each phone call to aid marketing in optimizing digital ad bidding strategies. The data can also complement existing data held in the business’s customer relationship management (CRM) system and other customer data platforms.

Invoca uses AI and machine learning to power Topic Explorer, as well. This first-of-its-kind tool automatically sorts through thousands of customer conversations in real time to group them into topics. This exposes identifiable trends in first-party data that businesses can act on immediately. 

A diagram of a customer support systemDescription automatically generated
Visualize what’s being said across thousands of calls at once with Topic Explorer

For instance, say that an automotive dealership deploys Topic Explorer to review thousands of calls received since late 2022, when it began marketing 2023 models. Topic Explorer searches through all of the calls and groups them by topic. As a result of this review, the auto dealership’s marketing team realizes that a common term appears in a large percentage of the conversations: “subscription.” 

Further analysis of the phone call data reveals that many customers are interested in a subscription program. However, the dealership’s auto manufacturer didn’t offer one in 2023, unlike some competitors. Armed with this data, the dealership’s marketing team can approach the manufacturer and show concrete evidence from the voice of the customer that a subscription program is needed — hopefully persuading them to roll out a program for 2024.  

Your call data can help answer your most critical market research questions

A good marketing department deploys market research surveys to elicit actionable insights for campaigns and inform overall brand strategy. The best marketing departments supercharge their market research by incorporating the incredibly rich vein of data contained in everyday conversations with their target audience. 

Additional Reading

Want to learn more about how Invoca can help you capture insights from customer phone conversations? Check out these resources:

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