How Mixed Methods Research Boosted $1.5M in Additional Sales
Kacey Shap, PhD
Overview.
A tech startup had launched a new product combining both hardware and software that was a game changer for remote collaboration. Their challenge: executing a go-to-market strategy with competing needs and interests. The outcome: a re-invention of their product offering and the resulting expansion beyond their core customers.
Challenges.
A startup tech launched a new product and needed strategic insights for a go-to-market solution. They also added new product features and planned on converting the product into a Saas model. They needed a strategy that would not cannibalize their existing product, enable them to compete against Google and Microsoft, and identify the optimal Saas price point for new and current customers.
Research Solution.
The seemingly disconnected business challenge, in essence, was about how to grow from within. We needed to find a strategy to identify the brand’s most influential core: those existing customers who could take the brand to the next level. We conducted a combination of qualitative and quantitative research to gain a deeper understanding of the target market:
- Surveyed Mined their existing CRM data to understand product usage to uncover patterns and tangible needs
- Surveyed potential customers on their attitudes toward the product, needs, and willingness to pay for it (and at the optimal price point)
- Conducted ethnographic research of early adopters about their experience with the product and how they leveraged their product for their success.
Insights.
The startup excelled at creating awareness, but its previous campaigns were not effective in reaching out to all potential customers. The biggest conversion was related to a group of influential users who re-invented the product usage and created their own intangibles. In other words, they took the product and made it their own.
Results.
The startup revamped the brand positioning from product feature messaging into a story about nurturing creativity through team engagement remotely. As a result, the company reported $1.5M in additional sales after one month of implementing the strategy, which was their highest month-over-month sales. The startup also found an effective solution for learning from their customers’ needs, dramatically shortening the sales cycle.
Impact
- +1.5M in additional sales after one month of implementation
- From 147 days to 55 days in an average reduction of the shopping funnel from awareness to purchase
- Record month-over-month sales since the company's implementation
