Market Research: Know who your customers Really are
Fast-growing companies deeply understand their customers and communicate with them through this lens of understanding. Market Research is how they gain this level of insight into customer needs.
Many companies have products that are functionally good – even excellent. However, the difference between the market winners and losers is not based on functional performance. It’s based on a combination of deep customer insight and knowing how to act on that insight. This should not be news to anyone in marketing. Nevertheless, many sellers struggle to acquire enough new customers to maintain growth because they have not conducted the market research needed to know what their customers truly want.
WHAT'S NOT WORKING
The way you won your earliest customers is not how you grow.
1) Referrals and acquaintances. A great way to kick start a company, but they’re not enough to sustain future growth.
2) Customers who actively seek a product or solution that the vendor is selling. While these customers are nice to have, they are not reliable indicators of your real market, which you must discover through market research.
3) A visionary customer that find you. Visionary companies are always looking for new ways to beat the competition, so they are willing to a risk and try new products or services. However, they make up less than 15% of any given market. To grow consistently, you must know how to reduce the risk of the remaining 85% that is far less risk averse than visionary customers.
What you want is a consistent stream of NEW customers through a Proven Marketing Process.
Sooner or later, sellers run out of acquaintances and referrals, visionaries, and customers who happen to be looking for a solution that they provide. What they need is a consistent stream of NEW customers through a Proven Marketing Process.
1. Analyze Best Past Wins
We review past sales to find the best cases in which you solved truly significant problems for your customers–your big wins.
2. Analyze Your Customer Profile
We conduct research to determine where you can find more of these types of customers, as well as how accessible they may be to your marketing and sales efforts.
3. Analyze Competition
We analyze these segments to determine the level of competitor presence, how entrenched competitors are, and where their relative weaknesses lie.
4. Analyze Offering Completeness
We work with you to determine your product’s level of completeness in fully addressing the needs of the target segment better than available alternatives.
Can You Answer These 3 Critical Questions?
1. What compelling needs do your target customers have that they must address quickly and can’t live with for another year?
2. Who are the key decision makers and influencers, and how accessible are they to your marketing and sales efforts?
3. Who are the key competitors you must beat to win these customers, and how exactly will you do that?
It's Time for a More Systematic & Targeted Approach
Though this analytical exercise is necessary for growth, most companies only perform a partial analysis or neglect the process entirely because they often lack the time and resources needed to conduct a thorough analysis
Which is why an outside party that brings a well-defined methodology, a strong sense of discipline, and no preconceived notions about the client’s customers should be asked to do the analysis..
We understand the challenge very well. We have the expertise. Let us help.
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