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 may have products that are functionally good – even excellent. The difference between the winners and the losers is not based on functional performance. It’s based on a combination of customer insight and knowing how to act on that insight. This should not be news to anyone in marketing. Nevertheless, many sellers struggle to find an adequate number of new customers to grow their companies–because they have not done the market research to better understand their customers and competitors.
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 this is great, it is not reliable, long term strategy since 95% of your target market has hidden (latent) need you must uncover.
3) A visionary customer will find the vendor. Visionary companies are always looking for new ways to beat the competition. They are willing to try new products or services. However, they make up less than 15% of any given market. Companies grow only when they figure out how to win mainstream buyers in large numbers.
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 those that happen to be looking for a solution like they provide. SOMAmetrics has a proven 4-step process for identifying the best target market and target profile for a given seller.
1. Analyze Best Past Wins
We review past sales to find the best cases where 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, and 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 are.
4. Analyze Offering Completeness
We work with you to determine the level of completeness of your whole product 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 solve now rather than later?
2. Who are the key decision makers and influencers, and how accessible are these 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?
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It's Time for a More Systematic & Targeted Approach
While this exercise must be done, it almost never is, or never is done well. Most companies do this partially, or the last time they did this was so long ago, a lot has changed since then.
Companies don’t do this step well because they never get around to set the time and resources necessary to do it right.
This is precisely why it makes sense to bring in an outside party to conduct this analysis. The outside party will bring a well-defined methodology, a strong sense of discipline, and NO preconceived notions about the client’s customers.
We understand the challenge very well. We have the expertise. Let us help.