Road Mapping the Route to Success with Insight
To succeed in business, you must understand how to get wins. Market research is your greatest tool to understand facets of success, allowing you to replicate them. There are two types of research, internal and external analysis, each giving you a highly accurate indication of the path to success.
Apple, one of the biggest consumer electronics companies on the planet. Started out as the little man, with a widely criticised product and a flimsy business model. Through market research, they understood the need for a computer that was fun to use, the blinkers were off. In the 2000’s, they repositioned themselves as the alternative, “B-side” to Microsoft and took over the world. Millions of us responded to their style and ease of use, by 2005 they recorded a net income of 1.33 billion US dollars. This goliath success story wouldn’t have been possible without market research.
Understanding the Market
Market research falls into either primary or secondary research. The benefits for both are unique, with primary research you gain completely personal and custom insight about your chosen market or target audience. This is usually undertaken by interviews, focus groups, questionnaires, beta testing, etc. While the data derived from this can be incredibly useful, the drawbacks of larger cost and a longer time taken cannot be dismissed. The vast majority of insight is therefore found with secondary research. Information amassed by companies or previous studies, it is therefore much more affordable and is often instantly accessible, but knowing where to find it is the key.
Market research will allow you to understand how your competitors are succeeding, you will be able to spot their most lucrative avenues of business and it could potentially allow you to move into that area and take advantage of this. Market research also allows you to spot upcoming trends and gaps in the market which you can then make plans to fulfil. While market research can grant you access into profitable areas of the market, it can also ward you off inhospitable ground. It could indicate oversaturation and over-investment which could help you avoid loss.
Internal insight is also important for understanding your current situation. Research into this could help you leverage your strengths against the market while also mitigating any potential weaknesses and avoid subsequent threats from these. One example is Ford, for years they focused their attention on the big engine, muscle cars and pick-up trucks. Through external market research, they discovered that more and more Americans were turning to smaller Japanese cars due to their ease of use and affordable costs. Revenue in the Small Cars market segment is projected to reach US$4,466m in 2021. Internal analysis gave them the insight to understand that they currently had the tools to launch a smaller car to tackle this market and claw back market share from Toyota and Suzuki. In 2020, in the US Ford sold over 40,000 small cars, whereas Toyota sold under 16,000.
Actioning Your Insight
Utilising this insight is the key to success. Information is power but being able to put it into practise is the secret to success. Sales departments are designed to target the low hanging fruit and take advantage of needs and wants in the market by converting them into customers. With the understanding of the market, these team members aren’t firing blindly into the open, they’re trained marines with a clear mission.
Evidenced insight from in-depth market research is the stimulus that starts an effective and meaningful sales strategy. This data will allow you to target specific clients with the knowledge that they are in need of your product or service. Not only will your fortunes be greater through increased business from new, industry-specific clients, but the time taken on this activity could be slashed as your new clients are actively seeking your solution. In addition to this, your marketing and sales expenses incurred will be less as your marketing can now be a targeted insight-led spearfishing technique, rather than a cumbersome, and expensive, net fishing exercise.
We have an experienced team dedicated to locating, and compiling market research to aid your sales strategy. Come to the experts in this regard, have us dig out the insight and present it you. Get in touch to discuss the opportunity for this now.