Whether or not you use market research for sales makes a difference. Hinge Marketing found that companies who frequently used market research saw 15 times more growth and almost double the profitability of those that don’t use any research.
Market research brings you the critical data you need to market your business successfully. With research, you can discover who the decision-makers are in a market, their pain points, and other essential information to target your sales and marketing.
1. Understand Your Market
The first step in leveraging market research for sales is to conduct the research. Reach out to your target businesses to better understand who they are and how you can craft your services to meet their needs. The data you gain should answer vital questions like:
- Is our product or service in demand for our target businesses?
- What are the most prominent pain points we can address?
- What is an acceptable price range within the market?
These questions will help you determine if you’re reaching the right businesses and if you can be profitable under your current product or service plan. From there, dig deeper to learn more about decision-makers in your target market and their preferences.
2. Analyze Data and Establish Segments
Your research data should go straight to your CRM. Use your CRM system to analyze who is in your market (potential clients and competitors) and establish segments based on your results. You can categorize by geography, business type, business size, or another relevant differentiator. The key is to create groups that have similar pain points and marketing preferences.
3. Create and Execute Go-to-Market Plans
Use the data you have on each segment to determine the most effective go-to-market plan to gain their business. Hone in with content that speaks to their direct needs and establish the best contact times and methods to meet their preferences. You can also leverage data you gained on your competitors, speaking to how your strengths overcome their weaknesses.
Keep in mind your initial go-to-market plans will not be your final plans. Markets change, and your strategies need to keep up. Continue to conduct frequent research and make adjustments to your methods as you learn.
Go from Research to Market with One Team
NuGrowth Solutions is your one-stop development shop, bringing your business from research to execution with one expert team. Our market research program uses targeted outreach to determine your ideal clients and identify decision-makers within the industry to speed up your sales pipeline.
From there, our CRM team is poised to organize and process data to determine the best segments and outreach methods to attract attention and start conversations. Our custom go-to-market strategies include proven content templates and cadences that allow you to deploy sales teams almost immediately.
Find out more about our all-encompassing sales and marketing approach. Get in touch with one of our experts today at 614.304.3916 or fill out a simple contact form here.