“Of all the growth initiatives available, strategic alignment produces the largest amount of revenue growth in the shortest amount of time.” — Greg Alexander, SBI CEO
Successfully aligning your marketing strategy with the other functional strategies starts with market research:
Market research is the number one way to enable your sales force.
To be effective, it must trickle down the revenue growth chain. Then it must drive the creation of each of the strategies in turn. Strategic alignment and an empowered sales force start with market research
Market Research Drives Successful Corporate Strategy:
Many executives make the mistake of deciding what customers need by talking toone another. Instead, they should be making the effort to understand customer behavior.
Market research helps organizations achieve deeper understanding of the markets in which they compete. It’s an outward-in viewpoint that is critical to creating successful strategies at every level. Especially at the corporate level.
Today that means utilizing the Internet. The Web has forever changed the way buyers make purchasing decisions. Leaders who recognize this are much better equipped to beat the competition.
Executives should start with the blogs, social-media platforms, websites and online media that buyers are using. This will help them get into the head of the buyer. Only then can they understand what problems they are trying to solve.
Corporate Strategy PLUS Market Research Drives the Rest Once there is an effective corporate strategy, the rest of the functions can follow. Each functional area will create their own strategy that is:
- Driven by market research
- Aligned to the corporate strategy
- Aligned to the other functional strategies
Market research feeds the corporate strategy first. Then it also feeds each of the other revenue-facing strategies in turn:
- Product strategy
- Marketing strategy
- Sales strategy
But there are two more strategies that market research should influence.
Talent executes the functional strategies of product management, marketing and sales. So a talent strategy should also be aligned to the external market.
Understanding the marketplace through market research does the following:
- Assists in finding and promoting talent – especially leadership roles
- Helps recruit better sales talent by marketing your company more effectively
- Improves the interview process
All successful revenue-growth strategies starts with market research. That includes even your content strategy.
Market research helps your team and the sales team create more accurate buyer personas. And better buyer personas help you create more effective content strategies.
Build buyer personas based on feedback gathered from real customers. Find out more information about your customers and how they make purchasing decisions. Then you can create content that is relevant to your target buyers.
Additionally, buyer personas also help make internal conversations more customer-focused.
Market Research Enables Your Sales Force:
Market research should feed all company strategies to be successful in 2016. We can help you get immediate traction with this approach. Take a moment to schedule a Workshop session with one of SBI experts. We’ll go into more detail and help you evaluate practical ways to use market research to make your number. Schedule your Workshop session here.