On this week’s SBI Insider Podcast we discuss a topic critical to building your strategy and making your number. Joining me in this discussion is my colleague George de los Reyes, Principal from SBI. Together we discuss the approach to market research for companies with aggressive revenue growth goals.
Market research should influence your overall sales strategy, and guide how you allocate resources. Listen as we discuss the steps to understand your market, industry, competitors and customers. Throughout the episode, we will also hear from other executive leaders on the importance of thoroughly understanding your marketplace.
It’s difficult to grow revenue faster than your industry’s growth rate and faster than your competitors. Leverage the How to Make Your Number in 2018 to access a revenue growth methodology to hit your number quarter after quarter, and year after year.
Market research provides a deep understanding of the market, your industry, competitors and customers, but great market research goes a lot deeper. It includes deep analysis and understanding of your accounts, your buyers and your users. Going deeper helps you differentiate your strategy from your competition. It guides prioritization of your accounts, alignment with your strategy to buyer needs and addresses user problems with your products and solutions. The net result of this type of market research is strategic alignment with the external market.
During the show we discuss answers to questions such as:
- How should you divide your target market into subsets of buyers?
- What accounts inside your market will generate the most revenue?
- What do you need to know about the buyers inside your accounts making purchase decisions?
- How can you understand the market problems being felt by the users in your accounts?
- How do you use the output of the questions above to determine what accounts to pursue and how to define your sales territories?
Market research increases the probability of success for marketing and sales to succeed.
Have expectations gone up and left you wondering if you can make your number? Here is an interactive tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate yourself against SBI’s sales and marketing strategy to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You will keep your job