Market Research is required to properly allocate the resources of the product, marketing and sales teams. But the reality is that corporate strategies fall short on delivering prescribed direction for revenue growth. Corporate strategies provide “must have” value to the CEO. Yet these strategies lack market research that is the connective tissue to execution. Too much is left unplanned.
For instance, a corporate strategy will define which markets the company will compete in. But, it will not tell the sales team which accounts to call on. A corporate strategy will define a revenue and profit objective. But, it will not determine the market segments for marketing to target demand generation. A corporate strategy will determine a company’s competitive advantage. But, it will not tell the product team how to focus product investments.
Business strategy not supported by sufficient market research will lead to poor execution. The result will be average to below average revenue performance. To “make your number” requires the perfect blend of strategy and execution.
A corporate strategy informed by insights from market research will align your company with the external marketplace. The data and insights will guide your allocation of resources – people, money and time. This gives you the highest probability to succeed because you’ll be aligned with the external marketplace.
Listen to the fundamentals of Market Research. This executive-level summary helps you quickly evaluate your company to best practice:
- How to develop a Market Research Methodology
- Why it’s crucial to define your Market, Account, Buyer and User Segmentation
- How and what methods should be used to gather actionable intelligence
Market research provides a deep understanding of your markets, accounts, buyers and users. Listen to Dan and Eric explain how to better differentiate your strategy from the competition, and prioritize your accounts. Align your strategy with buyer needs and address user problems with your products. Leverage market research to bring your strategy into alignment with the external market.
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