video | July 26, 2016
Market Research: How to Understand Your Playing Field
Market research is mission critical to winning in the market place, and against your competition. It should influence your overall sales strategy, and govern how you allocate your resources. Watch as we discuss the steps to take to understand your market, industry, competitors and customers. Matt Sharrers, Partner at SBI, and George de los Reyes, Principal at SBI explain how market research impacts an organization. Throughout the episode, we will also hear from other executive leaders on the importance of thoroughly understanding your market place.
During the show, Matt and George will begin by defining market research. They will start with market segmentation. How should you divide your target market into subsets of buyers? Next, they will tackle account segmentation. What accounts inside your market will generate the most revenue? Then they will explain buyer segmentation. What do you need to know about the buyers inside your accounts making purchase decisions? And finally, they will talk about the users. How can you understand the market problems being felt by the users in your accounts?
Furthermore, Matt and George will dive into what to do with this information. This includes topics like using it to determine what accounts to pursue and how to define your sales territories. They will also touch on who inside of your organization should own market research. And it’s impact on things like customer acquisition cost and customer lifetime value.
Market research gives your team, and especially sales, a better chance to succeed. Watch here to understand how to have strategic alignment internally, and with the external market place. If after watching, you want to learn more, we have another resource for you. 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.