When you think about marketing do you think about the criticality of research as a part of your revenue growth strategy?
Many people immediately focus on the tactics involved in marketing: advertising, PR, social media, email marketing campaigns, websites, events, etc. Tactics are certainly an integral part of creating a successful revenue marketing engine – but what strategies drive those tactics and why?
When developing revenue growth strategies with SMB leaders I know without a doubt that leveraging the power of research will shorten the time to market. Research is foundational in developing or improving effective brand positioning, including your value propositions for various products, target markets and customers. It is well worth the investment.
Customer Research
Customer research is paramount. Current, past and target customers provide insights into the value of your products and services from their perspective. They can provide insights into why they buy your products vs a competitor; how they get their information; and who is involved in decision making for a purchase.
In addition, this type of research can give you insights into customer concerns or issues, operational or customer service gaps, for example, as well as opportunities for meeting their needs with new or updated products and services.
Competitive Research
It’s also important to gain a detailed view of your company’s competitors, not just in terms of their overall market share, but in how they interact with and market to their customer bases. This type of knowledge informs marketing and sales strategies and tactics to heighten customer awareness of your competitive advantages.
Likewise, it can provide insights as to where you may be winning in your markets and where you may be behind or missing new growth opportunities. Understanding your competitors’ products, target markets, who they are serving, how visible they are and even insights into where they are investing their marketing dollars will inform decisions and strategies for your marketing and sales leaders. Don’t overlook the “status quo” as a competitor when doing your research.
Internal Research
Understanding gaps in alignment across your leadership and key stakeholders can have a direct impact on sales, marketing, operations and management. Internal research, done right, uncovers potential roadblocks to growth that you may or may not be aware of.
When we conduct our Business Growth Readiness Assessments with our clients, the results of the internal research identify both low-hanging fruit opportunities and insights into challenges in sales marketing, operations, HR, and management. Addressing these roadblocks is a game changer for unlocking growth opportunities.
Whether you are an SMB leader in technology, professional services, manufacturing, or another sector, I encourage you to leverage research as a strategic initiative for your company. Gathering this key data will set you on the right path to business growth this year and beyond.
