This blog was updated on June 26th, 2018.
Getting the Most Out of Market Research Reports
Are you trying to launch a new product or move into a new industry? How do you know the right people to contact? How do you know the right message to use? Having complete market research is a vital part of any major strategy decisions. Finding reports you can rely on will make you much better informed about the industry you’re entering and the customer base you’re approaching.
When looking for market research or market intelligence reports you should have in mind how much depth you will need. Keep in mind, quality beats quantity nearly every time. You can get a huge list of contacts and statistics, but will it be useful to you? Having the right information is much more important when you are letting these reports inform major decisions.
Here are three ways that you can benefit from getting a market research report when setting up your next launch:
Send the Right Message
A quality market intelligence report can give you information to help craft and test the message you’ll be using in your new campaign. Find out about your target market so you can speak to them in a language they understand about value props they care about.
Do A/B testing to decide between several different messages or to fine-tune a specific point. Before devoting the time and money to a full campaign it can be extremely beneficial to start off with a small sample.
Position Against Competitors
Market research can give you an idea of the competitors in the industry and what contacts’ perception of them are. If they have a dominant hold over the market and are loved by people in the industry you may think twice before entering the market.
If the report shows specific problems that your competitors aren’t solving but you can, you may have a valuable opportunity.
This is the benefit of market research that speaks to individuals. Numbers alone can’t give you the full picture of a market. Getting your research from a company focused on quality will give you much more useful information.
Prepare for Objections
Another benefit of more specific data in your report is hearing directly from potential prospects. Learning about common objections to your kind of product in the industry helps you craft your overall message and helps prepare your sales team. Rather than reacting to the issues that come up during sales calls you will be able to prepare for them ahead of time. This allows your overall strategy and marketing message to address the most important points.
How do you prepare for a new product launch or to enter a new market? Have you used market intelligence reports in the past? Give them a shot and you will benefit from how well informed and prepared you are.
