In this Confidential Brief from The Starr Conspiracy, you will learn how you can check your company's status in the market place, identify the gaps, and use market research to take action for your business.
Confidential Brief: Tweak Your Business Based on the Market Research
TWEAK YOUR BUSINESSBASED ON THE MARKET RESEARCHmarch_2013Tweak Your Business Based on the Market Research
MARKET RESEARCHSHOULD DICTATE HOWYOU RUN YOUR BUSINESS.No, this is not sacrilege or throwing out all other principles of business. It’s a sound approach.—Businesses get started usually Relative Market Sharebecause of some kind of market inquiry. (Cash Generation)Even if it’s just hearing family members High Lowcomplain that there should be an easierway to do (fill in the blank), that’s research.—How businesses evolve, however,sometimes excludes market research STARS QUESTION TIME TO CHANGE FOCUS. Market Growth Rate MARKS Lowaltogether. Leaders start making decisions (Cash Usage)based on gut instinct or pressure from —Use research to realign your business to the realitiesstakeholders. In some cases, companies of the market. Highhave kept supporting a losing product justbecause they had invested so much time CASH DOGSand money into its development. Decisions COWSbecome internally focused. BOSTON CONSULTING GROUP MATRIX Tweak Your Business Based on the Market Research
FIRST, DO A STATUS CHECK.You need to have an intimate understanding of your status in the market and the factors that impactyour success. These are just a few examples, but make it a habit to find answers to these types of questions: 1 How much market share do you have? 3 Why are your competitors beating you? 5 Why is your best offering performing so well? 2 Where do you stand: Are you No. 1 or No. 25? 4 Which companies might leapfrog you in the next year? 6 Why is your worst one performing so badly? Tweak Your Business Based on the Market Research
NEXT, STARTSEEING THE GAPS.—Are the answers to any of these questions surprising?—If you’re already on top of your position in themarket, they shouldn’t be, but not everyone isso lucky. Start looking at where the answerstook a major departure from your previous SALESassumptions. You could be losing in one marketand not even have realized why. You could alsohave an offering that’s kicking ass but not gettingenough sales support. Those departures are goingto be where you have to prioritize your next moves. INTRODUCTION GROWTH MATURITY DECLINE TIME Tweak Your Business Based on the Market Research
FINALLY, TAKE SOME ACTION —BUT THE RIGHT ACTION. —Companies that utilize market research to improve their business D don’t follow every little suggestion that could come out of analysis. C There isn’t time or budget to do that. You have to prioritize your research findings and see how changes to those areas will affect your business success. For example, if one market is doing very well because a distributor is always on time and efficient, see how you can replicate that distributor’s processes across your network. Changes in processes can improve sales without overhauling your B LEADING offering. But if it’s time to update or even eliminate an offering, make PRODUCT A a plan to actively manage that transition. Don’t stall because you want to keep waiting and seeing. PRODUCT SALES PERFORMANCETweak Your Business Based on the Market Research
RESEARCH IS JUST THEFIRST STEP.And there are many more areas of marketing that will impact how you run your business.—What’s important is that gathering information is a continuouspart of your business process. Get a glimpse at how else marketingcan help your business strategy by downloading The Message Manifesto. THE MESSAGE MANIFESTO Tweak Your Business Based on the Market Research