If you are looking to grow your business, where do you start? Many start by trying to sell more, meaning more sales effort or more marketing reach. How many start by researching their best opportunity and planning how to leverage it? Unfortunately, we tend to rush into ‘doing stuff’ and incentivising sales. This can work in some scenarios but in others it is a costly mistake to learn from. For established businesses, they tend to shrewdly identify opportunities then arrange themselves to capitalise on them. So, today we talk about market profiling and how to scope your biggest opportunities for growth.
What is market profiling?
Market profiling is the process of identifying, measuring and segmenting your target market. It helps you to build a picture of what markets you can enter, how big each one is and which parts you can target. For those in the business-to-business arena, this is also a crucial tool to identify the accounts to target with lead generation activity.
How to scope your biggest opportunities
The value in data is with the insight that you obtain from it. Sometimes you can obtain data on businesses in a geographic region. Sometimes you can obtain data on businesses in a sector. Usually, it is a little harder to scope which of those accounts yields the biggest opportunities. Here lies the value of industry research. Once you know the market into which you wish to move, grow or validate, our researchers set to work with analysis.
Growth factor framework
When we profile a market, we apply firmographic and financial data to the businesses within it so that you get a thorough understanding of the market. Armed with firmographic and financial data, it enables you to understand the types of business and fit with your value proposition(s). Furthermore, it allows you to prioritise the businesses that you want to target and work with. For example, you may decide that you want to work with growing businesses with >250 FTE and a strong balance sheet.
Market profiling for growth
Once you have an idea of your market and where the priorities may be, you can make some decisions. If you are considering entering a new market or launching a new product or a combination of the two, you are better prepared for either. If the new market is outside of your domestic territory, there are further considerations. Also, if the market into which you are entering is filled with small, family-owned businesses, it may change your marketing strategy. Here at Think Beyond, we can support you from market profiling to prioritisation and the strategic planning to support success.
Profiling a market abroad
Yes, one of the more daunting strategies for any business is how to plan to operate abroad. Even for digital businesses, this means marketing to and communicating with another culture and an alien marketplace. We find that businesses looking to expand abroad face the most difficult task and the highest risk in entering new markets and launching new products and/or services. In these cases, we supplement the insights we provide with expertise in international business.
Furthermore, there is help when it comes to identifying who wants to buy your products or services abroad. Not only does market profiling and our growth factor framework allow you to identify and prioritise target accounts (we call this Phase Zero ABM), we can see who is in-market to buy.
Call now to discuss how Artificial Intelligence (AI) supports predictive marketing (also known as intent-based marketing) on 01565 632206.
Growth through data and insights
In the words of the late Theodore Levitt, “In truth, there is no such thing as a growth industry, I believe. There are only companies organised and operated to create and capitalise on growth opportunities.” Therefore, it makes sense that those companies with stagnant growth or decline were myopic in their outlook. Using accurate data to form high-quality industry research with contextualised insights is key to growth.
Most company boards of directors regularly seek insights to support strategic choices. Some of those insights are just data and information. Others provide insights and professional recommendations and help you to prioritise where you invest your time and money.
Research, surveys and market profiling
Here at Think Beyond, we offer a range of research services from surveys to market research, analysis and profiling. We help businesses to find new growth opportunities and also to accelerate business performance. As experts in business and marketing, we support customers on their growth journey to achieve better business outcomes. Using our PSR approach, we have:
- a philosophy to help businesses to think differently and identify new opportunities;
- specialist frameworks and value-add solutions;
- results focused on business outcomes and accelerating business performance.
If you would like to speak to one of our team, please book your initial consultation by calling 01565 632206.
Alternatively, simply email sales@think-beyond.co.uk or add a few details online so that we can call you back.
Finally, why not read some other articles on research and market profiling.