Knowledge is Power!
Developing a detailed understanding of your competitive market is table stakes for the survival and growth of any corporate business.
High-ticket B2B typically involves long sales cycles, significant risk, and multiple decision-makers. You're not just selling a product; you're promising a substantial return in exchange for a significant investment.
Knowing and documenting your market landscape is a competitive advantage, so don't skip it!1 Many companies jump straight to tactics thinking it’s a waste of time, which is exactly why investing the effort gives you the upper hand.
So why is a strategic, informed approach is paramount to success? Market research helps you reduce risk associated with market shifts and understand:
- Industry Trends: What's driving the industry? What challenges are businesses facing? What opportunities are emerging? This informs your messaging and demonstrates that you understand your prospect’s world.
- Market Size: Is the market large enough to support your sales goals? Are there enough potential customers to make your efforts worthwhile?
- Growth Potential: Is the market growing, stagnant, or declining? This helps you assess the long-term viability of your offering and identify future opportunities.
This section outlines how to develop a comprehensive snapshot of your competitive market, covering best practice for conducting market research, the practicalities of competitive analysis and how to undertake customer segmentation.
"Buyer intelligence provides data on why a customer buys, how they make purchasing decisions, and what marketing and product messages are likely to hit home (or not). It’s knowing exactly what your ideal client’s challenges and priorities are right now."
