Market research is the simplest way for a business to keep up with market trends. Moreover, it can help you maintain a competitive edge by exploring its business opportunities. Namely, many companies understand that to have a greater understanding of their marketplace from the very start, will allow them to create an efficient 3 key business aspects that will excel in your SaaS strategy. Furthermore, it will help them establish a better brand than their competition.
It is very easy to neglect the importance of marketing research. After all, when you first think of a business idea, to spend hours on market research is the last thing that comes to your mind. Most companies start producing and selling products or services right away then think about the value of market research. However, for any type of business, especially new ones, the need for this kind of research is real. New businesses need sales and customers as soon as possible. That is why market research is here to ensure that those sales and customers start coming.
The benefits that market research provides
Market research provides many benefits. First, it takes the guesswork out of marketing and besides, it gives you the right data to drive your marketing strategy and accomplish your business goals. Second, your market research can help ensure that you’re reaching your intended audience through the channels that are most convenient to them and where they will see your message. Third, it is the best systematic approach to make your marketing more effective and efficient.
We understand that just considering the need to conduct research for your business can sometimes feel overwhelming. One of the challenges can be a limited budget too. However, you need to jump in because market research is the key to the success of your business. While you probably can’t afford a separate marketing research department to gather and monitor all the information that could possibly help you, you can consider our help.
Consequently. let’s take a look at how we implement marketing research methodology covering 3 key business aspects: industry, market, and competition:
But before, check out our FREE e-book where we talk about Market Research in depth.
1) Industry overview
If you are wondering where your business is heading in the long run, this is the right analysis for you. In fact, expanding your industry knowledge and being up-to-date with what happens in your industry will provide you with many competitive advantages.
Hence, this overview can show you:
- How big your SaaS segment is, plus is it growing or shrinking?
- Key projections regarding the SaaS segment you operate in.
- Latest trends in your SaaS segment.
- Discover relevant associations, groups, webinars, fairs, summits, tradeshows and events for your company.
2) Target market or Ideal Client Profile (ICP)
If you are a company that is reaching prospects on a daily basis, but you are not sure if you are currently targeting the right type of companies, this overview can be helpful too.
As a result, you will:
- Receive a map of all potential clients that can help you identify which industries will benefit the most from your SaaS, where the potential clients come from the most and an estimation of how big your overall potential market is.
- Develop a strong understanding of your top 3 ideal clients and familiarize yourself with their industry, discover their short and long term pain points and business objectives. Furthermore, you will become familiar with whether your product/service addresses or solves any of those obstacles and what kind of practices they have in your segment.
- Targeting your top 3 ideal clients has never been easier. We do this by identifying your ICP’s decision-makers, defining the best approach to them by using any available case studies.
3) Competition analysis
If you want a long-lasting business, this is the most important analysis that you should do. Discovering your competitions’ weaknesses will not only improve the overall performance of your business as well.
Therefore, with this research you will get complete the following information about your top 10 competitors:
- General information: (founding dates of the competitors’ companies, their investors, mergers, and acquisitions, size, number of employees, URL, etc.)
- Technical information: (features, information about previous and/or upcoming updates to the competitor’s SaaS as well as mobile app.)
- Financial information: (pricing model and tiers, revenues or annual reports.)
- Market information: (market share, industries and countries operating in.)
- Marketing information: (marketing activities like social media activity and posting frequency, what their top paid and organic search terms driving their conversions are, website ranking & traffic, online communities where your competition is popular and what the competitors’ clientele says about them and their product(s).
Correspondingly, you can use the analysis above to revise your position in the market by comparing your company with your competitors. Moreover, it will help you discover if any competitors’ solution shares the same features, practices as yours and what makes you different from them.
In short. having this report you are on the right track to uncovering available alternatives to your SaaS on the market. Likewise, all the findings will be presented to you in a final report.
To summarize, no matter what method you use, the objective of market research is to become better informed about your customers, your market and competitors. In fact, the rule here is that the better information you have, the better business decisions you will make.
Despite the differences that are unique for every business, one thing remains important. That is the fact that those who know their market, tend to win more. Without a doubt, if you can beat your competitors at finding out your customers’ needs and you fulfill those needs, you will definitely stand out from the competition. With the era of monopolies gone, market research is essential for every business. As a result, many companies depend on market research services. Let us help you.
Dancho is a serial entrepreneur, founder & CEO of BizzBee Solutions, proud father of two boys, and a ‘kafana’ enthusiast. He’s also the author of Amazon’s bestseller, ‘Sweet Leads.’ Dancho believes in building relationships with people and is inspired by growth. His ‘ZZ framework’ and formula for growth have brought 500+ clients the results they sought.
Eager to learn more? Follow Dancho on LinkedIn and Facebook.