Dallas Internet Marketing » Market research http://dallasmarketingservices.com Fri, 18 May 2012 03:44:57 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 The Marketing Discovery Process http://dallasmarketingservices.com/the-marketing-discovery-process/ http://dallasmarketingservices.com/the-marketing-discovery-process/#comments Mon, 05 Jan 2009 15:04:27 +0000 Chad http://dallasmarketingservices.com/2009/01/the-marketing-discovery-process/ marketing-strategy-discovery-process-stacks-of-filesHere, we borrow from the legal process – attorneys generally hate it when marketers borrow from their profession (think “actionable”).  The discovery process is a time for gathering information and documents to prepare for the next phase of the process.  Discovery can be frustrating & time-consuming but, if done correctly, it is well worth the effort.

Think of the discovery process method much like a brainstorming session ~ the goal is to obtain a large amount of information & criticism is not allowed (there will be plenty of time for that in the next phases). For items that require self, and/or competitor assessment, honesty is the best policy.

So, let’s get started gathering…

Marketing

  • Create a list of previous & current marketing tactics (online & offline)
  • Gather previous market research obtained in the last 12 months
  • Compile examples of marketing collateral, presentations, etc.
  • Create a library of press releases, newsletters, etc
  • Pull together website and/or blog information & statistics for the last 12 months
  • List trade shows & industry events
  • Do you participate in any co-op, partner or affiliate marketing programs?
  • Assemble ROI information.

Products or Services

  • Outline the products/services offered in 1 page or less
  • Describe the key product benefits and competitive differentiators
  • Accumulate relevant product documentation (descriptions, feature lists, etc)
  • What are the top 5 most profitable products offered?

Sales

  • Identify lead sources and, if possible, lead generation ROI
  • Document the sales process on one page with approximate timeframes for each phase of the sale process
  • Describe pricing rationale, previous use of incentives, discounts, etc.
  • Assemble previous sales statistics for the last 2-3 years (separate new & existing customers)

Existing Customers

  • Examine your customer database – what information is being collected & is it accurate?  If available, analyze industry information by SIC or NAICs code, geography, etc.
  • Brainstorm with the sales team (if applicable) to create a profile of your current customer – who is the hunter, the buyer, the influencer?
  • What are their likes, dislikes, buyer motivations, etc.?

Competitors

  • Identify your top 3-5 competitors
  • Summarize each competitors’ strengths & weaknesses, customer base, marketing tactics, online presence, etc.
  • Create a competitor comparison grid. Across the left, list your company & the competitors identified above. Across the top, list the key elements of why prospects purchase from you – product, price, availability, customer service, etc,)
  • Assign a competency ranking of 1-10 (10 is best:think bowling, not golf) for each company & element.

And last….

What is a (reasonable) definition of marketing success?

Next -> Defining Features and Maximizing Benefits

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