How Research Can Triple Response and Double Sales
It is fascinating to study what makes the difference between a person who owns a corner store that stays a corner store or a person who owns a corner store that becomes Wal-Mart.
It's the research.
Sam Walton researched his market, his competitors, and discover that Smalltown, USA was being overlooked.
Whether you are building your sales presentation or simply looking to put together your collateral material, everything is more powerful with research.
The more knowledgeable you are about your industry and the trends going on in it, the more strategic you can be in taking market share.
Research, carefully orchestrated, can be the difference between a company that thrives and dominates their industry and one that fails.
Research on your industry can dramatically improve everything, from your marketing approach to your sales paradigm to your tactical executions.
Wouldn't it be great to have an ad that says: "The five things you better know before you buy XYZ."
This ad focuses on the buyer and offers them information that can help them choose more successfully. Instead, most companies usually focus on themselves. Wouldn't it be great if this information was supportive of your critical need to buy from your company over everyone else's?
Here's a simple way to gather research.
How many buyers are there for your particular product?
How many were there 20 years ago, versus ten years ago versus today?
What are THEIR biggest challenges?
How much money do they earn on average?
How has it changed over the years?
Are their market trends that make you more important?
Do you have reliable and quotable sources that say so?
One company used research to determine their best customer. They let everyone else fight to get the large chain retail business while they concentrated on the small gift shop market.
We did a research project for them and discovered that in the last 15 years the number of gift shops had fallen from 90,000 to only 25,000. What was happening to them?
They were being put out of business by the large retailers of the world. The client quickly switched their strategy and thank God, it helped them dramatically increase sales in a single year.
Here's the typical approach and then we'll go to the approach you COULD use if you had compelling data.
Typical approach: "Our widgets work better, faster and more efficiently than anyone else's widgets."
It would be nice if you could say that about your products or services, but you can't always be the best.
It's great when you can, but even then, research can dramatically strengthen your marketing ability.
Here's the same company with a much more compelling offer: "We'll teach you the five most dangerous trends happening in auto manufacturing (for example) and the three things you need to know to avoid them. Call for a free briefing."
Chet Holmes invented the concept of the "core story." Essentially, you make the decision to become the one that helps your market succeed.
You will offer free outstanding information to any buyer and in the process, if you expertly orchestrate the data, you show why YOU are the ONLY logical choice for all their needs.
Instead of pitching prospects on the value of using you or buying your product or service, educate them about the trends that make you more important.
Nobody wants to be sold anything. Everyone wants to learn more about their business, their industry and what they can do, to offset the competition.
Great research positions you as an expert in the eyes of your client, improves market influence, and builds a sense of urgency with prospects. This is the value of research.
Chet Holmes is President of Jordan Productions, an international multimedia firm that helps companies accelerate growth. He has conducted training for more than 50 of the largest companies in the world as well as smaller fast rising businesses. He's author and creator of The Mega Marketing and Sales Program and Guerrilla Marketing Meets Karate Master.