There are over 32.5 million businesses in the United States today. If a company wants to stand out from the competition, they need to find an efficient way to connect with their audience. Account-based marketing (ABM) is a concentrated strategy that aligns sales and marketing teams to develop customized experiences for high-value accounts.
ABM allows companies to streamline the marketing process and engage qualified leads from the beginning. Time and resources aren’t wasted on targeting the wrong people. ABM is only effective, however, if a company knows who their target audience is and what they need. That’s why it’s important to combine market research and ABM.
3 Types of Market Research
Market research is the collection of data to gain a better understanding of a target audience. This information can help you improve your product offerings, provide better user experience, and develop relevant content that drives traffic and boosts ROI.
From interviews and surveys to details found on social media, market research can be conducted in numerous ways.
The three main types of market research are:
- Exploratory: gather initial information that identifies customer needs; helps to understand what is occurring and why
- Descriptive: identifies the traits of the typical user and determines the potential for a target market
- Causal: tests a theory and helps to quantify results.
However you choose to approach it, market research provides you with the details necessary to make informed business decisions.
5 Reasons Market Research is Important for ABM
The data you receive will help you build an effective strategy to guide you in delivering the right message to the right people at the right time.
Market research should precede ABM for these five reasons.
1. Identify Customers
Market research will uncover your target audience and the traits that make them unique. You’ll gain an understanding of how they prefer to receive their information.
You’ll know the best time to reach them. Most importantly, you’ll realize their pain points and align them with your solutions to ease them. This allows you to develop relevant content that will attract them to your website.
The more targeted messaging you can deliver, the more visitors and conversions you’ll receive.
With buyer insights, you can develop in-depth marketing plans. Audience behavior and trends can help guide you in promotions and upsells. Geographical information lets you know where you should be promoting your offerings.
Market research is key in getting to know your audience and building a beneficial experience for them and your business.
2. Minimize Risk
Market research assures that your business remains profitable. Not only can you target your audience. You can also remain in contact to be sure you are providing continued value to them.
Surveys provide insight into ways to improve your product.
Test groups allow you to try out new offerings before investing money and resources into a product that may not be well-received.
Not only does market research provide you with invaluable information. It helps you to develop a relationship with your customers.
When you ask for their opinion, it shows that you value them and want to meet their needs. This builds trust and customer loyalty and can generate leads and boost sales growth.
3. Create Meaningful Content
The most valuable thing you can do in marketing is to create content that resonates with your audience. Market research gives you the information you need to achieve this.
You know your users’ needs, purchase behaviors, and demographics. This information can help you develop content that meets the needs and expectations of your target audience.
Customers look to you as a resource. If you can provide them with meaningful information, they’ll be more inclined to share your information with their contacts.
This exponentially increases your audience and provides you with an even greater pool of prospects.
4. Stand Apart from the Competition
Most companies believe user experience is instrumental in sales growth. The better you know your target audience, the more you can tailor your ABM strategy to meet their needs. This can help set you apart from your competitors in various ways.
Market research can reveal a neglected target segment. Competitors’ customer reviews uncover dissatisfied users.
Companies’ marketing materials can show needs that are being overlooked. Research can expose your competition’s weaknesses.
Take advantage of these opportunities to boost your sales.
5. Outline Targeted Goals
Business goals are generally based on sales growth and customer acquisition. Market research helps you assess your current situation and determine your next steps for success.
It can tell you whether you’re reaching the right people with the right messaging. It can reveal whether you need to reconsider your offerings.
Is there still room for improvement within your current target audience, or is it time to expand your reach?
Market research is crucial in guiding your direction as you work toward ABM success.
Partner with Televerde for ABM Success
We are a global sales and marketing services company providing solutions that drive target market engagement and boost revenue. We help you build relationships with your targeted prospects, align them to personalized solutions, and yield scalable ABM success.