One critical component of your logistics company’s business strategy should be market research. What are your larger markets and who are the customers you should be pursuing? How does your competition look? Is your target audience the most profitable one for your business?
Market research is simply an organized approach to gathering information on your target audience. It can also provide valuable insight to help your company reduce business risks, identify current and upcoming challenges in your industry and spot sales opportunities.
LMS can provide insider information about market trends and industry-specific issues. One way we do this is by conducting targeted research and focus groups on timely topics to answer important questions of concern to your company and industry. Findings are delivered in a timely manner and can easily be incorporated into your company’s overall business strategy, and, in turn, can boost the bottom line.
Market research is the foundation of your business. Before you tap into a new market it is crucial to learn about it and test it. Finding out what is the best persona for your business enables us to create highly effective marketing messages about your products or services.
We start by analyzing your industry and competition and understanding the core value of your product that makes it irreplaceable. We then go on to persona development. We define a buyer persona as a fictional, ideal customer based on market research and your real customers. Personas help identify where your best customers spend time on the Internet and where they look for solutions that your business provides. Here’s what we determine about your buyer personas:
- Social end economic demographic
- Lifestyle
- Common behavior patterns
- Challenges (that can be addressed by your product or service)
- Shared pain points (professional and personal)
- Universal goals, wishes, and dreams
- Marketing pitch that addresses their pain points
We use these findings as a basis for our content marketing. It lets us know what appeals to your ideal buyer and how to tailor relevant marketing messages for them.
So, how do we gather all this information? We interview and survey 3 different segments: current customers, customers that have expressed interest in your product but have not make a purchase yet, and people or companies who have not consider your product yet (usually contacts from networking events or the general public on social media that falls into your target audience). This allows us to take a broad, unbiased look at the market and study those segments that bring you the most profit. Other sources we use are your co-workers (those who are in contact with customers and understand their needs), as well as lead intelligence software.
We then study trends and similarities to define the most prominent segments and develop a marketing message for each segment. Here’s the catch though – we do not base our message on features of your product or service. We are strong believers that consumers respond better to benefits, the “what’s in it for me.” We use their challenges, frustrations, as well as goals and values to determine the motives behind their behaviors. We find out what drives their decisions and we address those points in our marketing campaigns. Our market research and persona development allows us to speak your ideal customer’s language, tell their story, and address their needs.
For more information on how your unique team of experts at Logistics Marketing Solutions can assist you with market research and persona development, give us a call today. We would love to learn more about your company, see where you stand, and provide you with tailored solutions to increase revenue by creating more business value for your target audience. It’s simple – we provide solutions that drive revenue. Are you ready?