Tag Archives: Surveys

How do you Research the Brutal Facts of a Business? Seven Options

Situation: A company wants to enter a new market, but does not know much about it. Jim Collins advises understanding the brutal facts of any business as an essential part of strategy. How do you research the brutal facts of a business or market?

Advice from the CEOs:

  • Determine the key players in the market, and closely observe them – their mistakes and successes. Identify and interview clients and look for gaps in products and services offered. Use this research to develop a differential advantage for your product or service.
  • Use allied resources. As an example, for a general contractor this includes real estate professionals and other allied professionals who know the marketplace and the performance and reputations of other contractors.
  • Business consulting firms conduct surveys of markets. Look for and purchase published surveys. If you participate in their surveys you can get the results at a reduced cost.
  • Trade magazines and business journals like the San Jose/Silicon Valley Business Journal publish surveys of the “Top 25” local businesses by industry. These help to assess local competition and gather information about revenues, principals, etc.
  • Leverage industry associations. Attend conventions and learn the lay of the land from the attending sales people.
  • Leverage Internet resources: Hoovers.com, Dunn & Bradstreet, HarrisInfo.com.
  • Have your best sales reps talk to customers in the new market about their needs and desires, and their current suppliers. Ask them to gather information and present to marketing and sales competitive reviews of the market based on what they learn.

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How Do You Expand Your Market? Five Suggestions

Situation: A CEO’s company has historically been organized around a single company’s products and technologies, though their customer base uses multiple platforms. The company wants to expand from a single-technology emphasis to a broader technology base which will more accurately reflect its customer base. What can assist the company in building both its technology and customer base? How do you expand your market?
Advice from the CEOs:
• Conduct surveys among users and employees of the existing customer base. Use what is learned to design new approaches to expand both the company’s technology base and customer base.
• Expand into additional industries, products, and a more diverse company customer base.
• Determine to there is a genuine need for the company’s technology and services. If not, adjust both the technology and offering to better meet customer needs.
• Build a marketing campaign around differentiating factors that others do not provide. For example, in the cooperative banking industry market accounts that allow no-fee ATM access through other coop networks’ and banks’ ATM machines to expand customer convenience and appeal.
• Target niches. For example, small businesses or home businesses where the company’s lower fees make a difference and personal service is appreciated by the owner or someone who works closely with the owner.

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