The 20 point market research checklist we used to provide $76k in additional revenue to a client in two weeks.
So I’m going to tell you a little story about a client of ours who owns an accounting firm. She came to us quite frustrated with her lack of growth over the past year, and disappointed that her company had plateaued. She knew that she needed to do something differntly, but wasn’t really sure what. Most of her marketing efforts were scattered and unfocused. While they were trying their best to gain ground through internet marketing, it really wasn’t helping them helping them.
Their client base was primarily made up of Calgary companies and individuals, with a split between corporate and personal tax clients. What we found – $76K in revenue – was pretty awesome, and a complete game changer for her business.
So, we started where we always start…market research. We have a 20 Point Market Research Checklist that we use for every client who works with us…and that’s right, I’m sharing with you how we get our results, and what we found for this company.
Our market research checklist consists of these 20 points:
- Client Business Analysis
- Pricing Strategy Review
- Target Market Analysis
- The Demographics
- The Psychographics
- In-Depth Avatar Creation
- Digital Marketing Report
- Competitor Analysis
- Digital Marketing Report
- Conversion Rate Review
- Online Analytics Review
- Campaign Strategy
- The Challenge
- The Big Idea
- Message Strategy
- Media Selection
- Audience Recommendations
- Measure of Success and Benchmarks
- Complete Overview
What’s unique about this market research checklist though, is that we aren’t just looking at one facet of the business. At BottomLine, we believe that your marketing goals should align with your business goals. We also take into account the 4 P’s of marketing – Product, Pricing, Placement, and Promotion. Many marketing companies just look at promotion, but that only gets you so far.
So now let’s get into the good stuff!
The main goal of the company was to increase their revenue by $150 000 in 12 months. After doing the client analysis, as well as their competitor analysis, we found some pretty interesting data. Their audience was primarily male business owners aged 30-59, who valued money, time, family, relationships and personal development. This is important because it narrows in on the target audience, and allows us to pinpoint how, where, and when we should market.
Now here’s where the research got really interesting. When we surveyed their competitors, our client was charging at least 10% less for a much superior service. All they had to do was match their competitors’ pricing and they would bring in $76 000, with their current data base. No marketing required!
And that my friends, is how we found $76K for them in two weeks!
The other extremely important thing that we found from that competitor analysis was that there were a good portion of searches for keywords related to their business that weren’t being utilized. And NONE of their competitors were doing digital marketing…I mean, none! Some didn’t even have a website….so you can bet what one of our recommendations was. 😉
After we went through this market research exercise, we also built recommendations around how they could easily achieve the rest of the $150 000 increase they were hoping to see. These recommendations included an internal culture assessment, some training (as there were large inefficiencies we found within their corporate culture, processes, and system, which would again save them money), and an internet marketing campaign that focused specifically on the corporate clients they were targeting.
So folks, it can really be that easy! Sometimes looking at what your competition is doing, can give you the answer to a question that was right under your nose, but you were too close to see it.
Curious to learn more? I’m always open to having conversations with companies who are growth focused and motivated! Drop me a line….firstname.lastname@example.org