We leverage Market Intelligence to do 4 things that when applied to business growth efforts reveals a clearly defined focus that needs less spend, less muscle and yields a higher quality result.
We begin all business growth conversations with desired annual revenue targets to give us clarity on the size and scope of a Go To Market plan. For example, if we want 500,000 in new business over the next 12 months, we would take out paper and pen and sketch out a few details:
The desired average transactional value for each ideal client - Eg 50k
How many sales from that ideal client profile is needed to reach the revenue target? 10 clients @ 50k = 500k in new revenue
Do you feel good about investing 5 to 10% of that total revenue target as your annual investment to produce the revenue target?
Bring a focus to the best possible 200 prospects to pursue that would have the highest probability of converting 10 into clients at 50k each
A Working Example:
You want 500k in new revenue and the desired average annual transactional value for each ideal client is 50k. Simple maths tells us that we need 10 clients who each invest 50k with your solution to solve their problem. Using a ratio of 1 in 20 (1:20) - which spelled out suggests that for every 20 perfect-for-you-clients you get in front of, 1 will buy you - we can say that to secure 10 new ideal clients @ 5k each, you would want to be inside a meaningful engagement with a total of 100 ideal prospects to secure 10 new clients at 50k to produce the 500k in new revenue.
Applying the maths to inform a clear Business Growth Plan
Birds of a feather flock together! The Ideal Client Profile for the 50k solution has a unique set of traits and characteristics, that would be common to the entire universe of 100 ideal prospects we now want to pursue. That is a very good thing.
We would require one set of business growth activities: communication, key messaging, packaging, positioning, promotion and places to show up to be seen in meaningful ways by this specific group of 100x ideal prospects.
We might suggest that this particular Revenue target would be most easily achieved by matching our solution with the problems facing CIOs of Retail Banks valued at 10billion in assets, with 200 high street branches based in the US market.
We may need to do some work to qualify the probability of conversion from an alternative target market - for example, Community Banks and Credit Unions with a valuation of 5billion in assets and 75 branches on average. They may spend 50k a year - but have a marked increase in the probability of converting into ideal clients. A simple maths adjustment tells us that we are now looking for 15 clients from. this market to give us our 500k in new revenue. Thus we would be targeting a meaningful engagement with 200 ideal prospects to get 10 to invest 50k annually with us.
The not so secret, secret sauce is simply this - we want to proactively pursue a clearly defined target market with a bespoke plan that is hand pressed with Market Intelligence from the very target market you want to serve.
I almost want to type that last paragraph out again! That last paragraph is what this article is all about!
Qual + Quant Market Intelligence for optimum growth!
We take the clearly defined target market that has the highest probability of conversion, and through our international ecosystem, media partners, journalists and communities, we find and invite 5 of your ideal prospects to participate in a 30-minute interview to ensure we clearly understand how they view the situation, the landscape, the problem they are trying to solve, how they have already tried to solve it, what obstacles are in their way and the exact way they would like to discover a solution, qualify a solution as well as where they go for intel.
We have infinite ways to secure that interview inside fair exchange by leveraging our ecosystem to provide them with something of value in exchange for their insights.
Quantitative Super Boost:
We engage a team of experts, advisors and partners in the Financial Services space that we can access for information on specific areas. We also conduct our own research to inform white papers, educational materials and articles on a number of media platforms to leverage that intel into influence through critical thought leadership inside a media production leveraging media platforms.
The outcome of that combined Market Intelligence gives us 4 clear outputs to inform our Go To Market Strategy:
Personality - a clear, hand pressed insight into the personality of your Ideal Prospect - this tells us exactly WHAT to put into your business growth efforts.
Places - a clear picture on where your ideal prospect goes for information, problem solving and advice - this tells us exactly WHERE to put your business growth efforts
Promotion - a crystal clear way to design a business growth campaign that has your ideal prospects as the star of the show.
Pointers - a clear view on where in your pre-sales, point of sale, and post-sales efforts, we want to apply business effectiveness efforts to ensure your sales cycle more accurately reflects your prospects expectations.
That level of clarity on your ideal target market means we can design a business growth initiative that targets 200 Credit Unions at 50k annual transactional value) of your ideal prospects inside one business growth initiative. This means your marketing efforts for this Revenue target are: deliberate, informed, and focussed on that specific number of prospects.
A simple illustration of how your business wants to interact (we call it brand networking) with these 100 prospects for optimum business growth is here:
The quality of your Market Intelligence sets the quality of your brand networking efforts - and those two things support the highest probability of you achieving your revenue targets.