When companies aspire to be the market leader in their sector, they’re usually thinking of things like growing sales, improving service, and innovation. Paid market research, however, paints a picture that’s a lot more profound than the simple nuts and bolts of selling more.
Understandably company owners work towards increasing their market share to the point that they’re selling more products or services than any of their competitors. The number of sales places them in a dominant position and helps ensure the long term survival of their company. And yes, sales are of course important, but paid market research tells us market leadership isn’t necessarily just about who can sell the most or make the most money. In fact, leadership is increasingly less about sales and more about influence, something that’s changing the way businesses relate to other companies in their industry.
Traditionally, the market leader has been the company that sells the most, makes the most money and adopts new technologies and techniques ahead of their competitors.
However, this is no longer necessarily true. Small start-ups and family-run enterprises can now have an impact on their industries without big marketing budgets, creating a name for themselves purely through the use of clever marketing techniques, excellent communication, and innovative strategies.
Why pay for market research
Market research that’s done inhouse, picking up the phone, and speaking with customers and prospects will always be absolutely vital to success. This is not really market research, it is sales. Paid market research offers something entirely different. It’s unbiased, easier for customers to say what they think without offending, or jeopardising relationships, and paid market research will put an emphasis on what others in the market are doing. These comparisons are mission critical for identifying whether a market leader leads on price, product quality, service delivery, or something else.
Authority and influence
Rather than focusing on the bottom line, when talking about market leadership, professional market research companies like Blue Donkey provide paid market research that examines important aspects of a business such as its influence on their industry. Small or niche B2B companies that take the time to build strong relationships with their customers often have more influence than much larger companies.
Robust questionnaires will deep dive the answers offered by respondents, to understand and report on features that make a company’s resonance in its market more meaningful. These ‘thought leaders’ can influence everything from the accessibility of their industry to the demographic they appeal to. By promoting best practice and being actively involved in developing their sector, they can earn the respect of both customers and competitors, something that will help to boost brand awareness and market share.
Becoming thought leaders
Experts at Grow Your Influence tell us that “The success of your business can be directly attributed to the people who work there. Your senior leadership team, technical experts, and heads of operations are real world influencers – their work actually shapes the future of your business and the customers who use your products and services. Leverage the impact of superstars on your team by sharing their knowledge, experience, and expertise with a global community of professionals on social media”.
To find out more about paid market research, becoming a market leader, or to find out how we can help you to improve your customer service, contact a member of our team today.