Section II. Research: Market Opportunity

“We have for the first time an economy based on a key resource [information] that is not only renewable, but self generating. Running out of it is not a problem, but drowning in it is.”

—John Naisbitt

This step in the marketing planning process is considered by most business leaders to be the most important. Why? Business decisions are often made without having enough—or the right—information, to make an intelligent assessment regarding the future direction of their business. This part of the process is critically important to your overall plan as it will help you understand the market opportunity, revenue potential, your customer’s wants and needs, and your competitive advantage. You will also learn new ways to use social media and other tools to seamlessly update your plan on an ongoing basis. After completing this section, I guarantee you will emerge with new knowledge and enlightenment about potential growth opportunities. With that bold statement, here is what we will cover in this section:

• How to drive more profitability and revenue from your customers

• The most effective way to define your ideal target market

• Why your customers buy from you

• How to develop your market and competitive intelligence

• Simple steps to build a customer relationship management program

• How to increase customer retention, customer loyalty, and customer lifetime value

• Successful tips to create a customer-focused culture

• Competitive differentiation

• New media and social networking tools to get research done fast and efficiently

• Define and scope your research plan for primary and secondary research