Just learning about your target industry is not enough. Knowing it from your view is critical.
It is vital that you understand your target industry in order to create industry-specific marketing communications that resonate well with your prospects operating in the industry. This can be done through leveraging an Industry Insight program that is specific to the industry you are targeting.
The first level of industry research is by using just a computer and an internet connection, you can conduct in-depth research into the industry you are operating in or are targeting.
The next level of industry research is understanding the industry from your point of view which firstly requires an understanding of the overall industry then segmenting the insights that are highly relevant to your marketing team.
So how do you go about understanding your target industry from your point of view?
Creating industry-specific insights for your marketing team
First you need to ensure that the Industry Insights which you collect resonate well with the challenges and strategic priorities of your target account. For example, if you are targeting accounts within the Global FMCG Industry, you need to ensure that all Industry Insights collected are relevant to the FMCG Industry as well as resonates well with the value proposition you offer as a seller to the players within the Global FMCG Industry. An example report on the global FMCG industry is available for download at the sample download center.
Next, leverage simple desk-based research utilizing various publicly available sources to form deep understanding of your target industry. You can leverage public sources such as published reports on the target industry you are targeting, look at outlook from the major players of the industry and listen to key people such as Industry Analysts and the C-suite.
Industry Insights collected can either be insight about the overall industry, trends, challenges or drivers. Finally, you can go about structuring the collected insights into a report format. We at Business Brainz recommend the following format:
- Industry Insight
- Industry Trends
- Industry Challenges & Drivers
- Case Studies relevant to your business
- Key Quotes
- Other Insight – highly relevant but only for your business or others in your industry
Once you have the report compiled, you have now created a tool which provides your team with a higher-level understanding of your target industry.
The report can be leveraged by sales and marketing teams to build deeper understanding about the industry. Marketing can leverage the report to create industry-specific content and Sales can use the report to facilitate more meaningful conversations. A win-win situation for the overall organization.
Conclusion
Industry Insight is one of the most powerful Insight tools available at your fingertips for you to generate industry-specific marketing communications. Industry research if leveraged properly can result in higher levels of engagement and personalization with your target accounts as it results in industry-specific communications that generates a higher level of account relevancy.