Are you tasked with determining your total addressable market? Maybe your boss wants to know how much ad spend your competitors are racking up or the number of executives who fit your Ideal Customer Profile. If you’re trying to get a better sense of your market— what’s out there and how they behave in purchasing —it can be hard to know where to start, too. Below, we’ve put together six simple ways our customers use Winmo to complete more accurate and effective market research.
Many companies use market research to test out new products or learn what kinds of services consumers need, but don’t have. Essentially, companies collect information on which service or industry to disrupt next. For example, a startup might conduct market research to test the viability of its offerings. If the research confirms an interest, the founders can confidently move forward with their business plan. If not, they should make adjustments based on feedback.
Beyond helping launch a new company, product, or service, market research also: Boosts the overall success of marketing, advertising, and promotional campaigns. Assesses current market trends, so companies can strategize how to adapt (so, every brand on TikTok…). Helps companies determine optimal product placement.
Here are six steps to kick off the magical journey of market research in Winmo:
1) Determine your total addressable market (TAM)
Also commonly called the total available market, your TAM is the overall revenue opportunity available to a product or service if 100% market share was achieved. This number helps determine the level of effort and funding for a new business line.
2) Find all companies spending above a certain threshold in a given advertising channel
Winmo’s Advanced Search Filter allows users to drill down how much money brands are spending on channels such as social and media, as well as revenue and fiscal close. Even access a complete list of advertising agency partnerships in a specific discipline.
3) Determine your ideal customer profile (ICP)
An ICP defines the perfect customer for what your organization solves. This is a fictitious company that has all of the qualities that would make them the best fit for the solutions you provide. If done correctly, an ICP can help define the problems you solve, align your product/service capabilities with customers’ needs, and assist in laying out your future road map for product/service updates and changes.
4) Decide how many companies match those ICP parameters
You can further your market research by including personnel features and functionalities. Key Winmo filters to include are:
- Company revenue
- Employee count
- Industry or vertical
- Media spend area
- Social spend or OTT
- Agencies handling accounts in specific verticals (i.e. If you’re an agency specializing in auto, size up your competition).
5) Read trade journals or, in this case, WinmoEdge
6) Contact us
Still have a specific question about an industry or agency vertical? Reach out to your Winmo account manager for guidance and assistance. Don’t have Winmo yet? Click below.