How Market Insights help you uncover and understand your market.
From industry benchmarks to insights into your partners’ end-users, here’s how Market Insights will help you craft and distribute highly-targeted content towards actual end-users. Spend channel marketing dollars where they count and create your scalable, predictable pipeline, increase end-user demand, and build happy partnerships. This is part 3 of our three-part series Building your Channel Intelligence program.
New to this series? Check-out part 1 Boost demand gen through campaign collaboration and part 2 How Partner Performance will help you identify strong partners.
Market Insights is the third of the three pillars of Channel Intelligence. We previously looked at how Campaign Collaboration helps you build better campaigns together with your partners, and how Partner Performance helps identify your strongest players. Now we’ll dive into finding the perfect opportunities for your business and optimizing your campaigns, by uncovering and understanding the insights your market provides.
Market Insights give you access to industry benchmarks, insights into the social networks of your partners, and insights into your end-users. Sounds pretty straightforward, but for most vendors, this kind of information has never been uncovered before. It’s the kind of information that has traditionally been siloed within the endless systems and platforms we all use; CRMs, social media platforms, and partner portals, to name a few. While this information is inherently available, being able to pull it from systems, access it via partners, and ultimately make sense of it all was an impossible task. Until now.
Compare yourself to others in your industry
You probably have a good idea of your market and industry thanks to market research. Market Insights help you to compare your channel with industry data to see your relative performance. Know where you are outperforming and where you can improve.
Partner benchmarking: Compare to complete your partner overview
We are hearing more and more about vanity metrics and how they should make way for actionable insights. And while an overview of followers might not mean that much in and of itself, Market Insights give you an overview of followers per partner and their overall market share of followers. It’s a great way to see your top-performing partners in a single overview.
What’s interesting is to see how followers are divided. We see some vendors with a pretty equal market share over their top ten partners, while others have huge discrepancies between their top three.
Comparing the market share of partner followers to their actual market share, combined with connectivity and social scores, gives the most complete partner overview you could possibly have. Top-performing partners will most likely have the highest follower market share and be the most connected. Need partners to give an extra push? Use these metrics to start the conversation. Have a specific campaign in mind? These metrics will help you decide which partners to go all-in on. Spending your channel marketing dollars where they will matter most.
Speak the same language as your end-users
Before Market Insights, how did you know about your partners’ end-users? Market research? Gut feeling? Conversations with your partners? All great ways to get to know your market, but all based on assumptions and therefore difficult to quantify. Because how do you really know who your partners’ end-users are if you don’t have direct access to them?
Get location-based insights
The Channel Intelligence platform is able to extract data from the social profiles of partners’ actual end-users. This will show you where in the world they are located, on a hyper-local level. This is great to know what language to communicate in. Say you have a campaign in mind for your Belgian customers, their native language could be French or Dutch. Knowing the specific regions and cities your end-users are located in helps you speak their language.
And it’s not just great for language. Knowing where your customers are concentrated and the density of potential end-users in that region is useful to determine when your local market is getting saturated and helps you pinpoint where to expand.
Know who you’re talking to
What level of seniority does your typical end-user have? Are we talking to directors, managers, or interns? And who are the decision-makers when it comes to purchasing your product or solution? Sales teams, marketers, business owners? It all matters when crafting your message. Because a VP of Sales will want to use your line-up to increase revenue, while a security officer will be more concerned with how you’re tackling data privacy. Market Insights helps you access all the information you need to tailor your message to your end-users, from company role to seniority level.
With Market Insights you’ll be able to assess the growth per sector as well. Want to try a new approach to campaigning, targeted towards a specific audience? See how your message is resonating with that specific audience in real-time!
Know what part of your partner network to target
If you’ve done your market research, you know all about your industry and your competitors. But outside of market share and vanity metrics extracted from your own social channels, how are you uncovering actionable insights that will help you grow your business?
Identify your niche
An important part of uncovering actionable insights is knowing the niche you operate in. For those selling highly-specialized products or services aimed at a very specific set of users, this may be obvious. But that’s not the case for most vendors.
For many, it looks something like this: You’re an IT solutions vendor selling mainly through IT-channel partners. Your projected end-users are in the field of education based in northern Europe. You’ve been continuously marketing towards this group, but lately, your leads have been down and you can’t figure out why.
The Channel Intelligence platform collects valuable information about partners and offers them as insights into the behavior of their end-users. Now imagine from these metrics another picture emerges. Turns out, there’s a new group of potential end-users who are actually based in northern Africa and work in healthcare. Now these are truly actionable insights. Because this group will require a different strategy and campaign message.
Make every Channel Marketing dollar count
In this article, we reviewed how Market Insights will help you compare industry benchmarks, give you insights into your partner network, and never-before accessed insights into your end-users. Use these insights to craft campaigns that will truly resonate with your prospects, so that you can spend your channel marketing dollars targeting wisely.
This was the final part of our three-part series discussing How to build your Channel Intelligence program.