How to Perform a Market Analysis
Now that you’ve conducted your initial buyer persona research, you can start identifying the needs of your customers and how your solution helps meet those needs.
In order to market to prospective B2B buyers, you need to know the organizational goals they’re trying to accomplish and what’s stopping them from reaching those goals. Start with a list of pain points based on the common challenges of your persona’s industries and job functions, and then figure out how your solution helps solve those pain points.
A Step-by-Step Guide
Let’s dive into this concept with a pretty simplified example. Pretend you’re launching a new customer relationship management (CRM) platform meant for small and medium businesses. Without your solution, what are some of the common pains that your ideal buyers experience?
“I waste too much time on manual data entry.”
“We don’t have the money to invest in a CRM.”
“Nobody on my team knows how to use CRM software.”
“I don’t have time to transfer my existing data to a new CRM.”
Pain points sum up the organizational challenges and day-to-day responsibilities of your persona’s roles, as they relate to your solution. These statements condense the customer research you completed in step #1 and turn the data into actual problems we can solve.
Once you have your list of common challenges, it’s time to outline exactly how your solution can help buyers overcome those challenges and reach their goals.
So, how does your hypothetical CRM solution solve each pain point?
This target market analysis is step #2 of laying the foundation for your overall marketing strategy. We advise starting with the most common high-level pain points that differentiate you from competitors, then explore more specific feature-focused challenges as your strategy develops and you learn more about your buyers.