B2B International
B2B International

August 30, 2007

The following is taken from an article by Iain Stevens (Chairman of BHBIA) – it is quite a few months old now, but it is still very relevant:

Increase market knowledge

– Measure market size and share
– Discover gaps in the market
– Segment customers in ‘types’

Understand your customers

– Define behaviours and attitudes
– Understand and influence needs
– Gauge the price sensitivity of target customers

Forecast and model future performance

– Assess whether initiatives generate ROI
– Measure the impact of a line extension on market share
– Appreciate the benefit of a price change

Test and generate ideas

– Evaluate product/advertising concepts
– Assess optimal brand attributes
– Understand ’emotional’ influences on prescribing

Assess sales performance

– Assess the success with which representatives deliver messages
– Evaluate the impact of the recent PR/ad campaigns
– Measure and monitor brand ‘share of voice’

Respond to market activity

– Track key performance indicators
– Monitor the impact of external factors (eg, parallel trade, NHS etc)
– Keep tabs on competitor initiatives