Mark Yeager - July 7, 2009

At Yeager North, we use the term “market diligence” to describe an activity that we consider vital to creating successful marketing campaigns. Simply put, market diligence is the process of verifying your marketing message with potential buyers before you create your campaigns to make sure it resonates and is meaningful to your audience. This activity is more critical now than ever before, because what you have traditionally known about the people that buy your products/services has more than likely changed. Although they may have the same needs that they had a year ago, the economic climate has altered the priority or the severity of those needs for the majority of companies—creating a new reality for your buyers that your entire organization needs to be aligned with. In fact, yesterday Gartner adjusted its 2009 IT spend forecast downward to a decline of 6%  from the previously forecasted 3.8% as the recession continues to force companies to carefully evaluate all planned projects—2009 IT Spend Forecast.  As your buyers’ priorities change, it is essential that you adjust your marketing messages accordingly.
 
So why doesn’t everyone do this? Well, in all honesty, it can be uncomfortable. Very few people enjoy contacting people they don’t know to test their message and offer. Many marketers also think that they are smart enough to figure out what their buyers really need to hear, or they feel it is their job to already know. 

Sorry technology marketers, but market diligence should be part of every campaign you develop. And if it’s not, you’re at risk of not only getting diminishing returns on your campaigns, but of also losing share to your competitors. Validating your message in advance of your campaign also helps marketing demonstrate more value and credibility – specifically in that there is data to support whether or not your marketing investment is going to pay off.  Imagine how much easier your next marketing budget conversation will be with the CEO or CFO who is looking to cut wherever possible.

In coming weeks, this blog will talk about good examples of companies that have created great campaigns by understanding the messages that strike a cord with buyers.  It will also share tips and tricks of how to develop messaging that cuts through the noise in your target market.  Please feel free to join the conversation by commenting on our blog.