What is MRO you ask? Is it a new digital marketing trend? What is it about? Well… at the risk of bursting your bubble…
MRO is just an abbreviation that I coined for the purpose of this article. It stands for Market Research Optimisation. What I mean by MRO is simply maximising your market research capabilities, processes and management. OK, so what is market research?
I like the definition given by www.entrepreneur.com, which states that market research is:
“The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face.”
One of the biggest mistakes organisations make with their marketing is focusing too much on fads and ‘the latest trends’ (which don’t always apply to their business or customers). They end up forgetting all about the reason they got into business in the first place and the reason why they are still in business.
Products and services exist to meet people/organisation’s needs or desires. The very essence of marketing revolves around ‘offering products or services that add value to customers’. How do you add value to customers? Well to answer this question you need to first understand the customers! That’s where market research comes in.
If you have read any of my previous posts you will know that I am a big advocate of market research. That is because marketing your products or services without market research and a plan informed by insights is dangerous! It is the best way to fail and lose money.
The best thing you can do for yourself and your business is to stop focusing on the wrong things! Your main focus should be your customers. Your world should revolve around understanding them: Everything from their needs, challenges, personalities, traits, behavior, likes, dislikes and how your product or service can satisfy their needs. This is where innovation comes from – understanding your customers!
MRO and the market-based view to competitive advantage
I subscribe to the market based view (also known as the outside-in approach) to achieving a competitive advantage. An excellent understanding of the market, industry and all the other related factors should guide you about the resources and capabilities that you need internally in order to create and sustain a competitive advantage.