The Key To A Successful Marketing Strategy
Marketing Research is one of the most impactful initiatives for your business - it truly has the ability to transform and evolve your organization. How, you ask?
Marketing, in its essence, is just saying the right things to the right people. It’s that simple. Where brands often miss the mark is when they assume their audience and their wants, needs, and desires. Too many businesses today design new products or services based on speculation. It's throwing darts at a dartboard, and what’s worse, it wastes your time and money.
Want to know how the best brands create stellar marketing strategies? They listen.
Marketing research is a powerful tool that can help you make better decisions about your products, services, and campaigns. However, there are so many false narratives around it that can prevent businesses from taking advantage of its benefits. Let’s talk about it. Maybe I can change your mind.
❌ Marketing Research is too expensive
One of the most common myths is that marketing research is too expensive. It can be, but it doesn’t have to be. There are a variety of ways to conduct marketing research, and the cost will vary depending on the methods used. For example, online surveys using SurveyMonkey or Google Forms are a super cost-effective way to collect data from many people without a large budget. Doing 1:1 open-ended interviews with customers is another option. Ask them their thoughts about why they chose you, what needs they have that are not currently being met, and what they think about your ideas for new products or services you might offer. And in return, reward them for their time with a gift or incentive from your brand. It’s a win-win for you as a business owner. Plus, you get amazing insights without breaking the bank.
❌ Marketing Research is really complicated
Another common myth is that marketing research is too complicated. False. In essence, we are just asking the right questions to provide us with the fuel we need to make impactful decisions for our brand. This isn’t rocket science; it’s human insight. Ask yourself what information you need to understand, and back build your research plan from there. While I do recommend engaging the help of someone with an MR background to help you design and launch research initiatives to avoid some of the more common data pitfalls (most notably bias), this doesn’t have to be a significant expense, especially when you weigh the cost against the value of the data you will receive. Many businesses also choose to work with an SEO company to gather additional insights about online search trends and audience behavior, which can complement your traditional marketing research.
❌ Marketing Research takes too long
Finally, some people believe that marketing research takes too long. The time it takes to conduct market research will vary depending on the methods used and the scope of the research. A 25-question survey, for example, can take less than a week to create and deploy. We’re not always talking about month-long road shows or focus groups. It can be as quick and easy as you let it (and as the data we seek allows). Even a tiny amount of market research can provide valuable insights that can help you make better decisions more quickly. So if it's a question around how much this will slow you down, start small and work up to more significant initiatives.
6 Steps to Powerful Market Research
Define your research goals. What do you hope to achieve with your research?
Identify your target market. Who are you trying to reach with your research?
Develop a research plan. This will help you determine the methods you will use to collect data and the resources you will need.
Collect data. There are a variety of ways to collect data, including surveys, interviews, focus groups, and observation.
Analyze data. This will help you identify trends and patterns in your data.
Draw conclusions. This is where you will interpret your findings and make recommendations based on your research.
Investing In Branded Marketing Products
Marketing isn’t just about social media followers and how much engagement you get on your website, it’s about exposing as many new and relevant customers to your brand as possible. One potential way to do this is by investing in branded marketing products which can be used as part of giveaways or alongside in person events. For example, you may want to look into mobile phone accessories wholesale so that you can spread the word of your business to people who may be interested in what you have to offer. Using marketing methods such as this can be a subtle and authentic way to get people talking about your business. Representing your brand in a positive way using branded marketing products and merchandise will ultimately lead to more sales, heightened exposure and better brand awareness. Think about the products that may be the most relevant and useful to your target audience and maximize on these as much as possible as part of your marketing campaigns.