Improve your Business with Market Research
Market research is undertaken by many companies across all industries. It is a process of understanding and analysing your industry, your competitors and your target market. This is crucial for all companies, especially start-ups and smaller enterprises for both survival and growth.
Market research ensures you do not undertake any marketing blindly (as well as many other things). Many companies unfortunately will market without first looking into what is currently working. In order to maximise the success of a campaign and therefore grow your business, market research is essential. It should be done before any new product is launched, marketed, taken off the shelves etc. It will help you understand what is the best move going forward.
In this post, we will delve into this subject further. As a full marketing agency with an in-house bureau, we undertake market research for both our clients and ourselves on a regular basis. We see the benefits this brings our client’s first hand when they undertake a well researched marketing campaign.
Understand your Industry and Competitors
Whichever industry you operate in, it is crucial that you understand that market. Different marketing methods and tactics are more effective depending on the industry in question. Through market research, you can gain an understanding of the current state of the market. This includes its size, growth, number of competitors, products on offer etc. This will give crucial insight into the current state of the market and provide insight into the best marketing options. Utilising a less effective marketing method will only result in a less successful campaign and a smaller return on investment. Not to mention this will also waste crucial marketing budget, time and other resources.
Through undertaking research, conducting surveys, consulting demographic data etc, you can get a picture of the state of your market. This will help you understand the best way forward. When you understand what is currently working and what people are responding to and looking for, you can design your marketing to suit this. This will influence the tone, imagery and language used on your marketing materials. All will be designed to have the greatest effect while still conforming to your brand guidelines.
As the economy is always changing, it is a good idea to research on an on-going basis. This will ensure that you keep on top of any new developments, competitors entering the market, changes in trends etc. Marketing is an ever changing discipline as well. Keeping on top of new marketing methods will ensure you utilise the most effective channels moving forward.
Understand your Target Market
Understanding the industry as a whole is essential. However, understanding your target market is crucial. Through undertaking market research, you will be able to discover people’s opinions on your products, what they look for when purchasing, who they buy from currently and why etc. This will give you crucial insight into how your products/services may be received by your ideal clientele. Alternatively, it may give you ideas about ways you can change/improve what you offer to better suit your audience.
Furthermore, through undertaking surveys for example, it is possible to ascertain how individuals prefer to receive marketing. This may be through email, telephone, on social media, through the post etc. This is a crucial element of research as it will help determine the best way to structure your marketing campaigns. When you know what is working and what isn’t, you can cut out marketing methods that are not preferential. Instead you are able to focus your budget on highly receptive marketing mediums that will yield greater responses and therefore, enquiries and sales.
Increase Return on Investment
Market research is therefore essential. It does require both time and financial resources to undertake, however, the long term results are greatly increased. When you understand the industry and your prospects, less money is wasted on non-effective marketing. Return on investment is higher as you know what they like to see and how they like to see it. You can word and design your materials to stand out from your competition and display the unique benefits that your business provides.
Marketing is a long-term investment. It grows over time as you build a pipeline and become more established within your target market. Hoping to achieve massive returns from a single campaign is a fool’s dream. Marketing is a process of building relationships, and this process is easier through extensive and high quality market research. It will help you get the message and the delivery right before it goes live. This saves money in the long term while boosting sales. Although it requires an initial outlay, it lays foundations which help reduce costs and generate revenue in the future.
Summary
It is essential that you undertake market research before you do any marketing. Researching the industry and your target market will lead to higher quality marketing campaigns and a greater ROI. It will also help you stand out from your competition as you understand the do’s and don’ts of your industry.
As Impact Marketing are a full marketing agency, we regularly undertake market research for ourselves and our clients. Our in house telemarketing team can conduct surveys for your business and speak to your ideal prospects to find out what they like. Combined with our in house data, we can segment and build bespoke lists that will perform at higher rates for your marketing campaigns. Add in our marketing services, we are able to design a full campaign that will perform at a highly positive rate.
If you would like more information about our bureau and research services, get in touch today and a member of the team will be happy to advise further.