Businesses often blame the marketing strategy, but the real reason their company is not attracting their target audience is the market research they did before writing that plan.
Per Entrepreneur, too many companies start marketing and advertising without getting to know their audience, and worse, many do not formalize their plans before implementing them.
What is Market Research
Market research, by definition, is when a company collects insight to help them assess if there is a potential market for their idea, product, or service. Research gathered during this phase helps business owners make wiser decisions about whether a business idea or new product concept is worth the investment. Also, it helps them better target their ideal customer, so that they can market to them more effectively.
Market Research Analysts Recommend Storytelling
Captivating, entertaining, and real stories are what connect consumers to a brand. More market research is showing that when a company uses real-life stories from customers or even employees, it resonates better with a potential client.
Storytelling is what builds a relationship, and gives a brand or a product a more lifelike, relatable appearance. Also, Business News Daily recommends using story-driven content to pique a customer’s interest and tap into their emotional side. The Millennial Generation is the largest consumer demographic targeted in marketing research today, and this generation prefers to bond over common stories and experiences.
Market research also focuses on the past as well as predicts the future. It thinks about ideal customer’s and their spending habits, pain points, their personalities and characteristics, income, and location.
Accurate information is the foundation of any good marketing strategy, says Entrepreneur. Proper research can provide in-depth information into a consumer’s mind and help a company better target their ideal customer. While it is a significant upfront investment to do such research, it typically yields a better return when it is done right.
No More Assumptions in Strategy
Companies must move away from assuming what their customer wants to find out what they want through research. This is done through survey data, customer and social media polls, and targeted research done by a professional analyst. Every aspect of an advertising campaign should be assessed and scrutinized, rather than assumed.
Video Content Over Traditional Content Marketing
Another trend seen is that more consumers prefer video content to traditional content marketing. The future of marketing is likely to go toward short informative videos and pictures, which are more entertaining and interactive than text.
More Investment in Google Ads
Business 2 Community suggests that marketers are more patient with their Google Ads. During the research phase, a company will not see results immediately; therefore, they must exercise patience. In the long run, a research analyst will be able to measure results and find the ideal spot for budget and results driven through Google Ads. Then, the company can scale their use of these advertisements to suit their budgets and overall marketing goals.