In this blog series, we will explore components needed to craft a bold marketing strategy.
Understanding your company’s position in your market is fundamental to any bold marketing program. Solid market research will drive decisions based on data, rather than simply shooting in the dark. Promoting AARP to 32 year-olds? If so, there is either a serious problem with your market research or your database needs some work. Yes, that seems a little obvious, but some of the biggest brands in the world have made similarly bad decisions based on inadequate research or not following what the data is telling them.
Your market research should be structured to help you understand how you stack up against your competition, what the trends are in your industry, the strengths and weaknesses or your product or service, who your target audience is – how they like to buy, what problems they need solved, what media they use, what their current perception is of your business, etc.
Whether looking at your industry from a broad level or getting down to the granular level of your target audience’s media habits, the more research you can do, the better.
There are several ways to take on market research. Basic research can include in-person, telephone, direct mail or email surveys using straightforward questionnaires. While you can survey a small sample group of people, including a larger group will provide more reliable data. Mail surveys often yield a 3-15% response rate, and make them a cost-effective option. Combine an incentive with your survey and you may see a higher rate.
Focus groups and personal interviews allow you to gain more insight into subjective data like customer attitudes, feedback, and in-depth insights about your products or services. Simple observation of your customers will allow you to monitor people’s actual behavior and how they buy or use a product.
Lawton has the expertise (sprinkled with some awesome creative energy) to take your marketing to the next level. Whether you want your fearless design to be produced perfectly or you’re looking for help developing a customer survey, we’re your resource to help.
You’re here to be awesome! We’re here to help. Let’s be bold!