When it comes to creating a successful marketing strategy for your business, there are few things as essential as researching your market. From understanding the ideal audiences for various products and services to choosing the best platform to leverage for maximum returns, creating an in-depth plan is the key to an efficient marketing campaign. However, to fully utilize research-based marketing, you must have a general knowledge of its concepts.
Understanding Research-Based Marketing
Research-based marketing is a combination of information gathering and marketing. With the sheer amount of information available to the average business with social media, trends analysis, in-house analytics, surveys and other tools, it is possible to optimize marketing campaigns in ways that were previously impossible without expensive studies or long-term research. Whether you are conducting split testing on existing marketing campaigns or using information gathered on your social media streams to further target your audience, this level of optimization can bring powerful results.
Why Research-Based Marketing is Vital
One of the leading reasons why research-based marketing is vital to successful marketing strategies is the level of competition in today’s marketplace. Chances are high that your competitors are conducting their own research to optimize their marketing strategies as well. This means that if you are not utilizing every tool available to build and maintain your campaigns, you are already at a disadvantage.
The rise in popularity of research-based marketing is likely due to just how accessible the information and tools needed to conduct research have become. With a rise in Internet use and mobile computing, nearly every aspect of a person’s life can be collected, analyzed and used for marketing benefits. Social media is furthering this trend by creating a near real-time way for businesses and their audience to communicate and exchange information.
Regardless of the type of marketing that you conduct for your business, it comes with a cost. From the time spent creating email campaigns to the costs of printed advertisements, these costs can add up quickly. By utilizing research in your marketing efforts, you can increase efficiency, boost marketing effectiveness and create greater returns.
Tips for Successful Research-Based Marketing
- Set goals for your research marketing efforts: From better targeting to optimizing your marketing platforms, setting goals for your marketing research provides a focus for your efforts and can help to increase returns. Your goals can be as broad or specific as you need them to be. Once you have set goals, you can create tasks with each goal in mind to begin the process and keep it moving at a steady pace.
- Use the proper platforms to conduct research: Each potential information source will have strengths and weaknesses. By choosing the proper platforms, you can ensure that your research data is reliable and that it suits the needs of your business. Professional networks, such as LinkedIn, email surveys and trade shows are great sources for B2B marketers and businesses. Facebook, Twitter, Pinterest and online polls are a great way for B2C businesses to gain quick, concise information from a broad selection of potential customers and clients. Google Alerts, Google Trends and other analytics are a good source of secondary market research for nearly any business. Best of all, these tools can be easily configured to report information on a regular basis of quick and easy research and data collection.
- Adapt and refine your methods as you research: Combining split testing and test campaigns with your research efforts can further boost the efficiency of your process. By testing as you research, you can ensure that your research is providing relevant information while continuing to improve your marketing campaigns. This can also help to point out weaknesses in your campaigns and marketing strategies to further improve your methods and strategies.
Research-based marketing is an essential part of any business’ marketing strategy. As more information becomes available to marketers, this trend is likely to evolve and continue. By helping to improve efficiency, maximize profits, assess the competition and further refine marketing plans, market research offers quantifiable results and improvements to your marketing campaigns.
This post was written by Ray Nelson. Ray specializes in writing about researched based marketing and also marketing toward woman.
Photo credit: Jordanhill School D&T Dept on Flickr