The Lost Art of Market Research
I’ve found that many of my clients feel that they just don’t have the time and money to really understand their target market. With today’s tough economy and highly competitive business environment, I can completely understand the hesitation to spend more marketing dollars. However, it is even more important today that businesses take a step back to truly uncover the unmet wants and needs of their customers. It’s all about getting the most from your marketing budget and really knowing how and what to communicate to your customers. Understanding what is important to your customers, how they think, where they spend their time are just a few of the many metrics that are assessed through qualified market research.
While internet survey tools like Zoomerang or Survey Monkey have their place, I believe that a well-crafted research study is critical in ensuring that the results and conclusions will lead to the best marketing decisions. This is why I always recommend having an experienced market researcher be involved in the design of the study. You will be sure that the data and analysis you get out of the study is accurate and actionable.
It is easy to be tempted to jump into a bunch of marketing tactics like setting up a Facebook campaign or running a radio ad but these are only effective if you’ve first determined that your target audience actually spends time on Facebook and listens to certain radio stations. Trust me from experience, take a step back and really get to know your customers or clients through engaging in the first step in effective marketing plan that will help grow your business: Market Research.