Marketing research strategies serve as a compass for your business or brand. Research gives you access to valuable insights, from understanding market research industry trends to creating buyer personas. The bottom line is that these research strategies will point you in the right direction to making informed business decisions.
When it comes to understanding something new, it’s human nature to ask questions. Would you buy a car without looking into safety tests and cost? Do you go on a vacation without scouring hotel reviews or asking friends and family about their experiences?
Nope. Chances are, you always do your research first. So, that same thought process can – and should – be applied to your marketing plan.
In marketing, there’s one golden rule that always proves to be true. Change is inevitable. In fact, change is constant. That’s one of the many reasons to invest in marketing research strategies.
Conducting market research may seem difficult, but it is a helpful way to find the latest trends. It can also boost customer satisfaction.
Often, research involves more than one tactic. You typically invest resources into focus groups, competitor research and surveys. And yes, it can be time consuming. However, there’s no better way to get to know your target audience than to ask them questions directly.
How are marketing research and marketing strategy connected?
Through research, you can discover both gaps in your industry and emerging trends. Identifying these types of opportunities for improvement (before they pass you by) helps you to develop marketing strategies that stick.
However, research isn’t always about learning something new. Different types of market research help measure effectiveness of strategies that are currently in place. By analyzing these results, you can easily make adjustments to meet your goals.
Research also helps you define your ideal customers. You can use sales data to see if your marketing is effective. Google Analytics can help you understand your website traffic. Social media reports show how well your posts perform. Together, these tools help you check if you are reaching the right audience.
Market research method tips
You can use different research methods to gather information. A few of these methods include focus groups, surveys, one-on-one interviews, social media, and studying competitors. Each method has its own advantages. We put together three key tips to help you dive into research methods.
Focus groups:
- Select a diverse group that represents your target audience. Aim for 6-10 participants to encourage discussion.
- Ask open-ended questions, not questions that lead to “yes” or “no” answers.
- Record the discussion in its entirety so you don’t miss a thing.
Surveys or questionnaires:
- Questions should be a mix of closed-ended and open-ended. Incentivize participation for completing the survey. This always helps to improve result rates.
- Keep it short. Focus on your most important questions.
- Make sure your multiple choice questions are mutually exclusive.
Social media:
- Listen to what the people are saying, and how they say it. Track mentions, hashtags and conversations related to your brand or the topic you’re wanting to learn more about.
- Follow industry influencers to help stay updated on trends.
- Track engagement metrics and follower growth of your profiles to asses social media strategy success.
1-on-1 interviews:
- Be an active listener.
- We recommend these interviews to be face-to-face (in person or on Zoom).
- Build rapport by beginning with light get-to-know-you questions and conversations. Ask follow-up questions based on their responses to dive deeper.
Competitive analysis:
- Use an SEO tool (we love Semrush) to see how your website ranks compared to competitors.
- Evaluate competitor offerings and pricing structure.
- Review their marketing strategies, from social media content to printed materials.
Now that you have this great data collected, what do you do with it?
Marketing research informs strategy
Effective market research is the foundation to successful strategy. Take the time to learn about your customers, competitors and new trends. This will help you understand what your target market wants and needs.
This knowledge is powerful. Analyzing data helps you craft strategies that actually move the needle for your business. Whether that’s developing new products, improving your services, or finding the best ways to reach potential customers.
If your research shows that customers care about authenticity, you can adjust your tone in marketing. You can be more creative in your materials. If they care about sustainability, you can promote eco-friendly products. Or, you could share how your company is reducing its carbon footprint.
Say you discover your competitors are gaining traction on social media or climbing to the top of SERP (search engine result pages). You might shift your focus to enhance your online presence or invest in a paid marketing campaign.
Overall, marketing research strategies provide clarity to help steer your business in the direction of success. Plus, this research helps you make data-driven decisions back by real insights – not just someone’s best guess.
Marketing research lays the groundwork for a strong marketing strategy. As you evaluate for success, remember to think more than dollars and cents. Sometimes you need to measure the impact, not just the numbers.
