The Key To A Successful Marketing Strategy
Marketing Research is one of the most impactful initiatives for your business - it truly has the ability to transform and evolve your organization. How, you ask?
Marketing, in its essence, is just saying the right things to the right people. It’s that simple. Where brands often miss the mark is when they assume their audience and their wants, needs, and desires. Too many businesses today design new products or services based on speculation. It's throwing darts at a dartboard, and what’s worse, it wastes your time and money.
Want to know how the best brands create stellar marketing strategies? They listen.
Marketing research is a powerful tool that can help you make better decisions about your products, services, and campaigns. However, there are so many false narratives around it that can prevent businesses from taking advantage of its benefits. Let’s talk about it. Maybe I can change your mind.
❌ Marketing Research is too expensive
One of the most common myths is that marketing research is too expensive. It can be, but it doesn’t have to be. There are a variety of ways to conduct marketing research, and the cost will vary depending on the methods used. For example, online surveys using SurveyMonkey or Google Forms are a super cost-effective way to collect data from many people without a large budget. Doing 1:1 open-ended interviews with customers is another option. Ask them their thoughts about why they chose you, what needs they have that are not currently being met, and what they think about your ideas for new products or services you might offer. And in return, reward them for their time with a gift or incentive from your brand. It’s a win-win for you as a business owner. Plus, you get amazing insights without breaking the bank.
❌ Marketing Research is really complicated
Another common myth is that marketing research is too complicated. False. In essence, we are just asking the right questions to provide us with the fuel we need to make impactful decisions for our brand. This isn’t rocket science; it’s human insight. Ask yourself what information you need to understand, and back build your research plan from there. While I do recommend engaging the help of someone with an MR background to help you design and launch research initiatives to avoid some of the more common data pitfalls (most notably bias), this doesn’t have to be a significant expense, especially when you weigh the cost against the value of the data you will receive.
❌ Marketing Research takes too long
Finally, some people believe that marketing research takes too long. The time it takes to conduct market research will vary depending on the methods used and the scope of the research. A 25-question survey, for example, can take less than a week to create and deploy. We’re not always talking about month-long road shows or focus groups. It can be as quick and easy as you let it (and as the data we seek allows). Even a tiny amount of market research can provide valuable insights that can help you make better decisions more quickly. So if it's a question around how much this will slow you down, start small and work up to more significant initiatives.
By understanding the benefits of marketing research and the different ways it can be conducted, businesses can overcome these myths and take advantage of the power of market research to improve their bottom line. If you are considering conducting marketing research, here are a few tips to help you get started:
6 Steps to Powerful Market Research
Define your research goals. What do you hope to achieve with your research?
Identify your target market. Who are you trying to reach with your research?
Develop a research plan. This will help you determine the methods you will use to collect data and the resources you will need.
Collect data. There are a variety of ways to collect data, including surveys, interviews, focus groups, and observation.
Analyze data. This will help you identify trends and patterns in your data.
Draw conclusions. This is where you will interpret your findings and make recommendations based on your research.
Marketing research is the most underutilized tool for businesses of all sizes. If you are interested in creating a more impactful marketing strategy through the use of data, let me know. I geek out about MR.
Sunny Dublick is an award-winning marketing specialist and founder of Sunny Dublick Marketing. Originally from New Jersey, Sunny has spent over 15 years in the marketing and advertising industry, working with high profile clients such as the Philadelphia 76ers and HanesBrands, as well as small and medium-sized businesses spanning the hospitality, retail and professional services industries.
After spending the first 9 years of her career working for various advertising agencies and corporate marketing departments in the greater Philadelphia area, Sunny set out on her own, forming Sunny Dublick Marketing in 2017 to provide transparent and effective marketing solutions to businesses nationwide. A self-proclaimed marketing revolutionary + ‘Pink Starburst’ of Marketing Experts, her strategies are designed to inspire creativity and divergence in the way you approach your marketing, marrying the art + the science of the industry to enable you to truly grow the best, most authentic version of your brand.
While Sunny's 9-5 passion lies in helping brands find marketing success, she is also an avid painter, taco fanatic, beach bum and book nerd.