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Five Reasons Why Market Research is Necessary for Your Business

StrategyDriven Marketing and Sales Article |Market Research|Five Reasons Why Market Research is Necessary for Your BusinessYou must have heard of a market research agency that examines factors that can affect your sales. This makes you wonder why it is crucial to carry out market research in the first place. And how does your business benefit from such an analysis?

Market research is an essential aspect of running any business either when it is being established, or when a running company is seeking ways to beat its competitors. The results of the research offer you the required data which can be utilized for making useful commercial decisions in the future.

In the article below, we will discuss some critical reasons why market research is necessary for any business.

1. Offers Better Understanding of Your Niche Customer Base

There are many questions on which your entire business, its revenue, and eventual profitability hinges:

  1. Who is the buyer of your product/service?
  2. What is the frequency of your product sale?
  3. What kind of people constitutes your niche market?
  4. Do they have a specific requirement that is fulfilled by your product/service?
  5. Are there any substitutes for your product?

Many such questions form the backbone of your entire planning, production, and sales strategy. If you can answer these questions correctly, you will have a much better understanding of your own business, the demand for your product, and how you can run your business successfully.

With the help of market research, you can not only figure out your niche market, but you can also pin down your specific customers.

Once you have mapped out the profile of niche customer, you will be able to identify the actual size of your market correctly. You will also get to know why and when people will buy your product/service.

Moreover, you will be able to understand the demographics of your niche market. It will enable you to plan and develop rewarding campaigns in the future.

2. Offers Knowledge Regarding your Competitors

Competitors can chip away at your niche market, and decrease your sales. It usually happens because they carry out market research before you do.

To remain in the market, you also need to carry out research and beat your competitors at their own game. Market research assists you in identifying how many players are there, and which ones are winners. It also allows you to find out your weaknesses, and even that of your competitors. But, most of all, you will get to know what your successful competitors are doing to attract the customers towards themselves. This knowledge can be used for updating your own product/service and your overall business dealings. Knowing your competitors is a crucial aspect of running a successful business, and thorough market research allows you to remain informed about your customers at all times.

3. Offers Product Knowledge

Of course, all the fuss is about sales, and sales are based on your product. Market research is a must before you launch your product. The market research carried out before the formal launch of your product, should let you know about its existing demand. You should also know its exact cost as well as the estimated revenue that you will be generating through the sales of this product.

If you have thoroughly carried out your market research, you will be able to make the wisest business decisions. This research will also refrain you from incurring unnecessary costs on a product, or producing something that has minimal demand. There is no guaranteeing the success of your product before it has been introduced into the market. But, there are ways through which you can be reasonably sure about its future. The market research allows you to understand the dynamics of the market you have chosen to enter, and whether your product has a future in it.

4. Offers Unexpected Opportunities

Like in every other thing in life, change is inevitable in business. And the ones that can manage this change can survive the market. Everyone must have heard about Kodak. It used to be a giant in the camera film industry. When the time of digital cameras was arriving, the company was advised to switch towards this new phenomenon, but the owners of the business refused to change their course and continued making camera films.

Eventually, other companies that were making digital cameras beat this giant and grabbed its market shares with the help of technologically advanced products. Another example is Netflix. This video-streaming giant grabbed the opportunity presented by the advent of the internet and grabbed the video-rental market.

If you are conducting regular market research, you will be able to seize all those opportunities that open in the market due to a change in public preferences, the introduction of a new product, or merely a technological advancement.

5. Offers Opportunities for Business Expansion

Market research allows you to help you understand the changing preferences of the customers and makes necessary amendments in your product merely satisfy these demands. You also get to know if there are opportunities for expansion within your niche market.

Business owners can keep track of their competitors, create and develop objective-based marketing campaigns, and take advantage of the changing market dynamics.

Another great advantage of carrying out regular market research is that you can take stock of all problems before they even occur. It offers an opportunity to either mitigate them before they occur or solve them as soon as they pop up.

The Final Word

Research allows business owners to obtain insight into the dynamics of your niche market and identify the needs of your existing and prospective customers.

It also allows you to run cost-effective operations that affect your bottom-line profitability.
Carrying out regular market research is imperative for running a profitable business, that is why every expert in this field recommends it.

Developing A Better Standard Of Marketing

StrategyDriven Marketing and Sales Article |Marketing|Developing A Better Standard Of MarketingDeveloping a better standard of anything is essential when improving your business. Just like a house, it can grow cobwebs, slowly experience a state of disrepair and generally fall to dust should you fail to maintain it. What might work this year might not work the next year. The team you might have now could be stifling your progress, and fresh faces with brand new ideas might be needed to inject life into the firm.

Marketing is perhaps one of the most important elements to update within your business strategy from year to year. Trends, expectations and the means in which customers interface with firms have changed since 2010, and it’s astonishing to realize that was almost ten years ago now.

But how can you develop a better standard of marketing? Doesn’t it take time to read your audience, put together a coherent package, and only then realize that the trend might have been missed? How can you continually stay up to date and elicit awe, not groans, from your audience?

We think the following efforts might help you:

Hire The Professionals

There’s no worth in simply trying to market your brand without knowing your target audience, how they respond to certain stimuli, what you have to say, your goal for the marketing campaign, or how to best reach all avenues of accessibility when exposing a message. It’s essential that you know how to do all this, and for small businesses, that’s a big ask. With services such as Your Marketing People, all of this work can be expertly crafted and specialized, keeping you in the loop at all times. If you manage that, then you can expect to overcome the issues that plague so many first-time business marketing themselves and instead step onto the scene with a cohesive and worthwhile stratagem.

Measure

It’s essential to measure your marketing via every metric through which that can be found. Consider your engagement rates, your sales, where those sales come from, how social media comments reply to your marketing, your YouTube ad dislikes to likes, or perhaps how many ‘follows’ you gain as a result. Without all this information you can repeatedly market to a brick wall even after ten years of business development.

Take A Risk

Every single world can be poured over, copywritten again, approved, discussed, rejected and then the most baseline phrasing chosen if you overanalyze everything. The essence of marketing is being seen, so don’t be afraid to make bold statements, to take a risk, to be bigger and better than the competition. Just imagine if you saw a fragrance advertisement that didn’t feature a half-naked male or female model dressed in silk, filmed in black and white. You’d likely look just because of the originality of the piece in question. Take this ethos and apply it elsewhere, and you might just be exponentially compounding the effect of your marketing prowess.

With this advice, developing a better standard of marketing will be a worthwhile aim.

Five Steps of Hiring An Ad Agency

StrategyDriven Marketing and Sales Article |Full-service Ad Agency|Five Steps of Hiring An Ad Agency No matter what the size of your business – whether it’s a large organization or a small business, hiring a full-service ad agency is essential if you want to get the word out about your business. Creating invaluable marketing campaigns for your business, that can advertise your services/products over a multitude of platforms (including radio and TV), they have the expertise you need, can offer an unbiased opinion and will save you time that you would have spent on marketing in-house. So what are the five steps of hiring an ad agency?

1. Research, research, research

The first step in finding the right ad agency for your business is doing your research online. If you have noticed any advertisements that other companies have produced, find out who did the advertising for them and get in contact with them. Alternatively, ask other business owners directly who they would recommend. You can also do a simple search online before arranging to meet with an ad agency. Many specialized magazines for business owners will also advertise ad agencies that you can enquire about and discover what campaigns they have worked on previously.

2) Arrange an initial meeting

When you have decided on an ad agency, you should book in an initial consultation with them. By meeting with them you can get a better idea of what they have worked on in the past and how they can help you with your marketing in the present. You can showcase your vision for the marketing campaigns and see what they can do for you.

3) A formal pitch

Once you have had your initial consultation, you can arrange a formal meeting with them. They will demonstrate a detailed plan that they have designed especially for your campaign/s, recommendations on what they can do for your business and what you are currently doing that is working effectively.

4) They will create an assessment

After the formal meeting, the ad agency will create an assessment that will thoroughly analyze the web traffic that comes to your website, how the business is doing within its industry, previous ad campaigns (if there are any), your competitors and other factors.

5) They will create a marketing campaign and analyze how it has performed

The ad agency will then create marketing materials based on your vision. This can either be advertisements for radio or TV, web design, email campaigns, etc. They will then closely monitor the performance of the campaigns, building upon the campaigns which are successful and seeing how they can create an even more successful campaigns in the future.

Hiring a full-service ad agency can have many benefits for your business. Adding value to your company and giving it the exposure it requires in order to succeed, it is an expense that is worth spending for any size business – but especially so if you have a small business that’s just starting out and needs to get the word out about what you’re offering.