Every business is different and each business comes with its own vision and mission. There could be different objectives and goals that organizations across different industry verticals want to achieve. For a healthcare organization, providing accessible and efficient medical services to the patients is their ultimate mission, while when you consider an IT company, it aims to bring technological transformations that could cater to better and more effective use of information technology for making life easier. However, besides these missions, visions, and different objectives, one thing common to every organization is growth.
In this competitive business environment, where things change rapidly, new businesses keep entering the market, every organization essentially aims at standing strong in the market and achieving business growth. And as businesses attempt to keep their game strong, the first thing they come up with is their detailed business plan, one of the most important aspect of which is marketing.
Marketing seems to be the best tactic in making your business scale at exponential levels. It helps you promote your business to your target audience and ultimately back conversions and sales. However, it’s not as simple as it seems. Every business out there is indulging into marketing and playing with the same tactics and strategies as other might not help. In fact, there is a bigger secret to business growth than marketing itself, a secret that you can successfully use to differentiate yourself from others and come with better marketing strategies.
Excited to unfold this secret recipe to cook up growth and success for your business? Well, the recipe is as simple to be summed up in just two words, Marketing Research.
Marketing Research is the seed that you sow to reap the plant of good marketing. Before you can even get started with marketing, there are hundreds and thousands of aspects that you need to look into, so that you can have a clear idea for directing your marketing plans and strategies.
Here is a fact, if you have nailed down at your marketing research and have a clear-cut idea of what your target audience is and how is your product helping them; there is no way any of your marketing effort will go in vain, and it shall be an easy path to back conversions, make sales, and achieve the business growth you aim at.
Given that importance of marketing research, the next question you want to jump at is, how do you perform this research? Well, you just got lucky. Here, I am sharing with you the perfect recipe, all the steps that will lead you to cook up the perfect market research document to be placed on your table.
Sometimes, even the best and most unique ideas fail to create their positioning in the market. Why does that happen?
You may think you have a unique idea, you have come with a unique product, that’s all you need to sell it now. Your product is new and people will want to try it. However, that’s not how it works practically.
The fact is you need to establish the need for your product in the market. However, a better approach will be giving the people what they need in the first place.
Take it as a “Problem and Solution Statement.” Have a look at your prospective audience, take a deeper dive and find out the problems they are facing. Once you have researched on the problem prevalent in the marketplace, ask yourself if your product can be a solution? If not, is there a way you can revamp it or use it as a solution?
You need to ask yourself as to why will your target audience take interest in your product? When the answer to this question is something more of a solution statement to a problem rather than mere words like, “it’s a new product, people will want to try it”, you know that you have come with a good product that will sell.
Even with a wide audience for your product and you having complete knowledge about that audience, their tastes, choices, and demands, it’s not practically possible for you to target them all even with online means.
Every business has its market cap and it’s within that limit that you can target and convert your potential customers. So, you need to identify this cap for your business so that you can target the right audience and play in the right market size.
The best way to identify your market size is by collecting and analyzing the data over platforms such as Google and Facebook.
While identifying this market size, you also need to look at your competitors. Somehow, it seems that the best approach is play in a bigger market. However, the fact is, bigger the market, more the competitors.
If your product is unique enough to have no or minimal competitors, targeting the highest market size will work well for you. However, you need to know that competitors are continuously trying to get into your market space and even go ahead of you. So, you need to be careful in analyzing and selecting the market size, if you want your product to be a success.
The existence of competitors in the market who are constantly trying to get ahead of you makes it very important for you to have a clean idea of who your competitors are and what are they doing.
This is where competitor research comes into play. Look for your competitors, keep a check on their activities, know what they are doing and analyze how you can leverage their tactics for your advantage.
The best way of getting started with your research is to start collecting data from platforms like Google and Facebook. Once you have the data, you can analyze it and use it to plan and build your marketing strategy.
Remember, having a good idea of your competitor gives you an edge over them and you can be sure to stay ahead of them.
Once you have the idea of your audience, the market size, and your competitors, you have the complete data you need to start building your marketing strategy.
Market Research forms an important part in making your business plan successful and leading you to the path of business growth and success.
So, use this secret recipe and have the relishing meal of business success.