How Market Research Can Benefit Your Business
Marketing and Market Research Strategies for Business Success.
Marketing is an integral pillar of business success. While the term marketing is associated with many different activities geared towards selling your products and services, it also involves the methods and strategies your business uses to advertise them.
Research that goes into finding and attracting your targeted customers is also an essential part of your marketing strategy. When you consider all of the many different factors that go into successfully marketing your business, there are no reasons not to start now.
Benefits of Market Research and Analytics
Market research helps you to make well-informed decisions in your marketing plan for your business. The more research you include in your marketing strategy, the better equipped your company will be to adapt to its environment and any changes that may occur.
By researching your market, you can discover emerging trends to stay ahead of the competition by improving your products and services and adding and testing new product lines.
Market Research will help your business uncover what it is doing correctly and what can be improved upon. This data and findings can help your business adapt and thrive in an ever-changing environment. You can also do competitor analysis to find out what the competition is doing right and perhaps adjust your own marketing strategy to improve your products and services to surpass the competition in sales and business benchmarking goals.
It also helps your business to focus on the needs and requirements of your customers. Market research allows you to target potential customers, communicate with them, and build lasting relationships based on brand loyalty.
Brand Exposure, Increased Visibility, and Sales
Brand awareness, increased visibility, and sales will all positively impact your marketing strategy, improve customer's perception of your products and services, and increase revenue for your company.
Brand awareness and exposure can help your business become a part of your targeted consumers' lifestyles and increase purchases so that they remain loyal customers.
Building marketing campaigns with these goals in mind will help to grow your business.
It represents just how familiar your target customers are with your brand and defines how well they recognize your company. Marketing and promotion are effective techniques used to craft brand awareness and exposure for your products and services.
When your marketing team works to increase brand awareness, they are effectively crafting an image for your company that consumers will trust through their experiences with your brand.
Good marketing can have your target consumers, creating an association in their minds with your brand. If their experiences are pleasant and they enjoy your products and services, not only will they use them again, they will recommend them – and that is the power of marketing.
Inbound marketing is a strategy that will attract customers to your products and services through online marketing methods like content marketing, SEO, branding, and social media marketing. It is essential to branding because online marketing will turn your leads into customers.
Brand marketing can also help your company build equity and value. The value of a business is tied to the consumers' overall perception of the brand so that all of the experiences matter.
When consumers love your brand, your company can expect higher demand and value for products and services, higher stock prices if the company is publicly traded, greater social impact, and the ability to grow and expand the business.
Brand awareness and exposure are all about impact, so do your market research, communicate your brand, socialize with potential and existing consumers, share your story, and become a leader in your industry.
Loyal Customers and Building Lasting Relationships
In addition to attracting new customers, your business should be focusing on another sustainable marketing strategy to include your existing customers. Loyalty marketing encourages customers to engage in repeat business with your company.
One very popular marketing technique that builds lasting customer relationships are incentives and loyalty rewards for existing customers. Focusing your marketing efforts on customers who have purchased from your business is an excellent strategy.
It is well known that the cost of acquiring new customers can be expensive for businesses with techniques like online marketing, SEO, and paid advertising.
While it is smart marketing to devote time and resources to acquire new customers, it also makes sense to focus on existing customers as well. These consumers will be familiar with your brand and prior knowledge of your products and services. These factors make it easier to close sales.
The book, Marketing Metrics, notes that the success rate for selling to existing customers ranges from 60 – 70%.
Many companies design loyalty programs to offer their customers valuable incentives like coupons and discounts, exclusive access to new products and services, reward points for purchases, and free merchandise for referrals. There are endless opportunities for loyalty marketing as who doesn't love to get free stuff?
Build Authority in Your Market or Industry
Most every consumer prefers to use the products and services of an industry leader. Consumers trust brands they are familiar with and use. No one wants subpar products and services, or worse unreliable and poor-quality products and services, or a company that has a reputation of selling them.
In marketing your brand, becoming an authority in your market will take patience, focus, hard work, and time. It also takes the strategy to become a market leader.
Becoming a brand authority makes your business more valuable for stakeholders. When you are recognized as an industry expert, you will naturally attract more customers, and your products and services will become more exclusive, allowing you to raise pricing and charge more money. This will increase revenue and market share for your company.
It's always best to forge your own path when becoming an expert in your niche. Don't just automatically do what the competition is doing. Your business is unique and distinctive, and this is the foundation you have used to build your brand. TO become an industry leader, start creating a blueprint, a detailed long-term strategy that will help to position your products and services in the market to create demand.
Your reputation matters, so begin by enhancing your customers' experience. This will build relationships with existing customers and attract new ones.
Incorporate several methods of marketing to include online and offline marketing strategies as they apply to your business. If marketing online, connect with others in your industry and offer to add content to enrich and build exposure.
Know what it takes to become a brand authority. Share your expertise in the market and make a marketing strategy out of it. You can have your marketing team work on creating loads of content around the aspects of your business where you excel.
It's also beneficial to participate in industry events and get to know others in the market. It helps for brand exposure to engage with others who have interests in the industry and to share common experiences. Networking is a great way to gain valuable information and learn from the competition.
Increase Market Share
Marketing can benefit your business by increasing your market share. One of the best ways to increase sales, revenue, and profits is to focus and work towards growing the market share for your company.
Growing the market share is a long-term process. It takes time and resources to become a leader in your industry. It helps to start by building on past successes.
Many of the tips above will also help to increase market share.
Craft your unique brand position, acquire new customers, and engage in loyalty marketing to earn repeat business from existing customers. All of these actionable marketing techniques will increase your market share, making you an industry leader.
There are many ways marketing can successfully benefit your business. By starting with market research, you can determine who your target consumer is, what their interests are, and how this data relates to your products. It helps you make well-informed decisions about how to craft your marketing strategy. You can uncover trends with market research and find out what products and services are selling well and which ones have the potential to do well in the future.
A solid marketing strategy will help with brand awareness and exposure to increase visibility in the market and grow sales and revenue. Online marketing methods like content marketing, branding, SEO, and social media marketing all fit together to help with brand exposure and can be very effective techniques.
Marketing to existing customers, as well as acquiring new consumers, will help to increase your success rates and sales. Building authority in your industry will help your company grow its market share and leave the competition behind. Distinguishing your brand from others and being an original will help you with the long-term strategy that comes with being an industry leader.
Increasing market share with a long-term marketing strategy should be a goal for your business. To increase market share means more value and revenue for your company. It means success so that your business is free to create new benchmarks and goals.
Guest Submission by Kevin Gardner. Views and opinions are of the author.
|APA||Gardner, K. (2020, January 25). How Market Research Can Benefit Your Business. Retrieved from https://notesmatic.com/2020/01/how-market-research-can-benefit-your-business/|
|MLA||Gardner, Kevin. “How Market Research Can Benefit Your Business.” Notesmatic, 25 Jan. 2020, notesmatic.com/2020/01/how-market-research-can-benefit-your-business/.|