Tag: market research

Developing a marketing strategy for a multi-location business can be a complex and challenging task. With multiple locations to consider, it is essential for companies to carefully plan their marketing efforts to ensure they are reaching the right customers in the right places. 

Billion-dollar companies typically have large marketing budgets and teams dedicated to developing and executing marketing strategies. Creating a marketing strategy typically begins with market research and a thorough analysis of the target audience and competitors. This information is used to identify opportunities and challenges and to define marketing goals and objectives.

Market research is the process where you gather information about your business’ buyer’s personas, target audience, and customers to understand how successful your product would be among these people. When you conduct market research for your organization, it allows you to meet your buyers where they are. This process gives you a better picture of what your buyers need, and how you can better address their unique challenges. Below, we discuss how to effectively conduct market research for your organization.

The problem we often see today is the lack of knowledge businesses have when it comes to knowing their target audience. When asked, 50% of businesses feel that they don’t know their target audience. This is a crippling statistic for the fact that one of the most important aspects of having a successful business is knowing, understanding and engaging your target audience. When businesses understand their target audience they save time and money. This is because they are focusing their marketing efforts on someone who is most likely going to buy their product, therefore they are getting the most value out of their budget.

The past few years has seen us as marketeers witness the tip of a technological iceberg. 

In a world where the word ‘Facebook’ is now as internationally recognised as the ‘Coca-Cola’ and ‘OK’ of yesteryear, we can conclude that social media and with it, social media campaigns, are the order of the day.  Businesses won’t maximise business without an effective social media presence - it is essential to play in today’s extremely competitive business environment and create long-lasting communications to build brand image and trust.

It’s true. If your business is failing and people don’t know who you are, what you do and how you do it – then you have no-one to blame but yourself.