Most modern-day consumers have cottoned on to the fact that the ultra-relevant ads they come across aren’t a complete “coincidence” but are in fact, the product of extensive market research. This hasn’t stopped those ads from being highly effective though, and the track record has only further proven the need for market research. Data-driven decision-making is now an imperative ingredient in the recipe for business success and with analysis tools being made increasingly accessible, business data can now be understood without much experience.
As a quick introduction to the world of market research, this is a business strategy that involves the gathering and use of real-world data to learn more about consumers and ultimately target the right demographics. The most important thing to a business is always going to be its customers, so any investment made into understanding the core clientele of your business is always going to be one worth making. Market surveys can help you spot potential partnerships and customer bases a mile away while also spending your advertising funds better with greater projected returns.
Marketing is a hard and fast game to play these days and the most successful ventures are those that are carefully attuned to the frequency of their desired audience (case in point, TikTok advertising). Having a deeper understanding of your customers will ultimately allow you to align yourself with their needs and reach them in a way that’s meaningful to them.
There are several different approaches towards market research with brand research, marketing campaign evaluation, and even usability testing. The cost involved in these different techniques vary, with some of the more cost-effective strategies typically incorporating the use of incentives (like Australian gift cards). When deciding on a research technique that works best for your company, it’s important to weigh out the pros and cons of each.
Here are some popular market research schemes that pack a serious punch:
1. Social Media Listening
2. Focus Groups
To learn more about our gifting ideas, click here! Everything to Avoid (and Everything to Do): Customer Loyalty Programs
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