There would hardly be any person who doesn’t know about Nike, Adidas Titan, Cadbury, etc. But these products did not get famous overnight. Every brand has put forth restless nights and dollars in delivering the right message to the customers.
And how did they come to know how to grab the attention of their target audience? Undoubtedly via market research.
Marketing research and branding go parallelly. Together, they help you analyze your prospective customers’ mindset and create a brand message that fits their requirements.
This article will discuss marketing research concepts and how to build your brand by efficient marketing research.
What do you Understand by Branding?
Creating your brand image is about marking your presence in the market and establishing values and unique identifiers. When coming across the word “brand,” several customers remember a multinational group like Puma, Coca-Cola, Adidas, etc. Still, the smaller organization can also create a strong image that resonates with their target audience.
In simple terms, branding is much more than what you do and why you do it. A brand does not showcase its features and advantages, but they highlight the motive behind their deeds and connect the purpose with their prospective customers’ requirements.
What is Market Research?
Before moving ahead and discussing the importance of marketing research, let’s first understand what it is. It is not any specific method or activity, but businesses attempt to understand their target audiences. You cant build a brand without knowing your audience.
Though surveys and interacting with groups can be helpful, they aren’t that important and not the only way to analyze your audiences. Let’s see some other ways that you can include in your research:
- Search Facebook Groups Related to your Prospective Audiences:
This is the perfect way to reach your target audiences and inquire about their needs without putting in much effort and paying anything. You can directly post about your businesses in these groups if the group rules let you do it.
- Interact with the customers who are a member of your Target Market:
If you plan to start your career in web development freelancing, interact with contacts who have some experience in this arena and ask them what they did to create their name in their niche. Even a 10-minute interaction can help you gain some insights to run your business.
- Include A Survey Form on your Home Page:
In case you already have a website for your business, you can request your prospective customers to fill in the survey form in exchange for some discounts.
The points mentioned above are just some tasks that you can include in your marketing research. You can name any activity as market research if that helps you know your target audience’s requirements, preferences, and behaviors.
What Are the Types of Market Research?
There are majorly two types of research that your business can perform to gather data on your products.
- Primary Research:
This type of research comprises accurate data about your market and the target audiences within that segment. It turns out to be helpful when segregating your need and creating your buyer personas.
- Secondary Research:
Secondary research comprises all the information and records you receive to reach conclusions (e.g., market statistics, sales data, trend reports, and industry content). It is specifically essential to analyze your competitors.
Why is Marketing Research and Branding Important?
No business can underestimate the benefits of market research. We all know that any business’s success depends on the industry’s detailed understanding that includes your domain, target audiences, and competitors.
Though marketing research can be terrifying for any new entrepreneur, that is where you gain profit. We have noted down six factors wherein efficient analysis can help your business.
- Identify Business Opportunities:
Once you have finished your research, you’ll get a clear picture of who you should reach out to, how you can connect them, and where their interest lies. Once you have got the answer for these, you can easily spot the business opportunities. For instance:
- Look for a new location to sell:
Analyzing the geographical areas where you will find most of your target audience will help you create excellent campaigns that meet that region’s requirements.
- Develop Advantageous Order Upgrades:
If you get to know your targeted audiences’ requirements, you can develop various ideas and strategies to help them achieve their goals and motives.
- Analyze Your Competitors:
It is essential to analyze the type of services your competitors offer so that you can improvise your services and stand ahead of others. Thorough market research will help you gauge yourself against anyone in terms of offerings and pricing and make sure you get an add-on advantage.
After collecting the information, monitor every factor to discover an opportunity that no competitor has analyzed. This can be anything between:
- Any feature or service that your competitors are not offering.
- Any USP of your services that distinguishes it from your competitors.
- A specific set of the audience not touched by your competitors.
Once you find the most exceptional proposition with the relevant information to back it, you can plan a strategy for communicating with your target audience. You can reach out to the audience by:
- A unique slogan.
- A captivating marketing campaign.
Planning a perfect strategy is essential as it would showcase your services in front of your competitors.
- Analyze Where to Advertise:
When starting your freelance career, you would be restricted with a limited budget. Thus, it’s essential to optimize your marketing budget to get the maximum returns. Doing proper marketing research and branding would help you reach out to potential customers in channels where they would adequately give your message a read.
Here, we have listed some budgetary tasks wherein you can get help from your research:
- Targeting Ads
Online ads like PPC ads or social media ads can be done with precision. This indicates that you can plan your ads, considering the demographic data and the life stage, consumer behaviors, and interests. If you know about your customers, you can quickly maximize the power of targeting.
- Purchasing Ads on Social Media
If your research indicates that your prospective customers are most active on Twitter and rarely use Facebook, you will get an idea of where to direct most of your ad budget.
Over to You
Market research plays a vital role in estimating the market’s progress, helping grow and expand your business.
It is vital to analyze your target market to put forth the right question in front of the right audiences. Questions should be framed so that it not only analyses what people love but also indicates their dislikes.
Mallikarjuna is a Search Engine Optimization specialist at 24Task, a leading online freelancing platform. Mallikarjuna is a search engine enthusiast and a specialist in Digital Marketing who has helped businesses reach their audience digitally through his expertise in Inbound Marketing Techniques.