How Marketing Strategy Research Can Result in Good Business Decisions
adminNovember 8, 2023
Businesses make all sorts of decisions, from how a product or service is developed to how it can reach the target market. With all these decisions to make and an ever-changing marketing landscape to face, how can businesses ensure that they are making the right choices for success?
This is where the power of marketing strategy research comes in. The process involves data collection and analysis that will help businesses acquire essential information. This practice also leads you to more precise business decisions and strategies based on accurate and relevant data about the different factors affecting your business.
The goal is to not only acquire vital information concerning your business but to actually transform it into effective marketing and business strategies. Moreover, exploring this type of information gathering and strategy building will make you highly competitive within your industry with the many benefits of incorporating data into your business.
This article will dive into the important role of marketing strategy research in achieving improved data-driven decisions to help you actualize it in your own business.
The value of data-driven decision-making in businesses
Data-driven decisions are highly beneficial to businesses as they are made in consideration of the results of marketing strategy research, which involves data on the target market, industry trends, competitors, and marketing climate.
To delve deeper, here are some benefits of data-driven decision-making:
1. Helps craft targeted marketing strategies
Having appropriate and sufficient information on your market and industry allows you to create targeted marketing strategies and campaigns. With the right set of data, you can minimize the risk of failed marketing campaigns by focusing on what will spark the interest of your consumers and eliminating irrelevant factors. Making decisions based on accurate and updated data on your target consumers, specific industries, and other marketing opportunities ensures that your business resources, both knowledge and materials, will be used in the best way possible to make your business successful.
2. Strengthens content marketing
Being able to create informative content is good, but crafting data-driven content is even better. With research, you will be able to gather information about your market that can be utilized in creating content that is tailored to the needs and interests of your actual or target consumers.
With credible data, your business can appear more reliable and competitive in the industry. You can achieve this by focusing on targeted topics that can help optimize your content and make it more visible and appealing to your target audience.
3. Builds brand trust and credibility
The brand credibility pertains to the degree to which an individual is confident towards a brand due to its trustworthiness and expertise. This highly contributes to establishing a long-term relationship with your target audience as well as encouraging them to continue availing your products and services.
When your initiatives and marketing strategies are backed up by analytics or data on engagements, marketability, and the industry, your business’ credibility and trustworthiness are boosted due to having credible information integrated into your marketing strategies and efforts.
4. Enables businesses to stay updated on industry trends
Identifying trends in the industry can make you stand out from the pool of businesses similar to yours. The data on what consumers look for these days and how your competitors respond to such demand will help you craft strategies, ultimately making your business more prominent.
Furthermore, this practice will allow you to gain external insights and have ample knowledge of the initiatives being done within the industry and how consumers engage, guiding your business in the right direction.
Given the many benefits of making data-driven decisions in your business, it is important to begin with knowing how you can obtain credible data through marketing strategy research.
How marketing strategy research has evolved
The concept of data-driven marketing started as a response to the changing marketing industry practices with the initial objective of incorporating a quantitative approach to marketing. Over the years, the research method has evolved into an actual marketing practice that affects business decisions and adapts to the many technological advancements that have changed the way products are sold in the market.
The shift to data-driven marketing strategies
To adapt to the evolving interests of consumers, digital innovations, as well as industry practices in the contemporary world, businesses started incorporating marketing strategy research to improve their existing marketing practices and develop new ones.
Present marketing strategies are reinforced using available marketing data such as customer engagements and competitor analysis. Similarly, new marketing initiatives are created by exploring the new advancements in the specific business industry as well as the field of marketing and applying them to businesses.
Adapting to evolving consumer preferences
Another highly significant product of marketing strategy research is the opportunity to stay updated on present industry trends, particularly those that involve target consumers. Data on consumer behavior shows that 63% of surveyed individuals anticipate personalized user experience from brands based on their past engagements, highlighting the need for brands to give importance to consumers’ preferences when crafting strategies.
Consumer satisfaction and good customer engagement can be achieved through data analysis on the market and their behavior as well as their perspective towards your business or the industry you are in. The data will then be used as a basis for improving current practices or to think of more innovative ways to promote businesses.
Achieving business success through marketing strategy research
With all the benefits and purposes of marketing strategy research that were discussed, you may be wondering how you can actualize the research process in your business to achieve success.
After understanding the concept and foundations of marketing research, it is ideal to determine how the data can be used to develop strategies for business success.
Crafting effective business strategies through research
The research process does not only stop with the collection and analysis of information gathered. To maximize marketing strategy research, the collected data should be transformed into actual market strategies that fit the needs of the business. Here are some key points to know when creating your business strategies with data from research:
- Assess your business’ present needs. Do this to identify the focus of your marketing research. This will also help you reangle your marketing efforts as needed.
- Determine the type of data that you need. To strategically execute your research which helps save time and resources since you will be able to focus on what you essentially need.
- Select the data-gathering method. This can be in the form of interviews, surveys, or textual analysis.
- Analyze the collected data. Once this is done, keep the ones relevant and can be used to improve existing business practices or create new strategies.
The connection between marketing strategy research and business success
To further expound on the relationship between the two, the data from the research can impact the decisions surrounding the product or service being marketed. Marketing strategy research is one of the tools for achieving business success.
The practice of effectively conducting marketing strategy research for your business can help you gain more accurate insights into your market for more precise business and marketing goals. Additionally, predicting the marketability of your product or service and the effectiveness of your marketing efforts will be easier to gauge.
Having targeted marketing initiatives, made possible by the information collected, enables businesses to succeed despite the competition and minimizes the risk of failure.
Dealing with marketing risks
Some of the most common reasons why marketing initiatives don’t work for businesses include insufficient strategic planning, lack of information on the target market and industry, and the inability to keep up with trends. All of these factors can be prevented and addressed with the help of effective research and strategy building.
Marketing strategy research minimizes the risk of wasting business resources by ensuring that efforts are centered on the right areas and targeted to the right people. The lack of sufficient information on the market and current trends can be addressed through data generation in the form of customer insights, engagements, and behavior.
Meanwhile, the data collected can be used in strategic planning, which will be combined with creative ideas for execution. Additionally, market information can help craft better content with the right tools, which is beneficial in ensuring that the marketing materials are strategically developed and executed.
Practical applications and competitive edge
Effective marketing strategies can be achieved through a seamless integration of research into your business practices, emphasizing the need to create more data-driven initiatives. To further understand this and put it into practice, remember the components of effective marketing strategy research listed below:
- Determining the research focus. The specific goal of your research will guide the succeeding steps, shape the course of your research, and more importantly, the objective should always be aligned with your business needs.
- Identifying the appropriate research method. Most of the time, the focus and type of data needed determine the data collection method that will be used. For consumer-centered research, interviews and surveys are mostly used.
- Sorting and analyzing the data collected. Begin with identifying the specific types of data that you need in order to properly sort the data collected. It is crucial to determine which information addresses certain research questions. The analysis part can be done through careful assessments, data analytics platforms, or with the help of industry experts.
- Applying research results into practice. Apart from presenting, the results should be considered in improving strategies or used as a basis for developing other marketing initiatives. This involves careful planning of the marketing execution and later on, an analysis of the data-driven efforts.
Knowing these key components can help you better integrate this research process into your business and potentially make it more competitive in the industry.
Navigating industry competition with research and data
In navigating business competition, competitive analysis can be done to gauge the performance of your competitors in the industry. Aside from getting an idea of how big the market is, as well as the overall size of the industry, you also get to assess other competitors’ strategies to make yours unique and innovative.
Apart from this, you can keep your content distinct from the others. Inserting topics and keywords that were not used by your competitors will not only help you optimize your content but also benefit the target consumers by providing unique and helpful information. Publishing relevant, updated, and carefully crafted content can make your business lead in the competitive market.
With effective marketing strategy research and strategy-building, many businesses have succeeded in their respective industries. Success in marketing is achieved through the combination of solid and credible data as well as the application of innovative ideas for execution to appeal to the target audience and persuade consumers to engage with your business.
Below are sample stories of successful marketing initiatives achieved through research:
DuPont’s Snack it Right Campaign: This campaign that mainly focused on the ASEAN region highly used research to ensure that both the content and execution will appeal to the target audience. The research, which is a survey conducted in different countries in the region, focused on consumer behavior specifically on people’s resources, demands, and considerations when it comes to snacking. This then greatly contributed to the product ideation stage wherein snacks were specifically made to meet such needs.
So through effective research and ideation, DuPont was able to develop seven major concepts in the campaign that did not only sell the products but to actually tap the growing market in ASEAN’s snacking industry.
Huawei’s In-game Ad Campaign: Apart from strategically placing in-game ads as part of experimentation, Huawei placed utmost importance on research. It involved understanding the behavior and preferences of gamers who will be directly interacting with the campaign.
Aside from analyzing the target audience, Huawei also effectively identified where the ads would be placed in the game to make it seamless. The company’s efforts in measuring success are also highly commendable as they used three performance indicators “average view time, spontaneous brand recall, and prompted brand recall.”
This wide-ranging campaign raised brand awareness, having an increase of 3.6 times in average view time of the in-game ads and a 7.6 times increase in recall among its UK audience. This story shows how research can benefit the different stages of a campaign.
These case studies highlight the importance of research and the many big possibilities that the highly efficient practice can offer to businesses.
The power of research and data in marketing has transformed over the years. With the many technological innovations, businesses are expected to continue evolving and adapting to changing needs. This can be achieved through marketing research.
These are some key takeaways that you can take note of as you navigate marketing strategy research in your own business:
- Integrate marketing strategy research into your business. The best way to determine if this method will work for your business is to study its benefits and how it can be done. It also helps to understand that it is a process that starts with data gathering, followed by data analysis and the development of marketing strategies.
- Identify the needs of your business to know the focus of your research. Your business’ specific needs will guide your research. It will help you determine the right approach, data-gathering method, analysis, and application.
- Use the collected data to improve business decisions and marketing strategies. Such data will help you shift the focus of your strategies from less relevant to more important business and market aspects.
Indeed, there is a lot of information on marketing strategy research to explore and practices to experiment with to achieve data-driven results for your business.
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