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5 marketing problems that market research solves

Are you a decision maker or a marketing leader tasked with growing a business or a brand?

If the answer is yes, then it’s likely you have already experienced at least one or two of these common roadblocks. So, when faced by such challenges, how fast can you overcome them? And how do you actually do it?

Here’s how you can leverage market & customer insights to get back on track and achieve your growth targets.

Problem no. 1 You’re struggling to demonstrate ROI

Measuring success and calculating a realistic ROI can be tricky.

How you fix it – Implement a clear, reliable performance tracking strategy

You can use a wide range of research tools and techniques to inform your KPI strategy and measure the overall performance of your sales and marketing initiatives.

This is how you can do it:

  1. Conduct some initial research to establish a base line and create a benchmark – first, make sure you identify what success looks like and research which KPIs are most relevant for your industry
  2. Gather data and monitor results against KPIs – use those insights to identify gaps and opportunities and adjust your strategies accordingly
  3. Repeat (regularity is key) – keep tracking progress and monitoring changes against KPIs so you can react and adapt quickly

Here are some of the techniques you can use to track performance and adjust your approach:

  • Testing concepts/products and pricing strategies before launch, as well as testing ads, messaging or campaigns
  • Brand studies and campaign performance – measuring/tracking awareness and visibility pre & post campaigns, or assessing their impact over time
  • Customer satisfaction and loyalty – keeping track of how they vary over time and comparing satisfaction levels following a specific initiative

Problem no. 2 – You’re not seizing business opportunities

And you don’t have much visibility of what you may miss out on.

How you fix it – Build data-driven business, sales and marketing strategies

Market research generates valuable insights to proactively identify market trends and opportunities. Gathering market intelligence on a regular basis will allow you to be more agile and adjust your strategies in real time, so you can:

  • Immediately identify up- & cross-selling opportunities, building effective conversion strategies around them
  • Drive customer-led innovations, successfully launching/adapting products and services that answer their needs
  • Confidently enter new markets with a clear, step-by-step plan supported by data and evidence, setting realistic objectives and KPIs

Problem no. 3 – You don’t have a clear, usable competitive advantage to differentiate your business

As a result, you may be forced to compete on price.

How you fix it – Develop a customer-centric offering supported by a unique value proposition

Well-thought-out market research helps you build an in-depth understanding of your audience. This allows you to translate their needs and wants into product development and write messaging that your audience will be drawn to (see problem no. 4).

Understanding what matters to your customers will allow you to build your offering around them and communicate clearly and confidently about the value you bring to them (and why they should choose you over competitors). That way, price isn’t the main/only criterion anymore. And if you’re still unsure what the right pricing strategy is for your brand or product, make sure to conduct some targeted pricing research.

Bonus tip – Don’t forget to speak with non-customers. Ask them why they don’t buy your product/brand and explore the main barriers. Feed these findings back to your strategy and messaging, and keep track of any change relating to audience perception.

Problem no 4. – You’re in a crowded space, with low brand awareness

On top of that, inconsistent branding and brand presence also affect your visibility.

How you fix it – Find your niche and show you’re the expert

Use brand research and audience insights to determine what your ideal customers think and feel about your brand compared to competitors, and what drives the buying-decision.

Use this knowledge to:

  • Craft a powerful, customer-centric brand strategy and messaging that truly resonates with your audience. Make sure you solve their biggest problem and explain how you do it
  • Connect with your audience and build trust and credibility with relevant and engaging content, using the most effective channels to reach them at the right time

You may also want to find “clear air“, or in other words, your own/unique comms niche. This means avoiding ‘noisy’ places or overused messaging, and identifying what important topics you should talk about to differentiate your brand and build authority in your space.

Problem no 5. You’re constantly looking for new customers

You’ve hit a plateau: you’re stuck in a cycle of low/no growth and you quickly need to secure the next business opportunity.

How you fix it – Focus on customer satisfaction, loyalty and retention

Make sure you listen to your customers and take a deep dive into their experience and interactions with your brand/business. Find out what matters to them at different touch points, so you can quickly implement changes, seize repeat business opportunities and create long-term value with existing clients.

Here’s how market research can help you do this:

  • Be proactive with customer service: create and integrate a feedback loop. Simple satisfaction surveys are always helpful when you need quick, actionable insights.
    However, conducting in-depth qualitative interviews with your customers is the best way to uncover more complex patterns of behaviours, as well as expectations or hidden motivations.
    Don’t be afraid to ask for honest feedback, then ensure you translate these findings into real inputs and improvements. Finally, close the loop by sharing any changes and updates with your customers.
  • Keep them engaged: give them the chance to get involved in the future development of your brand/product. Communities are a great way to do this – they can be used in many different ways, such as for picking your customer’s brain on a specific topic, testing brand messaging or getting feedback on a new product.

Need help unlocking long-term, sustainable growth? Or advice on how you can build successful customer-centric strategies?

That’s why we’re here, so give us a call!

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