Market ResearchKnowledge Is Power
Market research is the first step in your marketing strategy.
Marketing is about the market. The clue’s in the name, right?
Understanding what your market is talking about, what their needs are, what challenges they face and what information is already out there is essential for effective strategic planning.
Know Your Channels and Hubs
When researching a particular audience, there will be trends in which information channels are most popular. Similarly, preferences for information hubs, where people go for insight and advice around topics, will vary.
Influencer marketing plays into this, as particular individuals will stand out as information hubs in themselves as well as amplifying and steering the conversation in particular channels.
Hubs can range from publishers, to forums, to content repositories (e.g. TechTarget), LinkedIn groups and a variety of other locations. We help our clients identify these hubs, profile what is being said and how, as well as what proves most popular.
Moreover, when promoting your message to the market, it’s vital that these hubs are taken into account – either directly, or indirectly through influencers and associated connections.
Working with the best information channels for your audience will improve efficiency in your marketing efforts. However, there’s no point in going all out on Google+ if your audience do not use this, whereas they may be incredibly active on LinkedIn.
Based on our market research findings, we ensure all campaign address the target market through the optimal range of communication channels.
SWOT Analysis – Strengths, Weaknesses, Opportunities and Threats Analysis – provides a 360-degree view of your brand and offering in the context of your market.
We help clients undertake SWOT analysis before breaking into a new market, when refining or developing marketing strategy and at regular intervals to keep tabs on competitors and changes in their market.
SWOT Analysis should cover:
What is unique about your offering? How is this better than others in your market? This can encompass features, performance, security, market-share, price-point and many other points of distinction.
Furthermore, the best analysis includes both internal and external insight. Consequently, this requires internal review as well as liaison with existing customers and non-customers in your market.
Additionally, strengths can include non-manifest, potential, strengths. For example, a growth in market-share, improvements in staff, knowledge or other resources which have yet to have a manifest impact on performance.
It is sometimes hard to spot weaknesses from inside your own business.
Working with an external agency, such as Glastonbury Marketing, can help. For instance, we draw this insight out by evaluating your position in a competitive market; utilising feedback from customers, lost opportunities and others in your market.
Weaknesses should be viewed across the same range of potential areas as strengths can come from.
Analysing your market for opportunities can prove extremely valuable. Trends and conditions in your market, as well as the direction and focus of your competitors, can generate opportunities for growth.
Not all opportunities are immediately apparent, or available to approach. For instance, some opportunities may only be available if changes are made to your offering, but these can prove just as valuable as scenarios which present an immediate opportunity.
A detailed SWOT analysis will include first, second and even third order opportunities – outlining contingent factors to help realise these.
What threats exist to the ongoing nature of your business? For example, threats can include competitors with strengths where you have weaknesses, changing market trends and conditions which erode your strengths or generate weaknesses in your offering. Threats can also include changes in investment, or other aspects of your financial underpinnings. Additionally, market research may identify threats from opportunities potentially threatened by factors outside of your control.
Every market has threats, both known threats and unknown threats. It’s important to explicitly identify and defend against threats, even if these have not emerged. For instance, how would you counter the threat of a disruptive new technology, or start-up, entering your market?