When it comes to optimizing your small business, there are few things with the power of a successful marketing strategy. Finding the perfect formula for successful marketing can seem daunting. However, by utilizing market research, you can focus your efforts, increase efficiency and provide simple ways to track progress and analyze the benefits of endeavors. These five tips offer benefits and strategies to any small business owner.
1. Determining Demand through Market Research
The first step to developing a successful marketing strategy is to define your target market and the demand for your services. This is often an integral part of any small business plan as well. While it might seem like a basic step, it is the foundation on which most of your market research and marketing strategies will rest. Using a combination of online and local resources, such as your local chamber of commerce or library, will ensure that your data is accurate and verifiable.
2. Mix Primary and Secondary Research for Optimal Results
Most market research is divided into one of two categories. Primary research utilizes interviews, surveys, focus groups and other data that you might collect to determine factors about your business performance, competitors or target audience. Unsolicited opinions from social media is also emerging as an outstanding primary research source. Secondary research utilizes existing research by others such as market studies, trends analysis or performance benchmarks, such as those at Insights In Marketing. By combining both primary and secondary resource sources, you can maintain a well-rounded database of information and ensure that you do not miss important trends or opportunities.
3. Collect and Analyze Your Data
Once you have your data, you can begin to develop and optimize a successful market strategy. Things to consider when developing your market strategy include
- Customer Interest
- Customer Wants and Needs
- Competitor Marketing Strategies
- Competition Successes and Failures
- Competitor Branding
- Your Branding
- Perceptions of Your Brand
- Business Strengths and Weaknesses
- Existing Marketing Efforts
- Your Marketing Goals
Each of these items can provide insight into how to conduct your marketing campaigns with maximum efficiency. These factors might also help you to find ideal marketing methods and platforms.
4. Choose the Best Marketing Methods for Your Business
When developing your marketing strategy, it is crucial to consider your marketing budget at all times. Cost very rarely correlates directly with returns or success rates. By assessing your past marketing efforts, the efforts of your competitors and preferences of your target audience through market research, you can begin to predict the return that you might expect from various marketing methods. For affordable alternatives to traditional marketing methods, consider social media marketing, blogging or video marketing. Of course, standard methods, such as press releases, direct mailing and email marketing, might proof beneficial as well.
5. Continue to Analyze and Refine Your Strategies
An important consideration to keep in mind is that marketing strategies should be adapted regularly to reflect changes in market trends, competition and other factors. By proactively monitoring your marketing campaigns and adjusting your strategies based on new market research, you can stay ahead of trends and your competition for improved success.
Market research offers valuable insight into creating small business marketing strategies. These five tips offer ways to start conducting market research or overhaul your existing strategies.
Writer Bio: Ray Nelson is a writer who specializes in writing about qualitative methods of market research. Ray also specializes in writing about marketing to women.