360 Degree Media Group Blog

Why Market Research Is Vital To Your Business

Posted by Amy Baker on Mar 28, 2014 7:00:00 AM

Finding out who it is that you should be targeting is pretty much a common sense initiative that nobody in business should need to be told. Finding ways to appeal to your target audience and engage them is more of a challenge.

As a business in the most popular city in Australia, you already have an advantage over other businesses across the country: more potential customers. However actually finding out what they want involves market research, Sydney marketing demographics, Sydney buyer personas and just a lot of personal interaction.

 

Create a Business Plan

It’s very likely that you already have a business plan in place. It is also likely that you have included the important aspect of identifying your target market or audience. Once identified, you must then find out what it is that will appeal directly to them.

Even if your product has a wide ranging appeal, there is no sense in marketing to everybody. You should streamline your efforts by specifically targeting a certain demographic with a certain type of message. The reason for this is quite simple. Not all of us have a multi-million dollar marketing budget. We must use what we do have, and use it effectively. Our message will also seem more personal if it is aimed at a smaller percentage of people within Sydney.

 Market Research Is Vital To Your Business

 

Do Target Audience Research

First things first, you need to know what your target audience wants. You need to know how to reach them, and what will be of interest to them. This is where the market research comes into play.

There are two types of research: Primary and Secondary. Primary is when research has been carried out yourself. This is targeted research aimed at those you specifically wish to engage, and can consist of surveys, questionnaires and seminars in order to find out the answers you are looking for. This can be expensive obviously, and it is suggested that secondary research should be the first port off call to see if the information we require can be gathered from pre-existing statistics. Because the information that you require is almost certainly out there and is free to access. It is always going to be a good starting point. You may find that the information you manage to access is not quite as specific or focused as you would hope for, but it’s certainly worth the look.


Use Customer Profiling

After you have done this, you will then be able to start profiling your customers. The profiling consists of demographic information and psychographic information. The demographics refer to age, location ethnicity, marital status and gender.

The psychographic information refers to interests and hobbies, attitudes, values and general lifestyle. A combination of both of these factors will help you to identify the people that will buy your products, and also identify exactly why they will buy your products.

You should also find out what they do and where they go. Which social network sites they most often use, and which websites they find most appealing. There are various statistics specific to the Sydney demography, that measures website tragic in the area. This is free to access from the Australian Bureau of Statistics (ABS) and will give invaluable insight as you move forward with your targeted marketing campaign.

 Market Research Is Vital To Your Business

Create A Marketing Strategy

Once you have researched and identified the audience, the work doesn’t end here. You must now devise a method for reaching your people. Before you begin this, you need to consider how you are going to keep a track the sales, the interactions you have received and the general feedback from your strategy.

Even after you have come up with the ultimate marketing strategy for the task, things still don’t stop there either. Research should be never ending. You know how fast things move in this day and age, taking your eye off the ball for even a short period of time can result in you being left behind.

Keep an eye on your competition to see what they are doing and stay abreast of current market trends within your industry and other similar ones. Marketing needn’t be a constant headache, although it should definitely be a constant.

 

Discover how you can better measure your marketing success by downloading your free copy of the ebook: Closed-Loop Marketing by clicking the link below.

 

The 360 Degree Marketing Group Free Ebook On Closed Loop Marketing for Marketing Managers

Topics: marketing strategy, buyer personas, marketing research Sydney, business plan