This week, we will be discussing the importance of conducting research when marketing your business and others'. Successfully running and growing your business means you need to understand your target customers. You need to have a clear picture of their ideas, values, and goals. Market research is one of the best tools you can use to understand your customers. It can help you improve your own communication, identify opportunities, and even lower your business's risk.
Conducting market research means looking at the 4 P's of marketing: product, price, place, and promotion. This can include public relations, advertising, branding, and so much more! Market research not only lets you know what your customers want but also gives feedback on whether your business is being successful in communicating and connecting with the target market.
POV realizes the value of research. Currently, we conduct a situational analysis on each of our clients. When a client comes to us in need of help on branding, we first research their similar businesses in the industry. This gives us an idea of potential competitors and what seems to be working or not working for them. We examine industry trends, current social media platforms, and more! We also deeply analyze the external environment including the demographics and psychographics of the client's target market and then shape our content creation around that knowledge.
Conducting research before jumping into a project or performing services for a client is extremely important. Just a little bit of research can set up your business to be more successful in gaining and retaining a clientele base. Stay tuned for more content soon :)