Research for the Win

Research has proven that companies who regularly research their competitive environment and update their strategy are 2x more likely to experience revenue increases and meet their goals. According to Hubspot’s “State of Marketing Report 2020,” only 22% plan to conduct market research this year, down from 72%. This significant downturn suggests that business’ lack of attention to research has them overlooking revenue opportunities and puts them at risk of not being able to meet their 2020 goals.

 When most companies set their growth goals, they usually opt for tactics they think will make an impact. Those tactics include individual initiatives such as video production, graphics updates, website, increased social media posts, collateral updates, and recreating business development target lists. Seldom do business owners start by developing an overarching strategic plan based in research that drives all marketing initiatives. Refreshing your graphics, enhancing your website, increasing social media engagement, updating collateral, and sending more emails are all important tools, but an approach that is singular typically has very little impact, if any at all. The greatest benefit occurs when a company plans an effective strategy that encompasses all tools moving in unison toward their goals. A marketing plan based in research informs your strategy from which individual tactics can be aligned. In order to develop a customized plan, you have to understand your market, your customers, and the challenges they face. To develop your plan, you should focus on three key areas of your business.

o   Your Business Goals

o   The Image of your Customer and their Needs

o   SWOT Analysis

Your Business Goals

Typically, business goals are tied to increased sales in association with launching a new product or service, growing into a new market or adding new team members. Defining your business goals ensures that the efforts made by your marketing team will align with them.

The Image of your Customer and their Needs

After you have identified your goals, it’s important to identify who you are wanting to attract. Understanding what they are seeking, their challenges, and their pain points is crucial to sustaining their engagement throughout the sales process and ultimately motivating them to complete the sale. Based on research gathered, you can drive your overall marketing strategy to develop messaging and attract not only more customers but also more qualified customers. Targeting your customer’s specific needs, challenges, and pain points and offering your business’ unique solution as their answer will resonate with your intended audience in a way that is much more effective than a boastful “We’re the best” approach. This method will allow you to be seen as the expert in your field and as an attentive resource for your customer.

 SWOT Analysis

Identifying your key differentiators gives you a competitive advantage in your market. By performing a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, you can respond to weaknesses and threats, capitalize on critical opportunities, and build your messaging around those key areas that allow you to beat your competition, which will result in a win for your customer. You can do this by interviewing your current customers, performing surveys, by conducting QA/QC regarding your products and services, and analyzing customer feedback. Learning the SWOT information will pay off as you establish your plan and create targeted messaging.

 When you have developed a thoughtful marketing strategy, you can proceed with your tactical day-to-day marketing decisions and actions knowing they are informed by research and driven by your business goals. At FerrBear, we understand the importance of elevating your brand to stand out above your competition. Vivid is designed to develop and clarify your brand utilizing comprehensive research and analytical techniques to identify the conceptual image of your industry competition and customer, as well as review and evaluate your current marketing, public relations, and communications plans. Through Vivid, we create a meaningful strategic plan, successful messaging, and implement marketing initiatives that resonate with your intended customer.