Understanding the whys and wherefores of your project is critically important when it comes to marketing. Some of the recent data-driven campaigns outsmart the marketing tools in the industry. What role does the market research play in framing marketing campaigns?
When you launch a project and it fails to achieve the determined target, the disappointment is highly unavoidable for a marketer.
If you study most of the failed campaigns, they have a void of insights which highly affects business projects. Research is the key to fill that void and create a powerful background for your campaign.
Conducting market research isn’t a solution, conducting market research through a right channel in a right manner while gaining more insights can be called a solution.
Understanding the process of creating market research data is crucial to employ the same in your marketing plan.
Research methodology is a process. The 6 W’s of your market research help you frame this research methodology. Once you comprehend the need for conducting the research, these W’s automatically gets formed before you start working on it. It narrows down audience to a target group.
Learning the difference between insight and data:
Insights, data, analysis are some complex words but often used more often in the research field. However, if truth to be told, very few people actually learn the difference between them.
Imagine a survey conducted to know why a particular product is not getting sold. You collect all the necessary information, study it twice but still cannot figure out what the consumer is looking for. If this is the case, your research is nothing but mere data. It’s you who has to discover the ‘findings’ from the data obtained and draw conclusions.
Analytical information is what matters the most rather than mere information and statistics collected through hundreds and thousands of interviews. It offers an assessment of the information.
Further, insights are the value obtained through this analytical information which helps identify new opportunities for your project.
You discover these insights into your ‘ah ha’ moments while studying the analytics received.
Data: The number of people who view your ad/product/service.
Analytics: People on a particular platform have more interest in your product/services.
Insights: People like your product/service more if made available in a particular way.
Making the timely connections:
Take a look at your surroundings and what’s going in the market. Being with the market trends helps you make the timely connections with your consumer. Some such utilize ongoing trends to connect with their consumers faster and better while others prefer not going with the flow. Whatever path you choose, strive for optimum consumer engagement in the project.
Understanding the consumer behavior:
Generally, the end goal of conducting market research remains increasing the number of happy customers.
One consumer responding to your product in a particular way may not reveal much insight but the same respond makes a lot of sense when it contributes to the data where hundreds of others are behaving in the similar manner.
Data and statistics collected help you understand a consumer in the nick of time.
Be it a demanding consumer, informed consumer or impatient consumer every type has specific expectations for your product.
Right from the utility being created in consumers, to actual purchase and after consumption experience, every bit of the journey is crucial for a marketer. There remains a huge opportunity for marketers to offer a personalized and relevant experience to their consumers using consumer insights.
Data-Driven Marketing Campaigns:
Having learned the musical interests of people through their playlist, Spotify tried playing with the lyrics of some widely popular songs.
The company only smartly used with the data that they already had and showed a different side of the company.
They ran a campaign with a series of video. These videos had famous playlists which they presented with their literal sense, depicting it in a funny way.
The song ‘Play this at my funeral’ became the one song to make the whole campaign a big hit.
The company even featured artists in these videos which added more attention to the promotional project.
Beer usually plays the icebreaker’s role in most of the meets and greets.Heineken used this insight to make their digital marketing campaign.
Heineken brought two strangers together who shared opposite principles and opinions. Their views were not disclosed until a couple of activities were performed and a bottle Heineken was offered. In the end, the couples agree to sit together and talk despite the conflicting views. The ad was pulled after 24 hours but the uploaded video got millions of views (14,790,519 views) overnight on all social media platforms.
Why did the campaigns succeed?
The insight needed is rooted in data obtained or the analytical information which is already with you. Studying the ins and outs of your consumer activities reveal insights and answer the questions which you may not even have before.
You only have to discover that x-factor of the product’s utility and incorporate it in the service deliverance. Even when you find syndicate research reports, the data is usually insightful, it is you who has to cleverly employ the usage into marketing a project.
Sales is the next step in the pipeline which gives you conversions. Market research plays a crucial role in boosting your sales and gaining better ROI. Our next blog tells you how the research reports are employed to encourage sales.
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