Are you involved in your company's advertising campaign? Do you work at an advertising agency? If so, market research may be key to enhancing your advertising initiatives!
Below, we will discuss four popular market research methods that every advertiser should know and we will synopsize why businesses should consider using it.
Target Audience & Segmentation Research
Who is your target audience? Who has the highest propensity to not only purchase your product or service but also have the highest Lifetime Value?
If you are launching a new product or just reevaluating your audience, it’s time to know which segment is most profitable.
It is also important to consider segmentation – your marketing and advertising can’t speak to everyone all of the time – you may want to prioritize cohorts or use a segmentation to optimize your media and messaging.
Creative Testing & Concept Exploration
Are you launching a new advertising campaign? Prior to launch, test your creative and concepts. This allows you to leverage your advertising and messaging to its fullest extent without having to learn from your mistakes. If you think you might need concept testing or optimization of creative research – we have two blogs on them here and here.
Research for content marketing makes your brand a thought leader by using research to get press placements. Bring your research to life by using it as a catalyst for B2B and B2C awareness, engagement, lead generation, and conversion. Tactics include online videos, infographics, sales materials, email marketing, thought leadership pieces, press releases, and guerrilla efforts.
Have your advertising initiatives made an impact? That is why it is pertinent to start tracking your marketing initiatives even before you launch a campaign. Once the advertising is launched, the desired outcome is campaign memorability, consideration, likely to use and recommend. This type of research also gauges how it is performing compared to your competitors.
For all of the reasons mentioned above, businesses should consider market research for their advertising and branding strategy it is one of the most effective methods to improve your ad campaigns ROI (return on investment).