Market Research and New York City
29 Nov 2016
Written by: Rachael Ryan

For generations, New York City has been held in the heart of the world’s population as a land of opportunity, the city that never sleeps and a city where just about anything is possible. Because of that, the industries in New York City not only drive the state’s economy but it is a driving force for the national and global economy. According to Fortune, New York City is the ‘center of the business universe’. There are more industries, more companies and dozens of new start ups every single day. With that in mind, market research is more important than ever in NYC.

New York, the center of the business universe

Historically, New York has been the hub of numerous industries such as construction, media, publishing, tourism, the clothing and financial sectors. Lately, it is the hub of incalculable industries. There are also many new and upcoming industries and brands in the city, NYC is now home to new industries such as biotechnology companies and science industries; other industries such as the health sector, the arts and film industries are thriving here now more than ever. New York has so many new industries and innumerable established industries that it makes it difficult to stand out in such a competitive market. That’s why it’s more important now than ever to get your brand name out there and have it resonate with the right people. New brands need to make an impression with their target audience and more established brands need to reinvigorate their brand amongst existing and prospect customers. This seems like an overwhelming task in such a competitive market until you realize there is only one step that you need to take in order to make this a lot easier for you and your brand: research.

Where to start

Every inch of New York is wrapped in logos and slogans, sponsored and product placed which means that that valuable space is becoming more and more expensive. The New York City subway is laced with advertising and there are more advertisements in Times Square than in a lot of small towns. And that’s only one corner of the city; every single corner of this city has been marketed. There are so many that it all becomes white noise to New Yorkers. Don’t forget New Yorkers consume traditional media as well. At some stage, New Yorkers have to start drowning it out. Hence, if you don’t have a deep knowledge of your target audience – all of your costly marketing efforts will be drowned out and it will all have been in vain. The only way to avoid this is by researching your target audience before you do anything.

People are more different than they are similar

The population of New York City is projected to grow to 9 million people by 2040. People move to New York from all over the United States and from foreign countries daily. There are more people moving to New York City than are moving out. This means that the market is growing everyday and it is one of the most culturally diverse markets in the world, the people in it are more and more complex and less difficult to make assumptions about. New York is more diverse than any other city in the USA; there are more ethnicities, there is a bigger range of income, there are more members of the LGBTQ population here, and marriage trends are unconventional in New York– everything about everyone here is unpredictable. The only thing you can predict about a New Yorker is that they all more different than they are similar!

Therefore, your brand needs to conduct research accordingly if you plan to thrive in NYC.

For more information on how to research your target audience, have a look at Provoke Insights blog here. Market research can at times be time-consuming; therefore brands often reach out to market research companies, like Provoke Insights for a helping hand with this important research. As a New York City based research and consultancy firm, they have a great understanding of New Yorkers and the perfect base for conducting research in this complicated and sometimes dumb-founding city. Sign up for the Provoke Insights newsletter here.

Secondary Research and Launching a Brand
21 Nov 2016
Written by: Rachael Ryan

Whether you’re launching a new product or service for the first time, launching an existing brand in a new country, or rebranding an already successful brand… There is one common denominator – you have to do your research!

Market research is often overlooked in launching a brand. Unfortunately, many a brand has failed due to lack of market research or conducting market research too late. Timing is everything in every aspect of a product launch and research is not exempt from that statement. If market research is too far down on your ‘To-Do list’ then you might be setting yourself up for failure – this isn’t just my opinion, this has been a mistake made by brands as big and bad as Coca Cola, P&G and Microsoft in the past. And it’s easier to just do the research than it is to rectify any damage caused by an ill-thought out or ill-researched brand launch. We have decided to put together a series of blog posts to discuss the importance of research in launching a brand, in today’s post we are going to discuss where to start.

So, when should you start your market research?

In this case, there’s no such thing as too soon. Once you have a clear idea of what you want your product to be and where you want it to go – even in theoretical terms – you need to be researching. Market research at this early stage will mean that your product answers all of your customer’s needs and the outcome will have been determined by the customer/market rather than simply creating your brand from your own opinions or from a handful of opinions within your brand.

Where can you start with market research?

Well, we have to go back to basics. You have to gather market intelligence. Both the market and the consumers need to be understood.

Secondary research is vital here. What is secondary research?  It is information that is already out there. You would be surprised as to how much information is available before running to do a survey or focus group.  Why is this type of research vital for a brand launch? It indicates;

  • What is happening or changing in the industry
  • What are trends to take note of
  • Who your competitors are
  • What your competitors are doing
  • What type of marketing is the competition doing (advertising, media spend, PR, etc)?
  • Who uses this type of product/service

 

It is also important that you use the already existing research that is out there before your start conducting your own primary research because you don’t want to double up on research and if the information is out there, then be resourceful and use that information instead of having to find it out yourself.

So how do you gain access to this information?  This type of marketing intelligence is more than a simple Google search.  Some free sources include CensusPew Research and Statista.  However, several sources are more costly and analyzing all the data may be tedious and difficult.  Often brands reach out to firms, like Provoke Insights, to help with this important research.

Keep an eye out on Provoke Insights blog for the next part in this series or sign up for our newsletter here.

 

Know Your Target Audience Through Research
15 Nov 2016

Written by: Rachael Ryan

Have you ever been to a children’s birthday party when an adult gives one child some attention, then before they know it, every child at the party is vying for that adult’s attention? But the adult no longer has any time to give to any child because there are so many kids looking for it – in the end, no one gets attention and the adult goes back to conversing with the other adults.

That’s the world today! You’re the adult and brands are the children. We gave our attention to marketing – once or twice, maybe a couple of hundred times – and now every single brand is vying for our time and attention. The more brands compete for our attention, the less time and attention we have to give.  As a result, we need brands need to more efficiently reach their customers.

There are more barriers than ever between you and your target audience. There are more channels from which to get information out there, there are an increasing number of social media channels, more apps, more news outlets, and more television series on more television streaming websites and TV channels, more adverts and more messages trying to be transmitted. All of this makes it even more important for you to understand your prospects and customers.

So how can you go about understanding your target audience?

Research, research, research! If you know nothing about your target audience in this day and age, you need to start researching. Research is the only means of finding out who your target audience is.

Find out your audience’s demographic – this is limited in its potential to present the motivations for buying but it will allow you to begin to form a picture. It’s limiting because it doesn’t tell you why – it tells you who the customer is (i.e. gender, age) and where they are but you’re missing the why and the how.

Straight off the bat, you need to understand your consumer’s goals. Why is your consumer buying your product? How did your consumer get to your product or service? Understand the problem or desire that your audience may have that will lead them to your product. In order to do that, you need to research the audience – research those who will be in the market for your product or service.

You might be thinking, that’s all well and good – but how can I get all of that information? Well, a survey will provide you with the answer. Research can help you determine not only the whowhere and what but more importantly it can resolve the mystery of why and how! Not only that, it will also ascertain which segment of your audience will invest the most in your brand.

Segment your audience through research. Divide your audience into segments and provide content specific to them. Make sure your content is consistent, shareable and of a high quality. Your marketing won’t get any attention unless it’s worth the audience’s while – don’t offend your target audience by contending for their attention via poor quality content. I can assure you no one will give you attention the next time you contend for it!

Choose how to engage your audience wisely. Where do they get their information? If your audience doesn’t listen to podcasts then don’t choose that as your means of communication with them. If they ordinarily read blog posts that they see on Twitter then don’t focus all of your attention on Snapchat.

Be true to your brand. Finally, we live in a world filled with skeptics; always remain honest and true to your brand. Consumers today are quick to flag when they are being fed nonsense and drivel – it will do more damage to your brand than good if you try to get their attention with content that has a spurious link to your brand. Be sure to remain authentic. That way, you’ll become someone that your audience trusts and wants to invest in.

Want to learn more about your customers? Check out Provoke Insights article  Four Ways to Better Understand Your Consumer. Also, you can sign up for our newsletter here.