Types Of Research Every Advertiser Should Know
08 May 2018
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.

  1. Target Audience & Segmentation Research
  2. Creative Testing & Concept Exploration
  3. Research for Content Marketing
  4. Brand Tracking

 

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

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.

Brand Tracking

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).

3 Common Misconceptions About Market Research
02 May 2018

Over the years, we have heard many false misconceptions about market research. However, three themes consistently stick out: 1) Anyone can conduct market research 2) Focus groups are always the best methodology 3 )Research is not worth the money. Below you will learn why these misleading statements are not always the case.

1.     Anyone Can Conduct Market Research

In today’s digital world there are many free and inexpensive online tools. As a result, companies may feel it is a cost saving to conduct research in-house over hiring a market research company. This is a common pitfall that many businesses conclude and is potentially quite dangerous. If a research study is not conducted properly, it often leads to inaccurate results. It could even potentially provide the wrong marketing strategy.

Market research professional’s number one job is to reduce the number of errors in their quantitative, qualitative, and secondary data. These experts have years of training and know how to avoid errors such as improper research design, poor data collection methods, inadequate sample size & design, and improper use of statistic procedures.

Furthermore, a third party conducting the research compared to an internal employee avoids any research biases. A person who is close to an issue or the everyday inner workings of a company may not have an impartial view when conducting the market research resulting in skewed findings.

2.     Focus Groups Are  Always the Best Methodology

Many of our clients love focus groups, and we often conduct this qualitative research methodology. It provides an approach that favors the most in-depth, revealing, and personal responses. However, this exploratory method is often costly and not necessarily the best approach to answer every research need. Given that this method only interviews a limited number of participants, the research is directional in nature.

Today, there are many online tools that can question a larger number of participants that not only provides results that statistically represent your target audience, but also provide qualitative methods to garner in-depth insights. These online exercises are great to test brand concepts, messaging, print and digital ads, TV commercials, and radio ads. More so, this type of research is often conducted at a faster rate and costs significantly less money than focus group research.

3.     Research is not worth the money

Often companies focus on execution needs such as a new website, media buys, or commercials. An area that is sometimes cut from the budget is a strategy based off of research. As a result, the marketing or business strategy can become compromised and be based on only assumptions. While in the short-term it may have saved a few thousand dollars, in the long-term your business may not be effectively reaching your target audience. This results in potential lost profits.

If there is a specific budget you need to work with, be honest with your research vendor. There are often cost-effective methodologies to help answer your business objectives.