Did you know that market research helps build community? One person and one person alone doesn’t build a successful brand. It takes a team, and part of that team are your loyal customers. You may think you know your target audience, but how much do you know about the individuals who are engaging with your content online or sporting your brand around town?
Market research allows you to learn more about who your audience is, their consumer habits, their interests. This information gives you the insight to better connect with your supporters and better market your brand. After all, you’re not just building a brand: you’re building a community.
The digital age has revolutionized how we once thought of marketing. Thanks to search engine optimization (SEO) and social media platforms, big-name brands and startups alike have the potential to have a global reach to an audience of billions.
However, it takes prior market research to truly harness these tools and wield them at their fullest potential.
The first step in market research is understanding who your target demographic is and how your brand fits into their lives. What age range does your target demographic fall into? What are their interests, and what are they expecting from brands similar to yours?
By using data and interacting with your demographic through social media, you can gain much more insight into the crowd you’re looking to attract and what appeals to them.
Chances are your audience will look a lot like your target demographic, but that’s not always the case. You’ll have consumers and loyal followers who support your brand but maybe the complete opposite of your target demographic.
Encouraging your audience to give you feedback is a great way to get genuine, authentic data about who they are. Again, interacting through social media is a great method of learning about your followers and a wonderful way to foster a successful consumer-brand relationship.
Giving out samples, performing a product demo or testing out your product with a handful of your audience is a great way to learn about what they do and don’t love about a new product before it ever hits the market. It puts you one step ahead of the game and allows you to improve your product based on authentic testing and feedback.
Another key step in market research is observing the competitor. As the age-old saying goes, “keep your friends close and your enemies closer.” While you shouldn’t directly rip off of your competitor as it will only hurt the authenticity of your brand, observe the marketing techniques they use and how their audience reacts. How are they engaging with their followers? What type of language do they use? Keeping an eye on the competitor gives you an idea of what consumers expect of brands within your field and allows you to see what works and what doesn’t before experimenting with different ideas yourself.
While the internet is a gateway to information, you are limited in just how effective you can do your market research without the proper tools or prior experience. At New Perspectives, our experts are happy to assist you in market research and get the job done right because we want to see your business thrive. We can provide you with in-depth marketing data and statistics that will lay the foundation for your brand to build a beautiful and vibrant community with your consumers.
Market research bridges the gap between consumers and brands, allowing businesses to gain a better understanding of their audiences and how to build a community with them. In the height of the digital age, market research has become more accessible than ever through social media, data, and statistics that are all conveniently available online. However, the power of this data is lost without the right tools to use the information efficiently. At New Perspectives, we’re here to help you make sense of market research and propel your brand’s strategies to the next level.
Head on over to our blog for the latest tips, tricks, and trends in marketing. If you are interested in learning more information about how market research helps build community, contact New Perspectives today.