To Research, Or Not to Research.
The idea of conducting market research can seem overwhelming and expensive. I recently had the privilege of helping conduct market research for one of my clients and it has been an extremely educational and eye-opening experience for myself, my internal team and my client. Because market research has been a huge part of my daily life lately, I thought I would share with you the three reasons why you, as a brand, should invest in market research.
Market research bases your communications strategy on facts
As a brand, or even as an agency working for a particular brand, it’s easy to become ingrained in your own thoughts and assumptions about a brand and its target audience. You have to constantly remind yourself and your team that you are not your target audience. Market Research is a great way to bring yourself out of those assumptions and help base your communications strategy on facts.
Market research saves time and money in the long-run
Without the research to support your communications plan, you are essentially shooting in the dark. You base your plan off of the assumptions you’ve made, and hope that it works. If the results don’t turn out as you expected, you have to go back to the drawing board until you get it right, which can get expensive and time-consuming. When you base your communications strategy on facts, and not assumptions, you will save time and money in the long-run and will be more likely to end up with an effective and efficient plan.
Market research sets a baseline
This one is my personal favorite. I (and my clients) love being able to measure campaign results, but if you don’t know where you’re starting, you can’t confidently say that what you’re doing is or isn’t working. Market research helps you gauge where you currently are, set goals for where you want to be, and create a baseline to measure how far you’ve come at the end of a campaign.
While market research may seem like a daunting investment, it will be well worth it in the long-run. It’s important to take the time to ask the right questions that lead to valuable insights in order to avoid making incorrect assumptions about your target market that could lead to costly mistakes down the road. And in the end, you will have a baseline to measure the success of your campaign from.
Do you think your brand could benefit from Market Research? If so, please reach out and let us know how Texas Creative can help!