In this Whiteboard Friday, Rand covers the what, why and how of market research for tactical execution.
Why Research First?
Conducting research before investing in execution of your tactics provides you invaluable answers to the following questions:
Who is your target customer?
Where are they on the web?
How do they make purchase decisions?
Who are their influencers?
A Research-Based Road Map
When these questions are resolved, you can then establish a more specialised plan for your tactics which considers the personas you’re targeting, the best channels to reach them and the information you need to provide to generate conversions. Include in your road map:
What goes on your website
Where/how you spend
How you measure success
What marketing tactics you need to be good at
Types of Market Research
- Competitive – Investigate your competitors marketing tactics. Look at competitors’ Evangelists, marketing channels, target markets, unique value proposition, press, mentions, design and UX.
- Customer – profiling, targeted surveys, sizing/perception surveys (through Survey Monkey Audience or Google Consumer Surveys), in-person interviews, usability studies (like in-person but with a finished product) and wireframe reviews (where you propose different products that could be developed and get feedback on whether they’d be useful).
- Expert – using similar techniques as you would with customer market research, such as interviews, surveys, profiling, usability and wireframe reviews, but instead with experts in your industry as they tend to be influencers to customers.
Tip: Don’t forgo the value of customer feedback for the opinions of experts. Try to take both into account.