Understanding Marketing Research Fundamentals
Businesses should develop marketing campaigns according to an overarching marketing strategy. Initially, this may not have been a major issue for flower growers as they purely depended on the auctions. But today, they have no option in view of the change of market to the more direct and opening of virgin markets. The most effective strategies are based on thorough research. Understanding the fundamentals of marketing research, including segmentation, competitive analysis and brand positioning, can help maximize the return on your marketing budget while establishing a solid presence in your industry.
Strategy Basics
Marketing strategies serve to inform and guide every decision a company makes related to its marketing. These can include pricing structures, product features, sales channels and customer-service policies. With a well-defined marketing strategy in place, every marketing decision can be evaluated in terms of its contribution to or alignment with the strategy. When all elements of a campaign align with that strategy, each one can enhance the others.
Competitive Analysis
Understanding the importance of competitive analysis is crucial to a successful marketing strategy. It can provide a thorough understanding of your competitors’ marketing strategies, including their pricing structures, target markets and brand identities. Analyze every element of your competitors’ marketing, including their total revenue and market share where possible. Define their brand identities and look for gaps in the market to find opportunities.
Market Study
Market segmentation is the process of grouping consumers by common characteristics. Identifying and defining a target market in this manner can allow you to create advertisements, promotions and sales processes that resonate with those people most likely to buy your products. Analyze the demographic, psychographic, geographic and behavioral characteristics of the market to understand where potential clients may come from. Design products and marketing strategies around their needs, preferences and buying habits. Consider looking for an unserved niche in the market to provide highly targeted products and services that competitors cannot offer.
Brand Positioning
The art of crafting a well-known image for a brand is known as brand positioning. Effective marketing strategies revolve around this concept. When advertising, promotions, pricing, product features and distribution align to form a cohesive identity, each element of a marketing strategy can become more effective.
For example, if your research reveals that most of your local competitors offer high-end products, it may reveal a strategic opportunity to serve the budget end of the market. In this case, combining price promotions, wide distribution, budget pricing and simplified product features could help you to gain loyal customers looking for greater value.