Market Research Findings Help Marketing

Last week, I wrote about using market research to develop your business plan. But, just as important as business plans is your marketing plan. There is an old quote in marketing that you “know only 50% of your marketing is effective, you just don’t know which 50%.” However, this old adage is just not accurate anymore. By developing your marketing campaigns in a correct way, you can track the effectiveness of your marketing.

Before doing anything, you need to think it out ahead of time and plan it. The old saying of the 5P’s (Prior Planning Prevents Poor Performance) rings true nearly every time and this is no exception. Once you have developed your marketing plan, implementation and tracking is easy to do. Here are some easy idea to help track your marketing.

  1. Ask! When your customers call you or come to you, ask how they found you and get to know them a little better. This could be done with a simple survey or actually asking and tracking on a form you developed and is near the phone or a cash register. Most likely, customers have seen your marketing in multiple messages, so be prepared for multiple answers. Also, try and get their contact information for mailers, email marketing, or database enhancement.
  2. Use QR Codes. These are great tools, especially if you are already doing print as an avenue for marketing. QR Codes, or Quick Response Codes, are the black and white squares you are likely seeing everywhere, like this one here. With the right app on a smartphone, the code launches the phone to a website, phone number, to send a text to someone. You can develop a specific site and analyze the number of hits on the site from just the code. There are a number of sites that can generate the qr code for you like kaywa or QR Stuff.
  3. A/B Testing: Though sounding difficult, it really is not. This is ideal for direct mail marketing. If you have a database of actual customers or prospects, select a portion of the entire database. From there, divide the group in half and develop two direct mail pieces that have only one difference (different offer, different message, different print, different image, etc.) and see which one gets a better response? The one that does, send the remaining database that piece.

Although this list can almost be exhaustive, these are some quick and easy ones that would be easy to include in what you are already doing.

How have you used market research to improve your marketing?

–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at jnolfo@rhinomarketresearch.com.

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About J. Nolfo
Well...there is a lot to know. #Cx, #Analytics, #SM, Specialty #AgChem, #StL sports, & more. FT @BASFAgProducts. @Mizzou Alum. Supporter of the #Rhino. Tweets my own. #SMMW17 attendee....Dad...Hiker...Scouter...and so much more.

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