The Dilemma Many small to mid-sized businesses are often caught in a “To Market Research or Not To Market Research” dilemma and by Market Research, I mean traditional market research methods like focus groups, survey polls, etc. So why is there this dilemma? To nail it, it’s because of time and money. As a business manager you are often crunched for time before product launches, ad campaigns, and constrained by budget too.
So then you may ask – how to market research? Use tools like Survey Monkey? Sure, if you feel all you need is a range of 100 – 250 responses per month … Or, if you are a small business or network surveying your internal staff for cafeteria food improvements or annual Christmas party venue ideas, by all means, go for it. However, if you are launching a product or campaign and would like to test it before the big launch, using a third party research company specializing in the field should be the preferred route to take. Responses require analysis and credible/effective analysis requires thought and strategic direction. Survey Monkey does neither for you.
A tool providing a broader respondent base at a given point in time would seem more beneficial. Don’t you think? Do I hear Market Research company?
The Million-Dollar Question Is market research imperative to business /product/brand success?
If you don’t know whether your product or service is relevant to your target market, you are not only wasting your valuable marketing and sales bucks on product development, but also on your distribution and advertising campaign. Miriam Hara from 3H Communications puts it very aptly, “Sometimes a $1K spend is more costly than a $10K spend – after you do the math.” Be farsighted. Think long-term customer loyalty via knowing customer demand. Translate that into sales. Translate that into dollars. Translate that into a happy boss. A happy boss equals promotion, which equals a bonus, which equals a happy you.
A lot of big marketers like to back up their ‘Market research is not important’ outcry by quoting what Henry Ford famously once said, “If I’d have asked my customers what they wanted, they would have told me ‘A faster horse’.” Steve Jobs was one of them. In an interview with Fortune Magazine’s senior editor, Betty Morris, he was quoted as saying famously, “we do no market research” when it comes to choosing strategy. And when it came to connecting with his consumers, he spoke about launching the innovative Apple iPhones after talking to everybody around him and finding out how much they hated their cell phones. iTunes Music Store? Same story. Observing people around him, he realized how much everyone loved their music and that they all wanted to carry their music around with them. It “seemed like the writing on the wall” that electronic music transfer is the future. Ironically though, Apple is known to conduct surveys to get customer feedback on its products and service.
If you don’t talk to your target market, you won’t know how to beat competition. Knowing about the strategies and plans of your competitors is Marketing 101.
As much as your family and friends’ opinions are valuable in your personal life, they are not good enough when it comes to your business. They don’t want to hurt your feelings. Start off with secondary research if you really can’t spend much. But try to use both primary and secondary research. Oh, and just in case you missed the point above, let me reiterate … Please don’t use Survey Monkey.
The cost of a market research project is typically less than the media cost associated with a product or an ad campaign launch. So an unsuccessful campaign translates into a waste of all those big media bucks.
So what do you think is the roadway to business success? To Market Research or Not to Market Research?
(Miriam Hara’s e-book quotes are available on www.3H.ca)
Every marketing campaign starts off with two things: a brand and a target audience. Determining a target audience used to be fairly simple; marketers looked at demographics and psychographics and determined which groups would be most responsive to the brand.
Who:is your target market made up of males or females? How old are they? Are they married or single?
Where: where do they live? What country? Are they in the country, suburbs or city?
What: what are their interests? What time of day is best to reach them? What is it about the brand’s persona that connects with them?
Why: why is the brand appealing? Why does the target audience need the product or service?
How: how can a brand’s product or service benefit the target audience?
Fundamentally the process for determining target audiences hasn’t changed, marketers still ask those questions. However, what has changed is how specific target audiences can get.
Psychographics are becoming increasingly important as niche marketing is becoming more of a common practice.
Brands that serve a niche market need to pay attention to psychographics in particular. Already having a smaller number of people in their target audience, these brands need to ensure that the connection they do create is a strong one.
It used to be that males 18-25 and who live alone was a target audience. Seems kind of broad doesn’t it? It is possible to narrow down the target audience even more and it’s largely due to social media.
Social media has made it possible for anyone to be a publisher or a writer. If an individual is dissatisfied with the lack of discourse on their interests, there is little stopping them from starting a blog or an online magazine. That’s where marketers need be looking to determine their target audience.
With the vast amount of resources available at marketer’s fingertips, it is possible to include more variables in the target audience. Instead of targeting males 18-25, who live alone and don’t cook, they can target males 18-25, who live alone in an exact neighbourhood and who don’t like vegetables.
For agencies, this can mean greater efficiency and better results for the brands. While the “blanket approach” of placing ads in all outlets that cover a particular topic can be successful in some cases; increased exposure does drive sales, it runs the risk of being too generic and lacking the details that speak directly to the target audience.
For niche marketing and its specific target audiences to be successful, marketers need to use the fine details to grab the attention of the members of the target audience, speak to them directly and build a strong relationship that will be maintained over time.
With niche marketing ads are just the beginning. As previously mentioned there are blogs, online magazines and digital media, but then there are also social media platforms and forums. Marketers need to be monitoring online conversation and see how people are speaking about brands and products. In doing so marketers can better position brands and products to align with the feelings and perspectives of the target audience, again developing a stronger connection.
Integrating psychographics and multiple variables when identifying a target audience helps drive sales through developing brand loyalty, as opposed to attracting a large amount of one-time buyers.
How specific do you get when identifying target audiences? How do you determine which variables to include?
The internet and social media have created a venue for open marketing. It’s called the Blog. No longer are “readers” designated to print alone. Reading is now accessible to anyone that has connection to the web. Social Media has enabled more people to read up on their points of interests. People are turning to the views of bloggers for information on a specific topic and because they are seen as a trusted source. Added to that, bloggers are perceived as everyday people – one of “us” – and essentially they are. Bloggers tend to be very upfront about the experience they have with various products, stating whether or not they were paid or if they are acting as a brand ambassador. Transparency is what makes them trustworthy. Knowing that that there is no hidden agenda helps bloggers create a very loyal following. The beauty of blogging is that anyone, anywhere can do it; but, it must be done well, especially when we are speaking about brands and brand voice.
So why are blogs worth considering? That’s an easy one… and is part of Marketing 101: Bloggers are another channel through which brands can reach their target markets based on psychographics. That in itself is exciting. Bloggers are a great way to reach a niche target market that may not be accessible with traditional media. There are blogs on everything, from cooking to parenting and even someone chronicling their journey in the Himalayan Mountains. Marketers can make use of bloggers by having them write reviews for products and services, promote contests and events, or even establish the forum themselves and engage with their audience one on one.
So why aren’t bloggers included in more marketing campaigns? Much like traditional PR, there is no guarantee that a blogger will be interested in your product or service and if they do agree to a review, you can’t control what they’ll say. However, there is a way to overcome this obstacle. You can buy advertising space on blogs that garner attention from your target audience. Although, the most effective outreach happens when bloggers write review posts of their own accord. You have to EARN that review by convincing the blogger that your product or service is worth writing about.
How to identify appropriate bloggers? Social Media isn’t easy and it isn’t inexpensive, there is a significant amount of time and energy involved when doing research. The first step is to identify influential bloggers. This can prove to be difficult depending on how specific your target audience is. There are a few different methods a brand can take when trying to locate bloggers:
Look within: Brands may already be connected to bloggers and not even know it. Checking Twitter and Facebook followers and looking through website comment sections is one way brands can find bloggers that may already be tuned in to them. If a blogger has already engaged with a brand, they are more likely to get on board.
Simply search: Running a search of brand keywords and images can be a good way for brands to identify bloggers. If a brand has been mentioned on top influencing blogs chances are it will come up in a search. Searching competitors is also a good idea. If the competition has been mentioned on any blogs, it may be a good idea to approach those blogs.
Turn to tools: Online tools that rank and organize websites and blogs are everywhere. Turning to sites such as Bloglovin, Technorati, BlogCatalog and Alexa can prove helpful in finding influential bloggers. Tools that specialize in blogger outreach are also great to take advantage of. There are a number of tools out there such as BlogDash and GoupHigh that help brands find, research, and track blogger outreach efforts.
5 things you should know to help you fine tune and optimize your results on your blog:
Where is the blog located?This one can be tricky, most bloggers don’t include a physical address in their profile description. But it is worth knowing, if you are trying to get a product promoted that is only available in certain locations, you want to avoid blogs that are outside those area. For example if a product is only available in Canada, you don’t want to reach out to bloggers from the States. If it isn’t mentioned on the site, email and ask.
What topics do they cover? Make sure that the topics featured within the blog are relevant to your brand or its target audience.
Are they PR/marketing friendly? Not all blogs accept product from PR or marketing firms. Look at some of their previous posts and see if any reviews or promotions have been included, if not, reaching out to them may be a waste of time.
Is your product or service a good “fit”? Blogs can fall into a general category, but take a specific stance. For example, there are a lot of food blogs, but some cater to a vegan-organic-gluten free audience. Be sure to determine the bloggers point-of-view and make sure your brand falls within it.
What is their audience reach? If a blog is PR/marketing friendly or accepts advertising, they usually have a media kit with site stats such as audience reach, demographics etc. This is important to know, because you want to create as much awareness as possible. Try targeting those with a high number of unique visitors per month. If there isn’t a media kit available to download, just ask.
Once you have all the required information, put it to use and tailor your pitchto the individual blog: mention past posts, say why you think your product is a good fit for their blog and why their readers need to know about it. Also be sure to mention what’s in it for them, whether it be free product (because who doesn’t love free stuff!) or some sort of kick back.
Blogger outreach doesn’t have to be difficult, you just need to pay attention to the details and put yourself out there. How do you successfully integrate blogs into your marketing campaign? We’d like to hear about it here!
With all the hype around the Olympics and some big name sponsors promoting the games, it’s almost impossible to turn on the television or look in a magazine and not see an ad that in some way incorporates sports. However brands don’t need to wait for a big sporting event to capitalize on the popularity of sports.
So the question remains, why are sports so popular in advertising?
Aside from the high viewership of sporting events like the Olympics or the Super Bowl, there are a lot of positive characteristics associated with sports: team work, dedication, competition, entertainment and being the best. For many brands, those are the very characteristics they are trying to embody and represent to their target market.
With so many viewers engaged in sports, with sports and sport celebrity, it goes without saying that it’s a good way to build brand awareness, branding following… and obtain brand loyalty. There are some die-hard sports fans out there who will support their team till the very end. If a brand associates themselves with a customer’s favourite team, it creates a connection, a sense of solidarity and some of the loyalty the customer has towards the team will be transferred to the brand.
Using sports is clearly easier for some brands more than others. Brands like Nike, Liquid Nutrition and Gatorade have an advantage as they supply products that are used or required within the world of sports or health.
All three brands use athletes as brand spokespersons in their ads. Gatorade used Sidney Crosby in their G-Series commercials.
By having an athlete who is at the top of his game endorse the product sets a standard for those who play sports. The crucial element of the ad is that the viewer actually sees Sidney drinking Gatorade. If you want to be the best and play hockey like Sidney Crosby you fuel, you train and you push with Gatorade.
The challenge for some brands is to find a way to leverage the popularity of sports when they aren’t directly related to sports and health.
If a brand’s product or service doesn’t directly relate to sports, they can still use sports to their advantage by emphasizing shared themes and characteristics.
When you think of your Visa card, your mind doesn’t necessarily thinks of sports, but yet they sponsor the NFL. Visa is successful in their ad because they play on two elements of sports: dedication and entertainment. Visa knew how much fans love football and the extent they go to when celebrating the sport and their team. Visa uses that knowledge to position themselves as a brand that helps fans get closer to football.
Even brands who operate business to business have found ways to incorporate sports.
Dentsply created a Gold Performance campaign, in which they dubbed specific products as gold performance products, signifying those products as the best of the best. Even though Dentsply doesn’t speak to sports, athletes or any organization in particular, sports were used as a vehicle to spread their message of superior quality.
Sports, with their mass appeal and popularity, can be a great tool to spread brand messaging. What are some of your favourite ads that utilize sports?
The 2012 Olympics have officially started, but for months we have seen advertisements from Olympic sponsors. The most coveted position for an Olympic sponsor is to be part of The Olympic Partner programme (TOP). Being part of the TOP programme gives sponsors exclusive worldwide marketing rights. This year’s sponsors in the TOP programme are: Coca-Cola, Acer, Atos, The Dow Chemical Company, GE, McDonald’s, Omega, Panasonic, Procter and Gamble, Samsung and Visa. Participating in the TOP programme is an amazing opportunity for sponsors. They are able to associate themselves with one of the most recognizable symbols in the world and launch innovative campaigns on a global platform for a potentially unlimited reach. We believe that a great Olympic ad should align the values of the brand with the values of the Olympics, use the Olympics as a vehicle for their product and service and, of course, make a lasting impression on target market.
With so much at stake, we want to know, who do you think deserves to take home a gold, silver or bronze medal for their Olympic ad?
Ads from TOP programme sponsors in the running for medals are: Procter and GambleAd: “The Best Job” Creative Premise: P&G is using its voice at the Olympic Games to say “Thank You Mum” not just to mothers of Olympians, but to all mothers for everything they do to help their children meet their dreams. P&G is playing on the idea of family legacy. They were there along side mothers to help Olympians before they were Olympians. Children achieve their dreams with the help of their moms, and P&G. This is really a heart-tugger! Coca-colaAd: “Move to the Beat of London” Creative Premise: To bring teens closer to the Olympics and sports through music. This ad demonstrates their mission to refresh the world, to inspire moments of optimism and happiness and to create value and make a difference. The beat was created by recording the sounds made by athletes. The producer seen “conducting” the athletes is Mark Ronson, who is known for launching the career of Amy Winehouse. The ad inspires happiness as everyone is having a good time cheering for the Olympic athletes. It fits in well with the Olympics as they are not just a competition, but also a celebration of the best athletic talent in the world. VisaAd: “Go World” Creative Premise: Celebrate athleticism and human triumph through unique athlete stories. Visa takes a simple approach in their ad. The visuals are straightforward, athletes performing. What resonates with the audience is Morgan Freeman narrating. “When you cheer…” gives the audience a certain amount of power, they make the athletes perform just a little bit better. When you cheer and use Visa, well you help your team win. By using Visa you can go anywhere and make anything happen. Tell us who you think should receive the gold, silver and bronze medal! During this year’s Olympics we’ll be doing a series of blogs that speak to the event, brands and sports. Stay tuned and join the conversation!
