When creating a marketing plan or building a business for that matter, it is essential that you conduct some type of marketing research before you put too much time and money into your project.
Its very easy to blow hundreds, even thousands of dollars on a marketing campaign an get absolutely no results. Marketing research is the one tool you have that will prevent this from happening. Not only will it help you save money, It will also help you dramatically increase your the response and results you get from your marketing.
Here are some of the reasons marketing research is the foundation of your marketing plan.
Helps Identify Who
Marketing research will tell you who your ideal customer is. You will get to know and understand more about the characteristics and demographics of the type of person who is most likely to buy your product or service.
Helps Identify What
Research also helps you understand more about what your customers want and what products and services they are most likely to buy.
Helps you Understand Where
This information also helps you understand where to find your customers. This helps you pinpoint how to reach your customers with your marketing message.
When you build your business marketing plan based on a foundation of solid marketing research, you exponentially increase your chances of success.
Using research allows you to cater your business to those who are most likely to use your product or service. By marketing this information to target your market , you will eliminate all of the wasted time, money and effort associated with poor performing marketing campaigns and losing tons of money. This can add up to big bucks as you scale your business or if you are already bringing in serious revenue.
Any business owner knows that a winning marketing plan is the difference between a successful business and a business failure.