Marketing
Market research guide for small businesses
Before campaigns big brands carry out research to get insights. Marketing agencies use the insights to come up with strategy for specific objectives and audience. Small businesses will also benefit from such approach.
As per strategist Julian Cole four things lead to impactful strategy. They are insights about company, consumer, category and culture.
Company Questions:
What share of the market does the product have? How fast is it growing?
What is the size of the category? How fast is the category growing?
What are the marketing objectives for the campaign?
What is it about the company that’s either contributing to — or failing to solve — the business problem?
How is the brand currently seen by the growth / opportunity market?
What must the brand become to penetrate the growth / opportunity market?
How should we reframe the brand or product to exploit the growth opportunity?
What are the brand objectives for the campaign?
Consumer Questions:
What do the brand’s current consumers look like demographically, behaviorally and/or attitudinally?
What do “fans” of the brand look like demographically, behaviorally and/or attitudinally?
What is the current mindset of the consumer that is holding them back from purchasing?
What do consumers think of the brand, good and bad?
What consumer trait or characteristic could this brand uniquely celebrate, honor or pay tribute to?
What consumer problem could this brand uniquely solve?
What consumer desire or aspiration could this brand uniquely satisfy?
Category Questions:
What are the dynamics of the category?
Is it changing, growing, shrinking?
Who’s the category’s “Goliath” and what weakness could we exploit?
Who’s the category’s “David” and how are they winning?
What are the cliches in advertising of the category?
How could we go against the creative grain of the category?
How could we zag while everyone else zigs?
Culture Questions:
What’s going on in culture that the brand could credibly challenge?
What, in culture, could the brand become a credible champion of?
What noble purpose could this brand uniquely and credibly pursue?