5.02 – Gathering Information About Market & Consumer Trends
No matter the industry, many resources provide valuable insights about current trends, social issues, and market projections. Think tanks, research firms, trade associations, business news reports, and journals are essential for understanding the current and future marketing climate.
Paying Attention to Information Resources
Big accounting firms and specialty groups regularly conduct research on almost every aspect of business, often providing their findings for free. Notable groups that publish regular reports on industry-specific data, as well as general market and consumer trends, include Nielsen, Deloitte, Accenture, Forrester, and Think with Google. A simple online search can reveal a wealth of recent reports from various firms.
Rich data on how other companies grow their business is also available. For example, research firms like the Winterberry Group provide annual reports on advertising spending and projected trends. Understanding how similar brands allocate their advertising budgets can offer valuable insights into which channels are most effective in your space. Large brands in both B2B (business-to-business) and B2C (business-to-consumer) sectors invest heavily in research to ensure a strong return on investment, so paying attention to their strategies can be very beneficial.
Reliable sources for information on advertising trends include Forbes, eMarketer, and Statista. These platforms frequently update on marketing, media usage, expenditures, and commerce across digital and traditional channels. Regularly visiting these sites helps you stay on top of trends and make informed decisions on resource allocation as consumer behaviours and markets evolve.
Uncovering What Really Drives Your Customers
The success of any marketing plan hinges on your ability to identify the emotional selling propositions (ESPs) that resonate with your core customers. How consumers feel about your brand, customer service policies, and their experiences with your business determines your short- and long-term success. Regular research can help you identify, understand, and manage consumers’ emotional reactions and attitudes, allowing you to communicate with psychological relevance and stand out in your category.
Instead of just asking routine questions related to product or service satisfaction, include questions that delve into how customers feel about their experiences with you. Here are some ideas for questions to ask customers during or after a transaction, sales presentation, or in focus groups:
- What emotional or functional fulfilment did you seek when making this purchase?
- What is your main goal when purchasing in this product category?
- After doing business with us, how did you feel? Did you feel valued, appreciated, and excited to do business with us again?
- Did we make you feel any different than when you purchased from a competitor?
- What attracted you to our brand?
- What was the primary reason you chose to purchase from us versus a competitor?
- What are your decision criteria for this product category?
- What are your primary expectations for the brands you consider?
- What do you like most and least about our brand?
- How satisfied have you been with purchases and experiences from others in this category? What generated your satisfaction or dissatisfaction?
Analysing Customer Feedback
Create a chart to reflect the negative and positive feedback and ratings of your product or service. This visual representation will help identify notably negative and positive elements, highlighting the weaknesses you need to address and the strengths to build on.
By gathering and analysing this information, you can develop a deeper understanding of what drives your customers and tailor your marketing strategies to meet their needs more effectively.
