Marketing is a process, and the first step of the process is research and discovery. If you don’t have relevant information about your customers, market, and competition, it will be impossible to accurately define a marketing strategy. LLT Group, a digital agency headquartered in Naperville, Illinois, explains why research and discovery are the first main steps towards developing your marketing plan.
Understanding Data
We live in an age of endless content and media, meaning that the internet and social media give us access to a tsunami of data and resources for research and discovery. LLT Group explains that data is both directional and predictive, allowing you to orient yourself in the context of your industry’s size and health, competitors, and customer needs, wants, lifestyles, and preferences. When you start a new business, mining for data will allow you to avoid costly mistakes in the future.
Understand Your Customer
The first thing you need to look at answering is, who is your customer? A vital thing to consider when defining your customer base is to recognize that if you’re producing content for all consumers, you’re likely not reaching any consumers. Defining your customer base from the early stages of development will provide you with a blueprint moving forward and will force you to dive deeper into the company goals and purpose. Important factors to consider are age, geographical location, gender, social class, interests, etc. If you do not have a disciplined focus on who your audience really is, it is likely that your messages and marketing tactics will not resonate with potential buyers and audiences.
LLT Group explains that once you have identified your target demographic, it is now time to consider what they value. People do not simply buy what you sell but buy what has value to them. It is easy to blindly create content and branding around the value of your business and products, but do they resonate with consumers?
Know Your Competition
The next thing to consider is the competition. Consider answering the following questions:
· Who are your competitors? Look for companies that offer the same or similar product and see how they are positioning themselves in the marketplace.
· What are their price points?
· How do they market themselves?
· What differentiates them?
What is going on in your market or industry should inform, to some degree, what your marketing plan should be. Do not compare your business to your competitors and utilize similar tactics, but rather become familiar with the state of your industry to ensure you maintain relevancy and adapt to trends.
As a digital agency that provides marketing services for clients, LLT Group undertakes a wealth of research when completing projects. For more information, please visit llt-group.com.
