Why it matters: It’s no secret that a comprehensive understanding of one’s target audience is fundamental to an organization’s success. Everything from product development to positioning and marketing is impacted by the effective development of target personas.
While most companies have a decent understanding of what their ideal customer profile looks like; a distinct advantage of market research is the depth of detail it offers about the preferences, behaviors, and habits of a target audience – based on actual facts and everyday actions they take online.
Doing Audience Analysis and Consumer Journey Tracking
Organizations can discover insights about their ideal customers quickly and in finite detail. So instead of having a static persona that doesn’t really change with Training Directors Email Lists the times; marketers can discover things like:
Discover which marketing channels appeal to a specific audience
Grab our customer persona template to use a framework for this research – it’s at the end of this post, along with 5 other useful market research templates.
Reduce Costs and Save Time
Perhaps one of the biggest benefits of market research for a business is its ability to help organizations improve efficiency and reduce outlay – both from a time and cost perspective. While each business achieves different outcomes, doing proper research can help pave the way for process improvements.
A few examples include:
Spending less on marketing channels that don’t appeal to a target audience or drive ROI.
Decrease customer churn via surveys, enhanced support, or more suitable product offerings.
Prevent you from entering a new market in a CNB Directory territory that’s already saturated.
Testing the viability or appetite for a new product or service before making investment decisions.
Reduce customer acquisition costs (CAC) through clearer targeting and messaging.
Identification of new partnerships or affiliates who can drive referrals to your business.