15% of startups have problems with pricing, and 38% of them run out of money or are unable to turn a profit. Conducting adequate market research prevents you from failing. Some businesses go as far as marketing but without a working strategy. This was observed in 49% of established businesses. Crazy, right?!

A decent marketing strategy guides your every step; you know what to anticipate at every stop. Market feasibility directly influences your marketing strategy.

What is Market Feasibility?

Market feasibility studies help determine if there is a market for a new product or service. They answer questions like: Is there a demand? Who are the potential customers? What are the competitive dynamics?

If the study shows strong demand and low competition, proceed confidently. If it shows the opposite, rethink your approach or the idea itself. It helps ensure your strategy is based on solid market data.

How to Conduct Market Research

Market research helps you understand your market and avoid problems. You get to know what your customers want, what they need, and how best to strike the balance of tending to their needs.

The first thing you need to do is gather data for the research. This can be done using several methods:

• Surveys
• Interviews
• Observational research

Look at past data to identify patterns and predict future market movements. Study how customers make purchasing decisions, what influences them, and how they interact with your brand.

Define Your Target Audience

Knowing your target audience helps you tailor your messages and services to meet specific needs. Understanding who your customers are helps you create more personalized and relevant marketing campaigns.

Techniques for Segmenting the Market

Demographic Segmentation:

This involves dividing the market based on age, gender, income, education, and occupation.

Example: Targeting young professionals aged 25-35 with a high disposable income for luxury products.

Geographic Segmentation:

This focuses on segmenting the market based on location, such as country, region, city, or neighborhood.

Example: Marketing winter apparel to customers in colder regions.

Psychographic Segmentation:

This method segments customers based on lifestyle, values, interests, and personality traits.

Example: Targeting eco-conscious consumers with sustainable and eco-friendly products.

Behavioral Segmentation:

This involves dividing the market based on customer behavior, such as purchasing habits, brand loyalty, and product usage.

Example: Offering exclusive discounts to repeat customers to encourage loyalty.

Create Customer Personas to Guide Strategy

Customer personas are detailed profiles representing different segments of your target audience. These personas include information like demographics, interests, pain points, and buying behavior. Creating customer personas helps you:

• Understand your audience’s needs and challenges.
• Develop marketing messages that resonate with specific segments.
• Identify the best channels and tactics to reach your audience.

Set Clear Objectives

The best way to ensure your objectives are practical is to use the SMART criteria:

• Objectives should be clear and specific, leaving no room for ambiguity.

Example: “Increase website traffic.

• Objectives should include criteria for measuring progress and success.

Example: “Increase website traffic by 20%.”

• Objectives should be realistic and attainable.

Example: “Increase website traffic by 20% in the next six months.”

• Objectives should align with broader business goals and be relevant to your company’s mission.

Example: “Increase website traffic by 20% to boost online sales.”

• Objectives should have a clear deadline to ensure timely progress and accountability.

Example: “Increase website traffic by 20% in the next six months to boost online sales.”

Develop a Unique Value Proposition

A compelling UVP draws customers in by clearly stating the value they will receive. A UVP reinforces your brand’s unique position in the market, making it more memorable and distinctive.

Here is how you create a compelling UVP:

• Understand what your customers value most and what problems they need solving.

Example: “Busy professionals need quick, healthy meal options.

• Focus on the specific benefits that your product or service provides.

Example: “We deliver fresh, ready-to-eat meals in under 30 minutes.”

• Your UVP should be easy to understand and quickly convey the main benefit.

Example: “Healthy meals delivered fast.”

• Emphasize the unique aspects of your offering that competitors don’t provide.

Example: “Our meals are chef-prepared using organic ingredients.”

• Make your UVP compelling and persuasive to encourage customer interest.

Example: “Enjoy delicious, nutritious meals without the hassle.”

Choose the Right Marketing Channels

To choose the proper channels, consider the following:

• Where your target audience spends their time. Are they active on social media, or do they prefer traditional media?
• Assess how each channel performs in reaching and engaging your target audience.
• Evaluate the cost and resource requirements of each channel. Some require a larger budget to manage.

Create a Marketing Plan

Decide how much you will spend on each marketing channel and activity. Monitor your spending to ensure it stays within the budget.

Outline your actions, such as running ads, creating content, or hosting events. Plan how you will implement these activities effectively.

Set a timeline for each tactic and activity. Determine start and end dates to keep your marketing efforts organized. Identify key milestones and deadlines to track progress.

Engage Marketing Strategy Consulting Firms

Consultants help you create effective marketing strategies based on industry knowledge and best practices. They assist in executing and managing your marketing plan. Consultants offer an objective view that you might not see from within your organization.

Measure Success

Measure increases in revenue attributable to your marketing efforts. Track the percentage of leads that turn into customers.

Calculate the cost to acquire each new customer. Assess the total revenue a customer is expected to generate over their lifetime.

Monitor the number of visitors to your website. Track likes, shares, comments, and other interactions on social media platforms.

Measure how well-known your brand is among your target audience. Analyze customer perceptions and attitudes toward your brand.

Conclusion

Ready to elevate your Marketing Strategy? Connect with Us for expert guidance and support. Our team of professionals will help you develop and implement the perfect plan to unlock your business’s full potential.