3 Market Research Strategies for New Products or Services
Effective market research is essential for getting the most out of your marketing campaigns. Market research can help you learn more about your business, your competitors, and your potential customers. With the information you learn, you can use relevant strategies to help market your brand and successfully launch a new product or service.
Test Clicks, Views, Engagement, and More with Facebook Ads
Also known as consumer insights, the information you can receive from Facebook ads is a surefire way to learn the most information about your customers. Facebook ads can show you the demographics of your customers, as well as their viewing habits, hobbies, physical location, and when they are most likely to see your ads.
With this information, you can coordinate your ads and launch new products or services to the time your customers are most likely to see them, using marketing strategies that appeal to their interests.
Send Email Surveys to Your Email Lists
Another way to get information about your customers is to send out surveys to your existing email lists. The people who are a part of your email lists are likely already big fans of your brand, so they would be able to provide valuable insights that can help you develop better marketing strategies.
Like Facebook ads, email surveys can reveal your customers’ demographics, hobbies, and passions – if you ask the right questions. Incorporate the information you learn into the marketing strategy for the launch of a new product or service.
Complete a Competitive Analysis
Completing a competitive analysis allows you to understand your competitors’ operations and how to adapt to take advantage of their weaknesses. Conducting competitive research can be helpful no matter your business’s size because you will always need to try to edge out your competition.
You can do a competitive analysis on your own, or you can hire professionals who are trained in market research. A thorough competitive analysis will require you to examine your competitor’s revenue, profits, marketing strategy, and how their customers perceive them. By learning how your competitors operate, you can identify the best ways to market your new services and products.
For example, let’s say you own a restaurant and are considering new menu options that would increase your profits. In completing your competitive analysis, you notice that your local competitors lack vegan or vegetarian options and that they advertise mainly through print and Facebook ads.
To counter your competitor and have the best chance of a successful menu launch, you decide to include options for people with dietary restrictions. You also know that young people are more likely to identify as vegan or vegetarian. Hence, you decide to market your new menu through a series of Tweets and Instagram posts that showcase your new menu’s quality.
Effective market research is the only way to guarantee the successful launch of a new product or service. Having a fundamental understanding of the audience you’re marketing to will give you a significant advantage in the market.
By learning about your competitors and your customers’ habits, you can target your marketing strategies to your most popular demographics for the most significant return on new products or services.