Picture this: You're scrolling through your brainrot Instagram feed, all comfy in your pajamas and maybe with a snack in hand (no judgment!). BAM! A gorgeous clothing store pops up in your feed. Their well thought collection is just Al Bacio (Chef’s Kiss), the aesthetics are on point, and you're thinking, "Okay, universe, I see you!" You naturally click on their profile right?. Their Instagram? Flawless! influencers know their stuff, the comments literally GOATED, and you can practically see yourself in those clothes. That is Marketing!
But here's the thing, behind all those dreamy outfits and perfectly filtered photos, there's a whole world of strategy. It's not just pretty pictures but also a carefully crafted plan to make you go "YES, I NEED THAT!" How do they know you'd love those wide-leg jeans or how do they make their brand stand out in the sea of online stores, moreover how do they make sure you actually hit that "add to cart" button? Let’s Find Out with Mr Zero:
Market research might sound like something that only big corporations with big pockets need to do, but think again, if you’re in business, you must understand your target audience's demographics, interests, and methods of communication.
Primary vs. Secondary Research
You should familiarise yourself with primary and secondary market research methods.
1.Primary Research: This is like doing your homework from scratch. You’re the one collecting the data, doing surveys, interviews, focus groups, you name it you gotta do it. Think of it as asking your audience directly what they think about your product or service and know if people are interested in your new line of eco-friendly fashion? Create a survey and ask them what they are really thinking.
2.Secondary Research: This is where you go on a treasure hunt for existing information. You’re gathering data that’s already out there: industry reports, competitor analysis, and online reviews. It’s like checking out the reviews on Flipkart before buying something
Market research is crucial because it helps you make informed decisions, save time and money, and ensures that your marketing efforts hit the spot.
If you’re trying to sell an umbrella to someone who lives in the desert, well, good luck with that! But if you are targeting a rainy city, your business is all over the streets.
Understanding your target audience means you can tailor your marketing strategies to reach the right people, in the right way and well at the right time. This involves identifying the psychographics, requirements, behaviour, and demographics of your audience. In short, who are they, what do they care about, and where do they hang out online?
For instance, are you selling high-end fitness equipment? Your target audience might be affluent individuals who value health and wellness, and they likely spend time on Instagram or YouTube watching workout tutorials. Are you selling handmade jewellery? Your target might be a younger, fashion-forward crowd who loves unique, personalised pieces.
To make things more clear, marketers often create customer personas. These are fictitious, broad depictions of your intended audience. They’re not just about age, gender or income level, though those factors help, but persona dives deeper by understanding their challenges, motivating factors and needs.
For example, imagine you’re creating a customer persona for a high-end yoga mat. Meet Yoga Enthusiast Basanti — a 26-year-old yoga instructor living in a city, passionate about health and wellness and always on the lookout for eco-friendly products. She spends most of her time on Pinterest and is likely to purchase after watching product reviews from influencers she follows.
By creating a few of these personas, you can better understand the mindset of your target audience and create content and ads that speak directly to their needs and desires.
Now, you’ve done your research, figured out who your target audience is, and you're ready to hit the road. But wait! Have you checked out what your competitors are doing? Understanding the competitive landscape is vital because knowing where you stand relative to others can give you a competitive edge.
Presenting your secret tool for competitive analysis: the SWOT analysis. You can assess your opportunities, threats, weaknesses and strengths with the aid of this technique. Here’s how this goes down:
Competitor analysis doesn’t end with a SWOT. You’ll want to continuously monitor your competition by looking at their marketing strategies, customer reviews and new product launches. It’s like how the aunt in your neighbourhood keeps a keen eye over whatever that happens around in your society.
So, to sum it up, marketing isn’t just about throwing ads out into the world and hoping something kicks. It’s about understanding your target audience through thorough market research and identifying who they are and what they need and well, staying aware of what your competitors are doing. When you understand these factors you can create a marketing strategy that speaks directly to your audience and gives you the upper edge.
Next time when you are doomscrolling analyse and see it for yourself, everything is strategically shown to you rather than it being just a coincidence. Learn how this works in real life and its implications in depth by joining us in Digital Internships 2.0.
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