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THE IMPORTANCE OF MARKET RESEARCH BEFORE LAUNCHING A PRODUCT

Market Research

Most people wake up with a business idea and the next thing they’ve launched a new product. And although this works initially, you make money and maybe make a name for yourself and brand?

With time you realize that maybe there are loopholes in your business that should have been treated I the first place.

In marketing the customer inking and therefore you must understudy your customer to know what exactly their needs are.

In Nigeria now, most people a lot of people admit to launching products and services because they think it will earn them quick cash and therefore do not any form of market research…

A market research tells you what products and services consumers are looking for and the direction to take your brand.  So it’s almost like ordering a meal at a restaurant without looking at the menu!

In doing a market research you can choose primary or secondary research.  Primary research is usually less unbiased and your chance to understand the buyers’ decision. Primary research can be done through a survey, phone interviews and more.

So primary research involves contacting potential consumers themselves. The beauty of primary research is that you can study the psychology of the customer, direct your research objectives and much more.

Secondary research, on the other hand, is using data or records out there to make the best conclusions for your business. The only issue is that the major details you require might not be available.

So how do you do a market research?

(1) Define Your Objective:

You must start each marketing research with an end goal in mind. So what exactly are you trying to achieve?  And what is the time frame to achieving this? Setting precise goals will help you achieve a substantial market research. If your business already exists, you must ensure that you understand the problems in your business and focus your research around it.

(2) Research Method and Design:

In many ways, research starts with a problem that management is facing. This problem needs to be understood, the cause diagnosed, and solutions developed.

However, most management problems are not always easy to research. A management problem must first be translated into a research problem. Once you approach the problem from a research angle, you can find a solution. For example, “sales are not growing” is a management problem.

Translated into a research problem, we may examine the expectations and experiences of several groups: potential customers, first-time buyers, and repeat purchasers. We will determine if the lack of sales is due to:

(3) Prepare Your Research Questions

Conducting Professional marketing research, questionnaires can provide you with valuable information about your competition.

While a marketing research firm can save you time and leg-work, it can be quite expensive and simply not a possibility for new and growing businesses.

Much of the information you need in order to profile your competitors is readily available to all business owners.

As your business grows and expands, you should consider supplementing your own research efforts with some formal research conducted for you by an outside firm.

Before you begin seeking out the sources listed below, keep in mind that you need to obtain answers to the following questions:

  • Who are my top three competitors? 
  • On what basis am I able to compete? 
  • What is the range of products and services they offer? 
  • Are their products or services aimed at satisfying similar target markets? 
  • Are my competitors profitable? 
  • Are they expanding? Scaling down? 
  • How long have they been in business? 
  • What are their positive attributes in the eyes of customers? 

 

(4) List Your Primary Competitor

Whether you want to admit it or not, your competitors are out there and they’re hungry for your customers.

While it might seem unfair given everything else you need to keep on top of in building up your business, you might want to consider devoting the time and energy to keeping tabs on your competition.

In doing these, you must go and do beyond Google Search, do more of Product reporting, tap into the social media, ask your customers questions, attend conferences, Conduct surveys, and try to hire your competition.

(5) Summarize Your Findings :

Once you have completed your research into the wants and needs of your target market, you will be able to make any necessary adjustments to your product, as well as your marketing plan moving forward.

Without prior research, your company risks introducing a product that costs valuable resources to produce but ultimately sits on a shelf collecting dust.

Best Times to Post on Social Media, Do we have such a thing?

Social Media

I have overheard some ‘self-acclaimed experts’ who will say you need to post on social media at a particular time and on a particular day due to this and that. I want you to take that advice only as a guide or a starting point because I don’t think people set time on the internet.

 

The best time to post is when your customers are online. You need to discover what works best for your audience!

 

What others are doing may not work for your business. It takes trial and error to see what works for your own kind of business. Knowing your audience pattern on social media takes time.

Know your audience

 

How old are they? Where do they live? What’s their commute like? What do they do for work? What are their challenges and pain points? What social networks do they use? Do they scroll through their feeds on a phone or computer?

Keep an eye on your competitors

When do your competitors get a high amount of likes, shares, retweets, reactions, and comments?

 

Test those times as well as an opposing schedule. Do you also get more engagement at noon on weekdays? Or do you see a boost on the weekend when your competitors are quiet? The question here is whether you should follow suit, or you zig when they zag.

Keep on testing 

 

Don’t get complacent. Find the times that work best for you, but never stop testing. Audience habits—and network algorithms—change.

 

Have fun with your social media. Forget what everyone else is doing and only concentrate on what works for your business.

 

Don’t always choose the most popular times when posting online. Posting on the hour is a predictable time to post. The majority of businesses will post online, for example, at 11:00 am.

 

For example, if a person was going to look at their social media on their lunch hour, they would probably get their food first and then start looking around to press the damn phone immediately after or before they go back to work.

 

Facebook and Instagram via DM provide great analytics that can help you understand when your followers are online.

 

It’s not when they are on your page, but when they are online in general. Facebook in its own peculiarity narrows the times down by day and by the hour.

 

And of course just because you are up at 5:00 am in the morning doesn’t mean your audience is up too. Lol

 

Enjoy it. Test, test and then test more and see what works. Once you find the best times for your business, social media may be more enjoyable, less stressful and easier to understand.

 

 

HOW TO IDENTIFY THE BEST DIGITAL MARKETING AGENCY FOR YOUR BUSINESS

Digital marketing agency

If you are starting a business or Startup that is consumer focused, you must consider before other things, how to get your products to your target audience.

Almost everything is consumed online these days, even Dangote Cement. Which invariably means that people buy almost anything online.

Depending on how you are starting you will need a Digital Marketer, Consultant or an agency to help you with strategies and leverage the possibilities of Digital Marketing to drive growth for your business.

If you have good knowledge of Digital Marketing you can start by doing this yourself. All you need is to read resources online, especially case studies of businesses similar to yours.

This post is for people who can not do it themselves and who will typically need a team to help scale their business or ideas with Digital Marketing.

After reading this post you will understand the elements that are important when looking for the right Digital Marketing Agency, you will also understand the things that don’t matter and buzzwords used by Digital Agencies to mostly bamboozle clients who know little to nothing about Digital Marketing.

SHALL WE?

I need to let you know that I work for a great Digital Agency that is 100% Data Driven but we are not always going to be the best for every business. It is important to find a team that will bring the best value on board and promotes your business in the best way possible.

I consider the 5 points below very important when considering a Digital Agency.

KNOW WHAT YOU WANT:

It is easy to make the wrong decision if you are not sure about what you want for your business. It will be easy to know your marketing needs if you have a business plan.

You may not know so much about Digital Marketing but doing a research on similar businesses and how they leverage Digital Marketing will give you insights on what you should be doing. Should you be more interested in building a great social media presence or curating impeccable content for distribution?

For Instance, I.e Hotel businesses mostly acquire customers via search because when people need hotels they will most likely use search engines to find one while a small fashion business will leverage on Social Media to build a community and Influencers to drive engagement.

Write a list of everything you want need a Digital Agency to do for you, the list may include media production, content curation and marketing, Social Media Marketing, Search engine Marketing, Analytics and so on.

(1) RESEARCH THEIR WORK:  

Most agencies publish their work and case studies online. This should be available on their website or Social Media pages.  Do some research from what you find to help you understand their process and value proposition.

Identify the strength of the agencies that you are reaching out to and make sure it aligns with your needs. Look out for agencies that have worked with your kind of business before, the benefit is that they already know your market and will most likely understand your target audience.

This doesn’t mean that you can’t try Agencies that haven’t marketed your kind of product before, you can assess them if you are convinced that they are exceedingly creative and have done work that is very commendable.

(2) ASK QUESTIONS:

At this point, you should know what you want from a Digital Marketing Agency, select 2-3 agencies from your research then proceed to interview.

Before you interview an agency, get familiar with Digital Marketing terms so you don’t get carried away when they start using terminologies that you don’t understand.

Share your vision and story with them and explain in clear terms what you want to achieve. Be nice but ask direct questions that will reveal if this agency is great for your company’s direction.

(3) PRICE:

Expensive or cheap is subjective but please note that expensive doesn’t always mean good. Be flexible, put your quote in a spectrum.

Keep in mind that if you are the lowest paying client at an agency you may not get the dedication or resources available to their high paying clients.

My advice is to select an agency that caters to companies with your kind of budget.

(4) DOCUMENT EVERYTHING:

The success of your digital marketing strategy is reliant on your planning and implementation, now that you have found the right agency for you I advise that your document your agreements.

The document should state clearly the deliverables, time frame, strategy in phases etc. This way you are able to track their work and avoid miscommunication.

 

This may seem like a long process but it’s important that you get it right from the jump. Take your time at the research stage, be flexible but be resilient where it counts. You are on your way to finding the right agency that will take your company to the next level.

Best ways to Choose the Social Media Channels for Your Business

Social media

For as little as 6 hours per week, over 66% of marketers enjoy enhanced lead generation benefits with the use of social media. A properly executed strategy can improve search rankings, drive more website traffic and increase conversion rates… Read More

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