How to Use Market Research to Enhance Marketing Goals and Plans
I came across this blog from 2006, but found the information mentioned here to be even more relevant to businesses today in this weak economy.
Quote from MarketConnectionsBlog:
“Metrics are on the minds of executives everywhere, as many continue to look toward scorecards and other tools to measure their business initiatives. The performance gains delivered by leaders armed with true metrics are undeniable. Yet, surprisingly, many organizations’ commitment to marketing and customer relations metrics often ends up on the cutting room floor during annual budgeting.
Benchmark studies are an effective method to accurately identify best (and worst) practices within marketing and customer satisfaction – but it can be tough to get such studies off the ground. Furthermore, organizations need to conduct them regularly, since each one serves as the benchmark against which the next study is compared. The value of benchmark studies – understanding how to more effectively build awareness, consideration, preference and loyalty – is significant. And, the more studies you do, the easier it gets.”
One of the ways that we as an advertising company try to differentiate ourselves in the market is by offering our extensive research resources to any local advertiser who works with us. FCG Research has resources that can help you develop and research these marketing metrics.
Here are a few examples of how our advertisers have used our research services in the past week:
- One furniture store needed to relook at their advertising mix, to see if they were going in the right direction. By looking at the demographics of that store versus their major competitors, we could identify demographic strengths and weaknesses. Based on the research, we helped them revise their targeted demos from Women 25-54 with household incomes of $75,000 to a broader Adults 35+ with household incomes of $50,000. This broader demo was more in line with their customers. In addition, we helped them revise their daypart mix by indexing ratings against income. For example, we found that both our 6:00am news program and The Tonight Show both reach the same amount of Women 25-54, but the news program reaches nearly twice as many high income ($75,000+) women as The Tonight Show, and is thus a more valuable program for the furniture store.
- A local cancer center wanted to test overall market awareness against its competitors. We designed a custom telephone survey that interviewed 500 respondents in the center’s core geographic area. We cross-tested their three main competitors. We will re-run this survey in 6 months to see if there has been a change in overall awareness – a change that can be used as a marketing ROI.
- For a major automotive brand, we examined market spending for their major competitors across all advertising mediums in the market. This helped the automotive brand ensure that they were appropriating their advertising budget to ensure they had a strong share of voice in the market.
These are just three examples of how marketing research can help develop benchmark metrics. While this sort of research can be extremely expensive from an outside market research company, by doing business with Florida Communications Group, you have access to these types of research tools as an added benefit. How can we help you solve your business and marketing challenges today?
Entry filed under: General Research.