How Marketing Research Saves Marketing Dollars

Marketing is a data-driven process and without the data, you’re launching blind campaigns. Modifying your marketing efforts without truly understanding your audience is a very easy way to burn your marketing budget on a message your audience doesn’t resonate with.
 
How do we circumvent this? Marketing Research. 

What is Marketing Research?

Marketing research refers to the designing, gathering, analyzing, and reporting of relevant marketing information for the purpose of improving marketing effectiveness.
 
It drives educated decision-making.
 
Marketing research can take a quantitative form, such as Google Analytics data, and qualitative data, such as internal surveys. It’s important to utilize both forms of marketing research in order to have a complete view of your audience’s behavior.
 
This data can inform a wide range of your marketing strategy:
  • Landing Pages
  • Branding 
  • Ad copy
  • Imagery
  • Design
  • Pricing
  • Packaging
  • Scheduling
  • Placement
  • Product

Making decisions with marketing research

It’s likely that you already have access to marketing research, whether it’s in Google Analytics, a past survey, or an excel sheet. 
 
The question is: what do you do with the data? Let’s examine an example below.
 
Anthony’s eCommerce website sells camping gear in the United States. His website is doing very well, but he wants to increase conversions on each product page. As such, he revamped his website to have much more information, design, and elements on each of his product pages. He did not conduct any research prior to making these changes.
 
When he reviews the data in Google Analytics, he sees that the time spent on each page has increased, but the conversion rate has decreased. He is confused. Doesn’t more time spent on the page mean they are more engaged? 
 
He decides to conduct more research. He implements a recording software on his website to see how his users behave on his website, and he also adds a question to his checkout: “Was there sufficient information on the product pages?”
 
Upon examination of the recordings and a review of the surveys, he learns that website visitors thought that there was “too much information” on the product pages. This confused them and made it hard to see a clear path to conversion. 
 
Anthony uses this information to revert his product pages back to the way they were before. He plans to use the recording software and conduct a new checkout survey to discover opportunities to improve the product pages.
 
If Anthony conducted marketing research before making the changes, he could have saved on unnecessary design changes and the time used to make these changes. He could have also prevented the decrease in conversions and revenue.
 
By using marketing research, Anthony mitigates the damage done to his eCommerce business and sets himself up to make informed decisions in the future. 
 

Conclusion

If we learned anything from Anthony’s mistake, it’s that conducting marketing research prior to executing a campaign, website change, or brand modification can increase the probability of delivering something of value to the audience.
 
Conversely, moving forward with no data can lead to paying for bad campaigns and losing revenue because of a decrease in purchases.
 
By taking the time to research and understand your audience’s needs and expectations, you can construct better marketing strategies and spend your marketing dollars more efficiently.
 
For more marketing tips, visit lionelrivera.com.

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