Are you ready for the good news? We have to warn you; it won’t sound like good news at first. It may even seem a little sad, but as we explain, you’ll understand that for you, it’s good news because it allows you to increase your brand’s resonance.
CoSChedule run a study and found that only 65% of marketers do audience research. This is not all, CX Network revealed that 63% of buyers think brands try to sell them things they don’t need. So, the news is bitter-sweet: 65% of marketers have no idea what their clients need and want, and 63% of purchasers think companies try to Bamboozle them. How is this good for you?
You can be one of the few companies that does audience research and provides your clients with the products they need. It’s the opportunity you’ve been waiting to stand out. Even if underrated, audience research is the missing piece of the puzzle when you try to enter the market. The best idea isn’t hiding in your head but in the ones of your clients. The best product is the one your prospects want. The good news keeps coming! Audience research is easy and low-cost. Let’s get into a more in-depth analysis of the steps essential for the process.
If You Made Assumptions, Check Them
You probably think your product is the best and everyone needs it. Who doesn’t need a honey and milk soap (let’s say you sell this type of soap)? You’re not the only one presuming your product is rocking the industry; everyone selling something has this assumption, but you cannot be sure before you research to prove or bust it.
How Can You Check Your Assumption?
Checking your assumptions is simple. Create a sheet called Assumption Buster, and in the first column, insert your target audience (try to describe them as thoroughly as possible). In the next ones write down the assumption about the reasoning behind your idea. Finally, brainstorm questions that can support or bust your assumption.
The survey will tell you if you should go with your idea or put it to rest for now, or for eternity. Sometimes the market isn’t ready for your idea, but there will come a moment when they’ll need your product.
Do A Competitive Content Market Analysis
It’s difficult for your products to stand out when there are millions of other ones made daily, or maybe it isn’t.
You don’t need thousands of dollars of promotion to stand out; you just need to show your audience that you’re different. And by being different, we mean staying ahead of your competition by creating products that are more beneficial than the other millions out there. Even if your product is the best, your clients won’t find it if you don’t create valuable content to promote it.
How can you tell if your content resonates with the market? Audit the text associated with your brand. Then check the content your competitors produce and try to create something that has a unique spin and provides in-depth information. You can also build a promotion plan to ensure your content reaches your audience. For this, you need to do a competitive content analysis. A company that specializes in B2B market research can identify the key terms your brand targets and use tools to determine how each of them ranks. During audience research, they also evaluate your top competitors and the content they produce to find out how valuable their content is and what questions it answers.
Find Out What People Hate
When working in the marketing world, the things people hate are more critical than the ones they love. Why? Angry clients are three times more likely to head to your social media profiles or website and post a bad review than happy buyers.
To add to that, prospective clients form an impression based on reviews. But what if you have only bad reviews? Then there are no clients, no sales, and no revenue. 68% of people trust the feedback they receive online, and 85% of them trust online opinions as much as they value in-person recommendations. Customers also value recommendations that come from authoritative resources, so you should try to get one of the experts in your industry to review your product and provide feedback. Research reveals thought leaders in business because it’s crucial to associate your brand’s name with the one of an acknowledged expert.
If you check internal complaint data, you can quickly identify bad reviews your previous clients offered. You can also look on social media, read emails, ask your customer relationship manager to make a report, and ask the salespeople that represent your brand what the clients have to say about your products. By streamlining your process according to feedback you receive from your public, you boost your retention rate by 30%.
That’s not all. Once you solve all your customers’ complaints, check your competitors’ reviews to see where they’re failing, and learn from their mistakes.
When you search for what things people hate, try to answer the following questions.
- Is there something your buyers misunderstand about your brand or product?
- What does the public dislike most about your sector?
- What factor causes the most frustration in the market?
- What level of knowledge does your average client have?
- What do your clients need to learn?
Don’t Stop at First Audience Research
Secondary research is one of the most cost-effective ways to find out if your brand resonates with your clients– no extra surveys, no extra expenses, just extra data analysis. You already have a ton of information from your first research, and it would be a huge mistake to dismiss it if you need to analyze another aspect regarding your public.