You’ve got a killer brand. A great product. A master’s degree. You’re basically a marketing guru, right?
Not without market research.
It’s like having all the ingredients for a recipe but not the measurements.
Putting in the work to create, implement, and analyze market data will give you the push you need to be considered a market leader as a person, and bring your brand to leadership, too.
A Competitive Edge
What sets you apart from your competitors? Sure, maybe your product is shinier, faster, newer. Those are all important features. Do you have the information about your buyers to support your marketing campaign? That feels equally important to me.
This information can range from preferences to experiences and demographics to intent.
It’s invaluable, really, to intimately know your buyer, what makes them tick, and how to reach them. Having the best product in the world means nothing if you aren’t in front of your buyers telling them why, how, and where to buy it.
Your competitors probably have market data. You should, too.
Flying blind isn’t the smartest. Confidence backed by knowledge is the best way to make a decision, and when it comes to your business, having all the information puts you ahead.
As a leader, being equipped with a data-driven understanding of your market gives you better authority to make a call on your organization’s next moves.
Let’s assume you are a marketing director at a large organization. You have several hoops you need to go through to get approval on basically anything.
How do you do it?
Use the power of research. You have statistics to back up what you are trying to get approved. You know, based on research you have personally conducted, that investing your company’s money in your proposed campaign is a wise decision. It’s not just your opinion. It’s your opinion supported by undeniable evidence.
An article by Cint says, “Market research data can serve as a compass, steering each choice a company makes to take them one step closer to their goal of successfully converting and retaining their target customers.”
Get yourself a compass.
You don’t know what you don’t know
You’re super smart. I know this because you are reading my blog. You’ve stumbled to my little corner café of the internet to devour some delicious marketing content.
You’re super smart but you don’t know everything. That’s okay. Nobody does.
But you could know more than you do. How do you do that?
Ask questions of the people who can give you that information.
You may find through your research that you have a niche customer group in a specific European town, or that teenagers outpace boomers on your customer list.
This is information you wouldn’t have without market research.
Being the market leader means knowing which markets to lead, which to enter or exit, and who values your product or service the most.
Mo’ money, less problems.
I know that’s not how the song goes, but it’s how business goes. When you, as a marketing expert, generate more leads and more revenue for your organization, it increases your marketing budget. This will give you the freedom and ability to try new things, create new campaigns, and *gasp* conduct more research.
As a market leader, you provide value to your organization both as a member and to the company’s bottom line. This makes you an asset, and we like being an asset. It provides us with job security and the opportunity to keep doing what we love.
Just do it.
We all know that being a leader isn’t about shortcuts and inefficiency.
Being a leader is about innovating, creating, mentoring, and learning. The learning part is important because it means understanding there is more to know. Market research is that “more”.
When you have a firm understanding about your market, you are more well-equipped to make decisions, learn more, and generate revenue.
It’s a win-win, and you come out the victor.