By Amanda C. Kooser & Miki Markovich April 2009
Source: Chron
Photo Source: Unsplash,
All businesses need to develop a form of marketing strategy. This may be as simple as focusing on building up word of mouth or it may involve a complicated multi-pronged media advertising campaign. Marketing research can help businesses formulate and focus these strategies. It starts with learning about the customers that you already have as well as the ones you want to reach.
Marketing Research
Marketing research is a broad term that encompasses the process of gathering and understanding data about your customers, demographics and business climate. It can also involve the development and testing of new products or services. Information is the basis of marketing research. Businesses gather this information through seeking out demographic studies, test marketing products, conducting surveys and informally requesting feedback from existing customers. Local businesses can research statistics about their local community, including income levels and other demographic information. An online search is a good place to start.
Marketing Strategies
Marketing strategy involves putting the information discovered through marketing research to work. These are the concrete plans that a business uses to reach new and existing customers. A strategy may start with identifying a specific marketing problem, such as increasing sales, expanding the customer base or introducing a new local business to the community. Strategy takes into consideration the budget that you have available. For example, a small local retailer with a very small marketing budget may decide to put its funds toward an email and online campaign designed to raise awareness locally. This could involve creating social media profiles, building up a customer list and sending a regular email newsletter with updates and special coupons.
Benefits
Linking marketing research with marketing strategy has many benefits for a business. To be successful, marketing strategy needs to be properly focused. That means knowing what customers you want to target and finding the best avenues to reach them. Marketing research can help a business put their marketing dollars into the type of advertising that will be most effective. For example, a new online business may use marketing research to understand that their best customers are young buyers between the ages of 22 and 30. Surveys and market data could pinpoint the online sites that these customers are most likely to frequent. The business can then purchase advertising or build up a profile on those sites.
Customer Data
Gathering customer data is a key basic of marketing research. Conduct surveys of your existing customer base to better understand who they are. Consider offering an incentive, including a discount or free gift in exchange for sharing information. Data can also be collected during the purchasing process, especially if this involves an online checkout. Many third-party companies offer marketing research services that can turn up very specific demographic information. Look for trends that can inform your development of marketing strategy. Find out what forms of communication your customers prefer. They may react well to email marketing or prefer receiving messages in the mail.
Adjustments
Marketing research and marketing strategy are ongoing processes. Your customer base and their preferences may shift over time as your business develops and grows. Adjust your strategy in response to new marketing information. Keep up on new technologies that can become a part of your marketing strategy. For instance, mobile marketing is a relatively new area that is can be particularly effective for local businesses that are trying to reach customers nearby. If your marketing research shows that your customers are avid smartphone users, then this can be a smart way to go. Stay flexible and make the gathering of marketing research and formulation of strategy a regular part of your business routine.
Market Research?
What Is Brick and Mortar Marketing?
Brick-and-mortar marketing refers to marketing tactics used by businesses serving customers face-to-face, often at a traditional storefront. According to Merriam-Webster, this term was coined in 1992. To give it the sound of physicality, the phrase used to describe this type of marketing utilizes words often used as supplies to build a storefront.
Physical
Physical marketing of a brick-and-mortar location might include signage. Quality signage that effectively identifies the business and accurately reflects branding is important to attract passers-by. This could include the building sign as well as secondary signage used to advertise sales or daily specials.
Neighborhood
Neighborhood marketing for a brick-and-mortar business can take several forms. Some businesses mail information about special offers to targeted neighborhoods. Volunteering with local neighborhood associations in order to gain trust and visibility is another viable way to garner positive attention. Some businesses find success when they partner with a neighboring business. This allows them to host special events together while maximizing resources.
Citywide
Local advertising in newspapers, area magazines, radio stations and television stations can provide visibility in your town. However, working with the city's chamber of commerce or targeted non-profits might provide a larger return on investment, provide word-of-mouth coverage and make your community a better place to live and conduct business.
Online
Because Internet searches far outnumber physical telephone directory searches, it is important to utilize online resources when marketing your brick-and-mortar business. These may include Google Places, geo-tracking, Foursquare and various review venues such as Yelp and Yahoo! Local. A brick-and-mortar business that begins a website to utilize as a marketing and sales tool becomes a "click-and-mortar" business. This can allow you to generate interest outside your locality, thereby expanding your business's reach as well as informing the local population about sales and business history.
Social Media
Social media can be a pivotal component in brick-and-mortar marketing. Business owners can encourage local people to "like" their Facebook pages by providing special offers, interesting content or engaging contests. They also can reach local consumers by engaging them via Twitter. Find people who live locally by using a keyword search, such as a town or neighborhood name, or use zip codes or city names in a location search. Utilizing social media as a brick-and-mortar business will not only allow you to engage and inform potential customers, but it will also offer an avenue to efficiently address customer service issues and conduct surveys. This, in turn, may just lead to more positive word-of-mouth marketing.
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