I am working on a video tutorial today on how to research and test before you build your business. It will also be useful if you are looking for ways to make it grow. I will be sure to share it on this blog once it’s posted. Market research is really important, yet most brands keep on fumbling along without it.
So many companies that I work with tend to build in a bubble. They forget to find out more about their customers, investigate the competition or look for trends on the horizon.
You need to know the lay of the land. You can’t promote just because everyone says “oh this really works”. You need a marketing map people. There is no one-size-fits-all approach to marketing your business and you can’t build anything big in a bubble.
Image from SunCityCamp.com – recreating the Martian experience.
Forget about the traditional market research model of surveys and demographics. The internet now has us measuring customer behavior in real time, closer to the actual moment of purchase. Companies that can help your brand discover how to give your customers what they want, when they want it –
Graph Effect will help you find out more about your target audience than just what they give a “thumbs up”. Watch this quick tutorial on their Facebook page.
Companies such as RichRelevance, Certona, Baynote and Monetate all offer the ability to personalize information to specific audiences based on their online and in store behavior.
RichRelevance powers personalized shopping experiences for the world’s largest and most innovative retail brands, including Wal-Mart, Sears and Overstock.com.
Certona enables online retailers to personalize their entire customer experience by delivering individualized product and content recommendations in real-time, increasing average order value and revenue per visit.
Baynote equips ecommerce executives with new power to give consumers what they want, when they want it. Brands can understand buyer intent and engage consumers by offering the most relevant products and content as interactions are occurring – across chat, social, email, mobile and landing pages.
The beauty brand, L’Occitane explains how monetate has helped them integrate weekly promotions through their email campaigns and website pages.
Chief Marketing Officer Kevin Ertell, explains how monetate works – taking data that we know about people and adjusting the customer experience along the path to purchase.