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How Market Research is Shaping Marketing in 2019
While marketing and advertising costs are expected to continue rising in 2019, brands are looking for ways to get the most out of their budgets. Social media algorithms are changing, digital ad costs are increasing, and competition for attention is higher than ever. With marketing dollars losing their punch, you must “decide whether to invest more to get your ad in front of the same audience size,” says Forbes.
Brands are using market research insights to overcome these challenges and stay competitive in today’s marketplace. Now more than ever, insights are shaping the way marketers connect with their audience. Understanding your customer is critical to designing the best marketing strategies and utilizing every company dollar wisely.
Here’s an inside look at how insights are shaping marketing in 2019.
The Customer Journey
More businesses are using market research software solutions to track their customer’s journey. Understanding how buyers interact with your brand is incredibly helpful for shaping an effective marketing plan. Consumer insights software can help you gather relevant data to create personalized experiences for your target market.
CMOs, marketing directors, and content managers are making more decisions based on customer data. Customer experience advisor, Adrian Swinscoe says, “it’s not about serving all customers equally or trying to be everything to everybody. It’s about making conscious decisions around who you are going to serve and over-serve and why.” Data helps organizations make customer-centric marketing decisions.
Did your customer make a purchase from a Facebook ad or sponsored Instagram post? What drove them to visit the store and buy the product? Marketing research tools help you “learn more about your customers,” says Forbes. Use these insights to your advantage during the decision process.
Consumers have higher expectations of brands in 2019. Accessibility to consumer data and retargeting capabilities means there’s no reason not to cater your marketing efforts to your buyer’s needs. An endless supply of data and access to market research software make it easier to create a personalized experience.
According to Forbes, “Personalization and authenticity will separate successful marketers from those who just contribute to noise.” How will you stand out in 2019? Start with personalized experiences.
The 80/20 Rule
The 80/20 rule states that 20 percent of your efforts generate 80 percent of your results. Marketers are practicing this technique in 2019. As we discussed earlier, marketers are using insights to help identify their most successful campaigns and strategies. In 2019, we’ll see more businesses doubling down on the efforts generating the most results.
As marketing costs climb, the 80/20 rule allows brands to stop wasting dollars on tactics delivering little returns. Instead of doing everything at once, market research tools enable companies to prioritize the strategies proven most effective for their audience.
If you’re not utilizing insight software to guide your marketing decisions in 2019, it’s time to start. Make data-driven decisions to personalize the customer experience, cater to the journey, and double down on the most effective techniques to make a bigger impact in your marketing this year.