Wasted time. Wasted money. Weak copy. No uniqueness. These are the problems you face when you neglect to do market research. Below, we’ll look at 3 major benefits to a digital marketing campaign when you take the time to study your market.
Avoid Wasting Time With An Unprofitable Idea
Many entrepreneurs get so excited when they come up with an idea, that they spend months or even years working hard to develop it. All too often, they spend time and money developing and marketing a product or service… only to find out that people aren’t interested. Going into business doesn’t have to be a guessing game. You can save months of time and effort by doing 2-3 weeks of market research beforehand.
Start with asking yourself, is there magazines for this topic? Are there conferences or other major events? Is there a great selection of books? Don’t let all of the competition discourage you. It’s actually good thing, because it means you have a big enough market to find enough people who are interested in buying your product. Sure you may have invented something brand new, but chances are there is not enough demand for what you offer.
Stand Out From the Competition
Don’t forget to examine your competitors too. Seeing what your competitors are doing and how the market is reacting towards them gives you a sense of what your market is showing interest in. Follow your competitors’ email campaigns and their blog posts. Read comments left on their blog and social media posts. It’s also an opportunity to see where you can provide better value. Look at user reviews for competing products or services, especially the negative reviews, to see how your business can better serve your market.
Never Have Writer’s Block Again
How do you know what headline to use? What story to pull them closer to the sale? What offer will push them to buy?
Every top copywriter knows that studying your market is the foundation of every successful piece of copy. This includes not only their demographics, like their age, gender, and income level, but their psychographics too, like their fears, desires, their problems, and what keeps them from their goals. The legendary copywriter Eugene Schwartz said, “If you don’t take the time to study your market for at least three hours every week, you’re finished.” When you dive deep in your research, you know your market like the back of your hand. This makes writing sales a lot easier.
That’s because copywriting isn’t about being “creative.” It’s not racking your brain trying to come up with what you think is clever or interesting. It’s simply examining the actual comments your target audience is making about their problem and their pains, and writing to them showing how your product will solve those pains. Don’t just stick to reading what people say online. Go a step further and interview your ideal prospects about their experiences.
Time to Improve your Market Research!
Now that you know the importance of marketing research, it’s time to take action! Study blogs, reviews, interview people, and write down everything you learn. You’re sure to find out how to best serve your market.