WOLFBITES - Issue 18
Marketing research that pays for itself
Want to do market research for a fraction of the usual cost – and generate sales at the same time? You can.
Here is proof that poor advertising, based on poor marketing research, has been around for a long time. One other tip: don't use radioactive waste to make a selling point.
Back in the pre-internet days, marketing research was beyond the reach of smaller companies simply because of the cost of market research work. Today, there is a quick, easy – and very economical – way to do market research that can make the difference between a big marketing success and an absolute marketing disaster.
Here is just one example: let's say you are considering repositioning a product or service. There is huge debate over what is the best marketing positioning. The marketing manager is absolutely convinced he has the right answer. The company owner has done his own marketing research (he talked to a friend at Starbucks). The sales manager is lobbying hard for a "breakthrough idea" that he claims will send sales through the roof and eliminates the need to do any form of market research.
The old approach would be to find market research firms who could evaluate all three ideas with quantitative marketing research or qualitative marketing research. The budget for the marketing research services would be six figures and, depending on the research methodology, the process would take 2-6 weeks.
Now here is our better idea: forget about conventional market research methods. Look instead at doing online marketing research with a Google AdWords campaign, aimed at a key test market and featuring three different ads, created to present each strategy. Run the campaign for 3-4 weeks, recognizing that Google will rotate the three ads and tell you which one is most popular. Simple. Easy. Cheap. In fact, you could do this marketing research on a media budget of as little as $500. Better still, your ads are likely going to generate response that translates into leads and sales that cover all or part of this project.
You could use the same approach for consumer market research, small business marketing, b2b market research, brand marketing research or technology marketing research.
The lesson: now almost any company can do advertising market research to test everything from a price change to the sales potential of a new target market. You just need the help of an advertising and marketing agency that knows how to get the job done for less. A lot less. And that is us.
Get started today by contacting us online or call 905-940-6610.
Read Wolfgang's latest marketing blog.
|Wolfgang Franke is President & Creative Director of Words at Work Advertising & Marketing, a full service communications company established in 1988. Our growing list of valued clients are found throughout our local market, Markham and the Greater Toronto area, across Canada in cities such as London, Ontario, and Edmonton, Alberta, and an expanding list of international locations ranging from The Big Apple in New York to Kanturk, Ireland.|
Mini WolfBites 3
If a client care rep can sell more to existing customers than a sales rep can sell to new prospects, why do so many companies have no client care reps?
How much more money could you make by simply taking the time to pre-qualify prospects (and customers)? Plenty.
If you canít identify your unique selling point, how can the customer?