By Amber Callan
jarmoluk / Pixabay
While most business owners and upper management think they understand their target audience, you don’t want to invest money into inbound marketing to find out that you targeted the wrong group of people or that you missed out on a more lucrative group of potential customers.
So how can you be sure that your inbound marketing plan is set up to attract the right people? Use market research to inform your decisions!
First we’ll review the two main types of market research and then we’ll discuss how market research can help you perfect your inbound marketing plan.
Types of Market Research
- Quantitative Market Research
Quantitative market research discovers the objective measurements behind customer decisions through surveys and questionnaires. Through analyzing this numerical data, researchers are hoping to capture an unbiased result that they can apply to a larger population.
Some common examples of quantitative data include:
- What proportion of customers find a product useful, attractive, a good investment, and so on.
- What proportion of customers use the internet to conduct research or make a purchase.
- What proportion of customers would respond to a promotion or incentive (e.g. reduced price, enhanced product, longer warranty period, etc.).
- What proportion of customers are aware of a business’s full roster of products and services.
- Qualitative Market Research
If quantitative research is finding out “what” people prefer, qualitative research is discovering “why”. Qualitative research goes deeper into understanding the emotion and motivation behind customer behavior. This approach can be useful for revealing how customers feel about a brand, why they like particular marketing messages and more.
Qualitative market research can be done through in-depth interviews, focus groups, and online bulletin boards. Some common examples of quantitative data include:
- Why customers choose product A over product B
- Why customers navigate a website in a certain way
- How customers feel about changes in a product
Benefits of Market Research for Inbound Marketing
Now that you know the two main types of market research, let’s discuss how they can benefit your inbound marketing strategy:
- Build A Better Buyer Persona
First and foremost, your marketing should be crafted to reach the right audience and the right ideal customer type (aka buyer persona). Therefore, by utilizing market research to build out an accurate buyer persona profile before beginning your marketing efforts, you can be sure that you’re marketing to the right person.
Once developed, a buyer persona profile influences everything from marketing content, to sales funnel development, product development and so on. With robust and realistic buyer personas, businesses have a map, direction, and destination so that their marketing efforts can succeed. Without developed buyer personas, businesses could be missing out on connecting with profitable customers, and failing to fully exploit the full revenue potential and lifetime value of existing customers.
Here are some key characteristics of your buyer persona that market research can help you get right:
- Demographic-related data (age, gender, etc.).
- Industry-related data (sector, size, etc.)
- Job-related data (role, responsibility, authority, etc.)
- Personal-related data (interests, hobbies, etc.)
- Research-related data (how they get information, what publications and blogs do they read, etc.)
- Goal-related data (what are their aspirations, what problem Go to the full article.
Source:: Business 2 Community