3 Old School Marketing Myths About Market Research in 2024
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Establishing a business requires more than just a great idea; it demands laying the proper groundwork. However, old school marketing myths can hinder your ability to reach your target market. In this post, we aim to debunk three fables:
Many marketing “experts” suggest starting your market research by sizing up the competition, then identifying the consumers most likely to buy the solution you sell.
Well, we’re dead set against this old-fashioned approach from this point forward. Let’s debunk three marketing myths and discuss more effective ways to promote your brand in 2024!
Many marketing “experts” suggest starting market research by sizing up the competition and identifying potential consumers. However, this old-fashioned approach is at odds with our philosophy based on Dr. Stephen Covey’s The 7 Habits of Highly Successful People, particularly Step 4: Think Win-Win.
This habit emphasizes that your solutions should bring value to both you and your customers’ lives. Rather than focusing on intense competition analysis, we encourage understanding the value of your solutions and how to communicate that value effectively.
To achieve this, you need to know:
Oldies-but-goodies advise you to look into US Labor Bureau stats and research data from BMI to analyze market size, potential customers, etc…
But today, with the digital era of marketing taking over, there’s a market for just about anything on the internet. It’s just a matter of figuring out who wants what you’re selling and how to reach them through SEO-friendly digital online content.
It doesn’t take complicated target market analysis to understand your place in your industry. Instead, you need to narrow down your specific niche and remain authentic to reach people who genuinely connect with your brand, its overall message and your market solutions.
While assessing competitors can be important for promotional purposes, it’s not worth the stress and time some entrepreneurs invest. Instead of following trends, a successful business owner should think outside the box and create industry trends.
In the digital age, analyzing competition serves the purpose of finding creative ways to fill gaps within your market. For instance, understanding customer complaints through forums, reviews, and social media can inspire unique solutions. Utilize SEO-friendly keywords and authentic digital content to communicate your solutions to your target consumers.
Should you put a lot of focus on what your competitors are doing? Of course not!
Although assessing your competitors can be important for promotional purposes, it’s not worth the stress and time some entrepreneurs and small business owners put into it.
For ages, people analyzed competitors to keep up with trends, essentially allowing them to be the industry trendsetters. But a successful business owner is a true leader, which means thinking outside the box and creating industry trends of your own.
These days, the main purpose of analyzing your competition is to find creative ways to fill gaps within your market. For example, pizza places were bombarded with calls from customers wondering about the wait times for their orders.
So, one implemented an app where you can track your order’s process every step of the way. Their competitors followed suit, all implementing their own unique twists to their apps based on the needs of their own target markets.
Use forums, reviews and social media to find out what customers complain about within your industry. Then, find creative ways to meet those needs or fill in the gaps.
From there, the key is using online content to communicate your solutions to your target consumers. Use SEO-friendly keywords to reel them in via search engine results and authenticity to speak their language within your digital content.
How much time should you put into researching and evaluating complicated customer data before making important branding and marketing decisions? Well, if you’re just starting out, the answer is very little because you won’t have any to analyze.
Old-fashioned marketers have a very basic approach to analyzing potential customers within your industry. They tell you to consider specific demographic, such as:
Now, if your brand operates from a brick and mortar location, the “location” of your potential customers is fairly easy to understand. But how do you grasp those other demographics without data of your own to analyze?
You can’t. Instead, you’ll have to use public data from your competitors. And in an age where authenticity is key, that simply will not do.
Enter psychographics, which delves into the values, beliefs, and lifestyle of your prime buyers. By understanding the challenges these individuals face, you can tailor your products and services to address their needs.
Demolishing old school marketing myths: Contrary to the belief that demographics like race and age define your target market, the digital age proves otherwise. In today’s digital world of endless choices, brand loyalty hinges on personal factors far beyond simple demographics.
In 2024, consumers make buying choices based on:
To analyze psychographics, you must understand the challenges these people face in their everyday lives. Place an emphasis on being yourself online to build trust.
Then, all you have to do is figure out how your services and products address those challenges. Once you determine this, it’s just a matter of providing them with content that communicates your message in a way that speaks directly to them.
In 2024, more and more consumers will make buying choices based on their own beliefs and values, along with convenience and price. That’s why it’s so important to be yourself online. That way, you build connections based on trust.
And the more your followers trust you, the more likely they are to choose you when searching for a solution like yours.
To do this, just be yourself. Online buyers are savvy spenders these days. They can spot inauthentic sellers a mile away. Just be yourself, and you’ll discover the people who genuinely connect with you on a deep level. Those are the people who belong in your target market.
Navigating the marketing landscape in 2024 requires a departure from old-school thinking. Embrace authenticity, understand your target audience deeply, and communicate the unique value your solutions bring.
By doing so, you’ll build lasting connections with the people who genuinely belong to your target market. And if you’re having a problem figuring out who those people are, we’re here to help.
Explore our Target Market course designed for brands like yours. We’ll guide you through the process of identifying the best audience for your marketing tactics.
Plus, you’ll receive a personalized target market report to supercharge your 2024 marketing efforts. Use it to break free from old school marketing myths hindering your brand’s ability to shine!
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