For as long as there have been markets, there has been a thing called “market research.” The Phoenicians - a civilisation in the Middle East, established four and a half thousand years ago - studied consumer demand for their exports, and became the trading powerhouse of the classical world. Marco Polo’s diaries talk about the trade studies he conducted for Kublai Khan. Despite this long history of success, a lot of businesses still don’t fully understand the markets they operate within, or the people they’re trying to reach. That’s why we’re going to walk you through what market research is, what good it does for a business, when’s the right time to do it, and how to do it well.
When you’re a multinational corporation, the marketing world is your oyster. Want to generate brand awareness? Invest in a few peak time TV ads on ITV for £30k a pop. Or take out a colour double-page spread in The Times for £42,000. If you’re thinking bigger, why not shell out $5.25 million on a 30-second Superbowl advert? How about all of the above? However, very few of these “big business” marketing tactics work for smaller companies with tighter budgets. Account-based marketing (ABM) is different. The approach of aligning sales and marketing to focus energies on a few accounts rather than a broad segment is one that medium-sized businesses can easily adopt. And according to specialist services marketing association ITSMA, 85% of marketers have found that account-based marketing delivers higher ROI than any other marketing approach. It’s probably why you’ve heard more and more of your peers talking about it of late.
It may be prime suspect in the gruesome murder of the radio star (according to The Buggles at least), but for medium-sized businesses, video is nothing but good news. According to original research by Southport-based video marketers Wyzowl, 96% of people say they’ve watched an explainer video to learn more about a product or service, 79% of people say a brand’s video has convinced them to buy a piece of software or app, and 68% of people say they’d most prefer to learn about a new product or service by watching a short video.
“Our efficiency is unparalleled, our ROI is fantastic, and we’ll be out of business in five years.” That was the feedback that Les Binet, Head of Effectiveness at advertising agency Adam & Eve DDB, got from one member of the management team when he walked into the UK’s largest breakdown firm, The AA. It might seem like a contradictory statement - surely an efficient business with great ROI is onto a winner? Well, in the short-term, perhaps. The problem with The AA was that they diverted 100% of their brand marketing budget into short-term, performance marketing efforts for eight years.
Introduction The world is full of myths, from fake news to faux facts. Mount Everest is not the world’s tallest mountain, The Great Wall of China can’t be seen from space, and the word “sushi” does not mean “raw fish”. (It’s the vinegared rice on which the fish was traditionally served, and it’s spread to mean the sour taste of the rice - so it describes the flavour of the dishes, not the dishes themselves.)