Justify the Spend, Or Your Job
Nov 28, 2009 Business Management
Welcome to Marketing 101. If you’re savvy to marketing, or trying to understand whom a decided marketing strategy should be targeted towards, it’s imperative you get hip to how specific demographic groups react and respond to your messaging. It’s an old saw, but the company that knows who’s buying its goods is a company who knows how to sell.
You can’t just hope people dig what you have to offer and decide to buy massive amounts of it. Say you’re selling widgets. Who needs widgets? Do people prefer the green or red widget? Which groups prefer which colors? Can you manufacture two different colors? Should you run two different marketing campaigns? How much will that cost?
The questions have many possible answers, depending on who is answering. Some groups, some age ranges, some economic brackets only want some of what you have to offer. Again, the people who prefer the green widgets might not have a need for the red ones. What about the small cluster of people who only like mauve widgets? Should you bother targeting them? How many widgets can they typically afford in a given year?
This is information that is predicated on using comprehensive research panels that can give you the information you need to take your business to the next level. This goes beyond just a marketing campaign, it can seriously affect production. Knowing that the group of people who wants a mauve widget are willing to pay 10% above the national average could make manufacturing them a reality.
There are no certainties when it comes to devising and implementing marketing strategies. The silliest campaigns can be the most successful, while the most expensive may fall flat on their faces. The best you can hope for is making the most informed decision possible. No, thorough research may not yield definitive results, but having proof in hand can help justify the spend.
Assembling your own research panel together could be expensive. Remember, the name of the game is to spend less and know more. Contact a reputable research firm and get them to give you the scoop you need.
categories: research panel
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