4 Tips for Scaling Your Market Research Strategy

In order to grow your business, you’ll need to move forward with cost-effective marketing initiatives. But figuring out which marketing initiatives are worth the investment requires you to scale your market research strategy first. Working with an agency like Pena Media can help you implement a new strategy based on your research. Here are a few innovative ideas for scaling up your market research, from implementing a customer data platform to rewarding your customers for answering survey questions.

Utilize a Customer Data Platform

If you’re not already using a customer data platform to get an accurate perspective on your existing customer base, you may consider this solution. By utilizing a CDP, you’ll be able to assess who your customers are and develop a clear profile of your target customer. You can also determine exactly what they’re looking for in terms of products and services and use this information to develop tailored marketing campaigns. If you don’t know who you’re really trying to reach with your marketing initiatives, you won’t be able to address their pain points! Search for a CDP that provides customer profiles in real time so that you can design relevant, timely marketing initiatives.

Incentivize Participation in Customer Surveys

Many business owners try to garner customer insights by sending out surveys, only to end up with little usable marketing data because customers don’t complete the surveys. In order to boost survey participation, you’ll need to offer incentives.

When your customers know that they’ll get something concrete out of completing your surveys, they’ll be far more inclined to answer the questions. This could include awarding participating customers with cash, prepaid cards, charitable donations in their name, or even gift cards! To provide personalized gift cards with your brand’s messaging, you’ll need to use a gift card API. Yes, offering survey incentives will require you to spend some additional money upfront, but the insights you gather from these surveys can deliver a great return if you incorporate them into future marketing initiatives.

Leverage Artificial Intelligence

Today, business owners across every industry are curious about use cases for artificial intelligence. How can AI help fuel your market research strategy? The possibilities are practically endless. Hushly states that you can use AI to automatically generate reports illustrating key marketing data, detect errors in the data collection process, enable improved customer segmentation, and more. Overall, AI can help you accelerate key processes involved with market research and act on your insights at a faster pace.

Conduct a Competitive Analysis

If you want to expand your business and attract more customers, you have to understand why people seeking out similar products and services might choose your competitors over you. This requires you to conduct a competitive analysis of the landscape in your market. Mailchimp states that a competitive analysis involves identifying your specific competitors in your industry and doing a deep dive into their specific marketing strategies. You may be able to adapt and tweak some of their techniques to fit your own purposes. This is a fantastic way to gather workable marketing ideas for your own business that you might not have thought of otherwise.

Scaling your market research strategy doesn’t have to be complicated with the right tools at your disposal. By building out your approach to market research with artificial intelligence, customer survey incentives, and a customer data platform, you can learn more about your audience without spending big. Soon, you’ll be able to incorporate these fresh insights into a supercharged marketing plan to drive business growth!

Ready to spearhead a new growth strategy? Turn to Pena Media! Email us today at info@penamediagroup.com to get started.

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