How can you identify gaps in the market for your media campaign?

It's important to identify who to engage with. Start by casting a wide net, then apply filters to refine your target audience. Using Search Share of Voice as a proxy can help identify untapped opportunities in the competitive landscape. Focusing on acquiring 'net new' and 'incremental' customers can be challenging, but it often leads to discovering valuable opportunities. Many marketers tend to overfocus and overspend on easily accessible audiences to meet performance goals. However, targeting underserved segments, though riskier, can yield significant returns. Once these profitable segments are identified, you can efficiently allocate resources to these audiences, keywords, etc.

Leveraging formal and informal Voice of Customer is critical to validating your “Ideal” position and message in the market vs. your competition. You can also leverage a simpler approach via Net Promoter Score … you will have to go a bit deeper then just an overall NPS to insight, but as a tool to capture your companies performance vs. expectations its a great place to start on whether you are delivering your value proposition and messaging to that given Segment or Sector.

Do research. Create a form for your audience to fill out. Also, listen to your audience, especially their complaint or where they are not satisfied.

The thing with data is it can justify depth of feeling - so who said data doesn’t have soul. The key to data is to use it to understand how the numbers can explain the extremities of behaviour. That’s what you are looking for - to demonstrate super fans who will stay loyal to a brand. When planning a media campaign you make he looking at a medium where reach is declining - but what your looking for is how relevant and loyal are the customers the brand does have . If you can find data that justifies loyalties you’ve found your real fans. And that where you want your brand to reach.

Researching competitors is a great way to check on what we have been missing in our marketing efforts. However, focusing on competitors and competition might affecting our own brand voice. I’ve seen a lot of business owners losing their unique brand voices over competing efforts with their competitors.

Take a closer look at your media campaign by diving into a SWOT analysis—evaluating its Strengths, Weaknesses, Opportunities, and Threats. Seek out chances that your competitors might have overlooked and pinpoint areas where your campaign can stand out with a distinctive value proposition. This personalized assessment will guide you in shaping a media strategy that truly sets your brand apart.

I couldn’t agree more. Identifying what strategies are best for marketing is important for growth purposes. I am not sure if I would refer to them as competitors. I like to think they are small businesses and they are certainly on a rise. Much success.

Researching competitors is a great way to identify gaps in a market, but using digital tools will not give you a good picture. Knowing their price points, services, and performance compared to you is the most important thing as you can base your value proposition to your customers on that. Once you have that your marketing to your consumers matches your company's position in the market and exploits the gaps which naturally present in your competitors. The most important tools to do this are contacting competitors yourself then customer interviews.

Swots are great but real marketing goes deeper than that. You can use a SWOT to identify the external and internal weaknesses and opportunities but then what? There is where a TOWS comes in . This takes the results of your SWOT and uses this to create specific strategies that uses internal and external weakness and opportunities identified to build strategies that optimise both. You’ll find that add on, onto your SWOT gives you actionable plans for exactly what you’ll do in the market alongside you evidence of why.

In my experience, the method of "Listen to your customers" has reaped the best rewards. To the extent you are able to run a feedback campaign that involves picking up the phone and calling existing customers with a "Hi, I wanted to see how that <gadget or service> is working out for you. We want to make sure you are getting your money's worth," you will get a treasure trove of benefit. Not only will you get details and their anecdotal stories, which can be used in further marketing campaigns, and excellent advice that you can take to R&D to improve existing features and functions, but this kind of personal touch produces customers for life. Feedback forms are extremely useful, but a conversation leads to relationship.

Be wary of the way you use the information gathered, especially if you are looking to solve a problem. The customers generally are great at discovering your pain points, but their input might not be beneficial when offering a solution. In a nutshell, trust them to find out what is wrong with your brand, but don't rely on them to do the creative work for you.

Listening to your customers should be prioritized first and foremost to understand gaps in the market. Competitor research, data analysis, experimentation are all valuable exercises to supplement market analysis and provide marketers with a more wholistic picture. However, all of the above in isolation does not account for one of the most important things: product-market fit. Your current customers already check that box. Period. Even if you’ve identified a gap in the market through another method, there’s a greater chance your product or service offering does not support it. This can lead to a plethora of other issues and distract teams from executing on initiatives that align with company goals and most importantly, move the needle.

Huge huge plus if you listen . Tons of brand have come and gone as they were tone deaf to what their customers were saying. And if you don’t eavesdrop to their saying it’s an imminent dooms day that the said brand is looking at . Scary .

Social listening is a great way to keep your thumb on the pulse of your market. Once you know who your target audience is, you can begin to understand who is already influencing them. From there, pay attention to the causes, concerns, social movements, and memes that get the most traction with your ideal customers. Create content around those themes and you will build engagement and trust.

Mesmo empresas que trabalham com baixo or?amento destinado ao marketing devem reservar uma parte deste or?amento para experimenta??es. Isso garante um aprendizado contínuo e melhora a eficiência.

Ephemeral marketing using social media handles have made it much easier to quickly do a dip stick study on customer insights . Largely untapped to the fullest potential- such flash marketing ( ephemeral are those contents that lasts 24 hours or lesser like Instagram stories ) is of great use now . Such experimentation never goes waste.

With all the above tools being mentioned guess it’s important that we know our metrics . The biggest challenge I see in most brands is that either they are not clear which KPI to track or they purely copy their competitors matrices . Neither works. Your brand is unique as your own identity. Know what you need to study and leave the rest . It’s more like STP in marketing that we do to know our core audience.