Mastering the Fundamentals: How Market Research Can Boost Your Marketing Campaigns

I launched my first facebook and google advertising campaign in 2015, and it was less complicated at that time. After seven years, I've had my fair share of experience with digital advertising- successful and flop ads. Through all these experiences, I've learned that there are certain fundamentals that make an ad truly effective and profitable.

Despite the ever-changing landscape of online advertising, one fundamental truth remains: understanding the psychology and market research is key to success.

Setting the foundation right is crucial, and it's as easy as conducting market research.

When I say market research, I don't just refer to data points like numbers, income, age, trend, and geographic location. We must have access to a customer's psyche more than ever before.

This is crucial because we need to connect with customers on a deeper level, so they feel understood and we can match their desires with what we are selling.

We need to understand their perspective so well. Empathy fuels connection, and connection breeds trust, leading to sales.

Another essential tool I use is based on Maslow's hierarchy of needs for crafting persuasive marketing messages. This theory outlines various levels of motivators that influenced consumer behavior.

Example: Premium shrimp box monthly subscription

What drives a prospect to pay a premium price for a premium shrimp?

MOTIVATORS based on Maslow Hierarchy of Needs

Self-actualization and self-esteem (sense of purpose and commitment to supporting American produce)

• Buy American
• Antibiotic-free
• Sense of Patriotism
• Sustainable
• Support American jobs

When Maslow’s hierarchy theory is applied to marketing, it is important for marketers to understand their ability to effectively appeal to at least one of the motivational drivers. Each area of business falls under at least one of the tiers on the hierarchy of needs.

Now that we've discussed the importance of market research and Maslow's theory of hierarchy of needs, we can proceed to explore simple ways to improve conversion rates.

1. FEATURES & BENEFITS

Features tell, benefits sell. Features are often technical in nature, describing what the product or service does. Benefits, on the other hand, paint a picture of success in the prospect's mind of how it will change their life in some way.

Both terms are useful and give customers important information they'll need during their?buyer's journey, such as design, price, and real-world relevance. Ultimately, the benefits of having a product or service are?what make consumers purchase. This paints a picture of what life will look like after the customer purchases the product or service. If you do decide to highlight features, you'll want to make sure consumers understand how they'll benefit from those features.

What better way to use these two to persuade the market:

The best product or service descriptions will have a healthy combination of both features and benefits to create a truly full picture for?consumers to make a decision.

2. JARGON WORDS

Using jargon, technical terms, and institutional language can leave potential customers confused and uninterested.

?It's important to remember that just because we are familiar with these terms in our profession or niche, our target customers may not be. When customers are overwhelmed or feel out of their depth, they are less likely to make a purchase.

Are these the exact words our target customer would even use or understand?

Have you ever felt like you didn't fit in with a group? Maybe when you're hanging out with people discussing sports, politics, or another topic full of unfamiliar terms? Remember how uncomfortable it can be when you're in that situation? Well, when your customers (or potential customers) feel that way, it's not a good idea to use language they don't understand.

Remember, speak like a prospect and make the copy relatable to them.?

3. DECISION-MAKER & END-USER

Who decides to buy the product?

.By acknowledging the difference between decision-makers and end-users, we can more effectively tailor our marketing efforts to each group.

Sometimes we’re too focused on listing the benefits and pain points for the user that we forget to recognize what motivates the decision-maker to buy the product.?

It's important to keep in mind that decision-makers and end-users often have different priorities and concerns. For example, a parent buying a toy for their child may prioritize safety and durability, while the child may be more interested in the toy's fun features and appearance.

Example:

Recognize market segments for decision-makers and end users for one single product.List down the motivators for the decision makers to purchase the product.

By understanding the unique motivations and needs of decision-makers and end-users, we can craft marketing messages that resonate with each group. This can help us more effectively persuade decision-makers to make a purchase, while also delighting end-users with a product that meets their specific needs and desires.

The main takeaway is that no matter how amazing your product is or how much money you invest in advertising, without conducting thorough market research, selling will be an uphill battle.

While there are many factors to consider including analytics and technical aspects of the advertising platforms, effective market research is the cornerstone of successful marketing campaigns.