Kristian Lupinski from Amplifyre (KL):
Today, we are talking about another side of product development – marketing – it is not enough to build a product and build it right– the product needs to reach potential customers! So, to start us off, Haris, how do you typically conduct market research before beginning a digital marketing campaign, and what factors do you consider when analyzing your target audience and competition?
Haris Husejnović (HH):
Before beginning a digital marketing campaign, conducting market research is critical to understanding your target audience and competition.
- Defining your target audience is the first step: Identify who they are by considering demographics, interests, behaviors, and any other relevant factors.
- Identify your competitors: You have to know who you are competing against. Research companies that offer similar products or services to yours and find your competitive edge.
- Data is your friend! Collect it on your target audience and competition, including surveys, interviews, focus groups, and online research tools.
- Understand your target audience's needs, preferences, and behaviors, as well as your competition's strengths and weaknesses.
- Use the insights gained from your market research to develop a digital marketing campaign that addresses your target audience's needs and differentiates your product or service from your competition. This process should be recurring and done as many times as possible.
- Sometimes, small changes in approach can make a huge difference and help you stand out.
Which small things am I talking about?
For example, when considering demographics: don’t stop on age and gender but go deeper and analyze income, education, and other demographic factors. Consider your target audience's personality, values, interests, and lifestyle.
Analyze your target audience's buying behaviors, online behaviors in general, and any other relevant behaviors you might find useful to make a custom audience profile for your product or service.
Consider their needs, desires, and pain points.
When it is about competitors, analyze their strengths and weaknesses, pricing strategies and marketing messages.
Determine how your product or service is different from your competition and how you can communicate that differentiation to your target audience. Is it disruptive or not?
So I would say, tailoring your audience's needs and differentiating your product or service from your competition is the way to go.