7 Market Research Tips that will Actually Improve your Organization
On April 19, Verto Analytics hosted our latest webinar, “7 Market Research Tips that will Actually Improve your Organization,” which highlighted seven strategies to improve the integration of data into your marketing strategy. Being able to convert data into insights that can be applied to your marketing strategy is central to boosting your company’s approach to campaigns and outreach. In this post, we share two of the key tips from the webinar. Interested in the others? Listen to the webinar on demand.
Tip #1: Turn Data into Insights
Today’s world is driven by data: having robust data is vital to improving your marketing strategy and turning numerical data into explanatory insights. There are many different pieces of data that can provide the insights you need for your proposals. An insight is a conclusion or interpretation reached from data; for example, key metrics such as the number of unique monthly users on PCs compared to mobile devices, which times of day specific services are used, and user demographics can help you improve your story. A chart from one of our latest Chart of the Week depicts what type of devices people use to access streaming music services. According to Verto data, Pandora has 9 million monthly users accessing Pandora on PC, 32 million on smartphones or tablets, and an additional 4 million on tablet only. In comparison, SoundCloud has the largest desktop reach, which has clear implications for how to optimize the platform. Based on this data, you can start to derive insights: mobile platforms are essential to Pandora because the size of its mobile-only user base is over 50% larger than its closest competitors.
Tip #2: Create more effective personas
More often than not, personas are incomplete and vague, which makes it difficult for marketers to use them to make strategic decisions that impact the organization. Instead, a good starting place for personas is uncovering a buyer’s (or potential buyer’s) motivation. An important question to ask is: what is the job you’re using our product for? This is crucial to understanding why people should choose you over the competition. Data should be the foundation of your persona. For example, metrics such as engagement, reach, and multitasking can be used to create a comprehensive profile. With the right data and insights, personas that uncover a customer’s motivation for choosing your organization over the competition can become a great asset to your market research strategy.
A successful market research strategy relies on turning good data into unique insights. Driving company culture to center around data-driven insights is key to getting a seat at the table. Tying the right methodology to increases in ROI is critical to showing leadership the importance of market research. Proposals that can actually improve your organization should be based on insights derived from your data. Interested in learning about the other 5 tips? Check out the webinar on demand here.