Having a set marketing strategy is essential for every business, but if there’s no research involved in your marketing strategy, it could be ineffective. Just like anything, a marketing strategy requires effort and most of the effort should be put into research! We’ve compiled a list of 3 items to research before creating your marketing strategy below!
- Customer demographics
Researching customer demographics is key as it will help you tailor your marketing strategy to your designated target market. Take note of the different age groups and genders that do business with you. You can even ask customers to participate in a quick survey that you create to really get an exact statistic of your main customer demographic. For example, say your boutique’s main customer demographic is females ages 18-25, you can tailor your marketing strategy to appeal to this demographic! This is an important aspect to research before creating your marketing strategy.
- Customer demands
Another important element to research before creating your marketing strategy is that of customer demands. If you don’t base your inventory purchases on customer demands, it is likely that sales will plummet and your business will lose potential customers! One way to keep track of customer demands is to keep an inventory record of which items are the best selling and which items don’t sell as well. This will help you when purchasing inventory as well as creating your marketing strategy so pay attention to this!
- Industry trends
Although it’s important to research your own business and your own customers before creating your marketing strategy, it’s also important to research the industry as a whole! Keep an eye on competing businesses and even larger scale businesses similar to yours. Take note of which marketing trends these businesses are implementing and see if it’s feasible to implement them into your marketing strategy! It’s important to keep up with industry trends so research this before creating your marketing strategy!