With effective market research, you can determine the need for your service, a product's likelihood to sell, target-market demographics, and desirable store locations. There are numerous ways to uncover this information"”from online research to focus groups to counting customers. To help you meet your target market's needs, we've put together a collection of our best market-research articles and resources.
What does it take to do that? Simply put, you have to take a step back for a moment. You have to analyze and understand the basic mechanics of your message and how to effectively reach a larger audience without losing your shirt. The secret to all of this? No matter what marketing strategy you use, if you don't have an effective sales funnel and optimize your conversions, you'll just be throwing money away.
Emarketing, digital marketing, and internet marketing all share some overlap, but each also use slightly different approaches. Emarketing is much more relationship-oriented than internet marketing, which focuses exclusively on directing site traffic for maximum potential profit. Meanwhile, digital marketing has the widest scope with a lot of tactics, platforms and mediums falling under its large umbrella.
Among the best commercial sources of information are research and trade associations. Information gathered by trade associations is usually limited to that particular industry and available only to association members, who have typically paid a membership fee. However, the research gathered by the larger associations is usually thorough, accurate, and worth the cost of membership. Two excellent resources to help you locate a trade association that reports on the business you are researching include the Encyclopedia of Associations (Gale Research), and the Encyclopedia of Business Information Sources (Gale Group).
Write your USP. Use the information you've gathered about your customers, products, and competition to create a unique selling proposition. This is a compelling sentence that describes the essence of your business, focusing on who you serve, what benefit you provide, and why you are the best business to provide that benefit. Your USP, also known as your value proposition, will guide all of your messaging, branding, and other marketing efforts.
Developing and monetizing microsites can also garner a serious amount of sales. These sites are advertised within a partner site or on the sponsored listings of a search engine. They are distinct and separate from the organization’s main site. By offering more focused, relevant content to a specific audience, microsites lead to increased conversions due to their simple and straightforward call to action.
No matter how good your marketing skills are, you’ll make less money on a bad product than you will on a valuable one. Take the time to study the demand for a product before promoting it. Make sure to research the seller with care before teaming up. Your time is worth a lot, and you want to be sure you’re spending it on a product that is profitable and a seller you can believe in.
The Internet has increased the prominence of affiliate marketing. Amazon popularized the practice by creating an affiliate marketing program whereby websites and bloggers put links to the Amazon page for a reviewed or discussed product to receive advertising fees when a purchase is made. In this sense, affiliate marketing is essentially a pay for performance marketing program where the act of selling is outsourced across a vast network.