What is going on in the industry or market? Supply chain issues? Demand slow-down? New technologies being introduced?
These are all important questions to be answered in this section of your marketing strategy. They also need to be considered when creating your messaging – what to leverage from your strengths. For every marketer, it is important to research market trends and their corresponding marketing strategies.
To do this effectively, keep the following 5 tips in mind:
- Know your audience – What messages will resonate with them?
- Understand the market – Who are the players and what are they doing?
- Be a trendsetter – What’s next for your industry?
- Identify problems that need solving or opportunities that need exploring.
- Explore different channels of media (online vs traditional).
By incorporating these tips into an effective marketing strategy, you can successfully market your product or service. These guidelines should be used as a starting point when researching market trends for a marketing strategy.
Know your audience
For every marketer, it’s important to understand what messages will resonate with their audience. The marketer should know the dominant values, fears, and aspirations of the potential market as well as the current market conditions.
Marketers will also need to know who their market is and to “track shifting market shares, monitor marketing strategies of competitors, and identify market niches.” Large companies will generally maintain market research departments dedicated towards this goal. Smaller businesses often outsource market research or conduct it internally with the help of marketing personnel.
Be a trendsetter
One should also be aware of what’s next for their industry. “New technologies? Innovative business models?” New markets opening in other countries? Finding a unique angle that makes you stand out from your competition can help you become an innovator rather than playing catch up all the time.
Identify problems that need solving
One of the most important pieces in market research is identifying market problems or market opportunities. The marketer must identify the market problems that need to be solved. This could mean finding customers who are willing to pay more for a better product or service or even discovering what features they want and how much they’re willing to pay for them.
Identify market opportunities: “Another market opportunity might be related to new market segments, such as rural consumers and businesses,”
“For example, market gaps in Bangladesh include catering to its diverse population with items such as breads and cereals.”
“Consumer demand for branded products in Hong Kong led to market opportunities for packaged food market.”
Explore different channels of media
Marketers must keep up with the changing market conditions by exploring new ways to market their product or service. This means constantly adjusting marketing strategies to fit market trends and making strategic decisions about how to market one’s business by looking at all available options both online and offline/traditional. “While traditional marketing, such as direct mail, newspaper ads, TV ads, etc., are still effective, marketers are incorporating emerging media into their strategies.”
One of the most important things to understand about market trends is who the players are and what they are doing. The marketer will need to know which competitors are closest to his/her market share, who has lost market share, and who’s market share is growing rapidly. This will help with positioning.
The marketer can also use market research tools, such as market share analysis or market profile analysis with a mind map software to find out who their potential customers are along with their behaviors, needs, attitudes, lifestyle preferences, demographics, media choices. They can also conduct customer-centric marketing research by interviewing them for insights into what they want from your business and how you should communicate with them (e.g., target audience size).