80% of a GREAT ROI is the strategy behind what you’re promoting
You have to ask yourself, why do large corporations spend hundreds of thousands on market research before they enter a market but small businesses seem to ignore strategy and dive straight in to chasing leads and sales. Spending money on trial and error, essentially gambling with marketing spend.
How many times will small businesses waste money on advertising before realising they can do a small level of market research to avoid failures and to improve the chances of getting a great ROI from paid advertising.
Why Start with Market Research?
The most common feedback we get from new clients is along the lines of what Darren from Strat Prop has to say:
“I’ve spent thousands on digital marketing and never got a lead.
Someone has just turned the tap on, it’s crazy!”
I’ll let you in on a secret, it’s not because we’re so much better at platform specifics like which interest targeting to use, or how to structure an account. It’s because we help the client come up with something more appealing to the market they’re targeting.
How many times will you let marketing tactics fail you, before you stop blaming the output and start questioning whether the strategy and offering were good enough?
Spending money on marketing without fully realising what the target audience is going through, the other buying options they have, how they view them compared to you, and what they’re thinking during the process is such a waste of time and money and this is where 99% of small businesses go wrong.
Who does this suit?
In our opinion, this process suits everyone who wants to grow quickly. Growing slowly via word of mouth and referral partners is very different, but you have to recognise that you need to stand out better if you want to scale via paid traffic.
Anyone wanting to grow via paying for marketing, rather than relying on referrals and word of mouth, should first take a second to consider how they fit into the market.
Our positioning and offering process is also perfect if:
- Marketing has failed before, and you’re not exactly sure why
- You’re hitting a ROAS ceiling, you can’t seem to scale any further without reducing your ROI
- You’re launching a new product or service
Avoiding the heartbreak of launching a campaign to crickets
If marketing hasn’t worked for you in the past, majority of the time it’s because of the strategy of ‘what’ you were promoting, not the specifics of ‘how’ it was being promoted.
The what of:
- Who exactly you were targeting (audience)
- How they view you compared to the other options they have (your positioning)
- The details of what you were promoting (your offering)
The right insight will completely change a campaign!
We use market research to provide businesses with the answers they need to scale. If a campaign is not working, it’s because there is something we don’t know about the audience, what they’re thinking, what they’re wanting and the options they think they have.
Being a pay-per-performance digital agency it’s vital that we understand the scaling potential for any business we work with. We can’t afford to make mistakes when we only make money when our clients do, so we do a lot of market research on the positioning and offering of a business we’re going to work with to ensure neither party loses money.
We’re HUGE believers in positioning and offering here, it’s the only reason we’re confident to spend tens of thousands of our own money on behalf of our clients every month, sometimes on things that are ‘just an idea’ – because we back in our ability to work with a client and use their industry knowledge, combined with our marketing and psychology knowledge – to know what will work in marketing, and what won’t.
Who is the exact target customer of this niche that we will be the best option for?
Why are they wanting a better solution?
Is this audience growing?
Your customers have options, lots of options usually. How are you viewed as one of those options?
The goal with strategy and positioning work is to find a 'category class' that you can lead. We don't have to lead the entire market, but we do have to be the best option for a segment of the market.
Let's craft an offering that is a complete no-brainer for the customer. Creating a frictionless buying decision.
What deliverables are promised? What is the price and payment terms? What is the guarantee to reverse the risk of the customer? Why are they incentivised to decide now and not leave for later?
The fastest way to scale is via paid traffic. It’s vital to identify a pathway to profitability ie. be sure that when you spend $1 there is a way you can get $5 or more in return.
What kind of impact could we have on your business?Get in touch