Market Research | Marketing Strategies

 Hi everybody! I have some great news. I have joined the Product Marketing internship program in RadicalX. I will acquire the skills, mindset, and network to be a high-impact team member at innovative companies. In this program, I will be working in an interdisciplinary tech team with peers from more than 125 countries. 

Our marketing team, Advertax, is responsible for launching the Group Virtual Internships. Our mission as marketers and designers is to develop a marketing strategy to increase the popularity of the RadicalX internship programs, raise brand awareness and increase web traffic.

 

Our deliverables for the first week are doing market research and building marketing strategies. I will share some of my notes from learning resources that helped me learn about market research and strategies.

How to do market research

The business that best understand their customer wins. You have to understand their wants needs and goals.
Amazon: shows what your customers think and buy. You shouldn't consider what your customer say but look at their actions.
Type your keywords and see what books are available on the subject, which ones are bought. Look at their titles, check the reviews. The more reviews means more people buy that product. Take a note of positive and negative comments.
Google trends: Just type your key words. you can see if your market is increasing, flat or decreasing in the popularity.
Ubersuggest: You can see the total search volume on the keyword. ıt shows how many people are searching on that topic. It helps you get more traffic and win the game of SEO. You can see competitive ranking of your keyword it also shows cost per click or estimated CPC. You learn if I want ads for my business this is what I’m going to need to spend per click.
!!! Focus on 20% of the top customers that are using your product or service the most find similarities and create some Trends special for them. (e.g. woman aged btw 30-35)
Facebook ads:

7 effective marketing strategies

Why can’t I have any clicks on Facebook or YouTube? You’re not doing enough marketing. Here are 7 effective marketing strategies:


1. Minimum Effective Dose:

2. Marketing Rule of 7: In order to convince customer to buy your product or service you need 7 touch points (seven engagements or interactions) Showing up on seven ideal market where they are present and active. Be present on the media (Instagram Facebook TikTok etc.) with value content and offers.

3. Mere Exposure Effect: It’s a psychological phenomena. We, people, associate frequency with trust. After you reach sweet spot do some email marketing send one or two emails a day inform them about your market/ offers. (Minimum three emails a week)

4. Deep, not broad: Who is your target customer? -Everyone with money. No! You have to divide them. If you want to attract everyone it becomes a blend.
5. ICA: (Ideal Customer Avatar) : Be aware of common personalities that your top customers have. You can do this in categories.

1) Demographic (age, Gender income job title)

2) Geographic (cities countries they live)

3) Psychographic (values,attitudes, interest beliefs, political affiliation, lifestyles)

We may appeal to two different groups for example women at 20-25 And men between 40-45. That’s OK. Just use different messages for them.

6. Miracles and miseries: Identify miracles and miseries. Customers don’t buy when they understand, they buy when they feel understood.

Miracles: What they want or need their desires and their dreams (All the things customers wish to happen)

Miseries: fears problems frustrations and pains.

Identify their biggest miracle and miseries. Have a function of bridge between miracle and miseries. Move customers away from their misery towards miracles.

7. Benefits: You don’t sell the features of your product you sell what those features deliver through the benefits. They are effective because they are emotionally driven. Emotion > logic Emotion is the moneymaker.

“It’s gonna make my life better.”

“ It’s going to help me achieve my goals"

"increase my status"

"make me healthier/wealthier/happier.”

When we can communicate with emotional drivers then conversions happen. That’s one sales happen. We should also back it up with logic. In order to do that, present social proof, testimonials, guarantees and risks. Investment is the key. Always do more.

4 Principles of Marketing Strategy (Brian Tracy)

Your competition determines everything (Your prices, level of sales) You can’t make a military plan unless you know your enemy. Think about:
- Who the competitors are
- What day do
- Why people buy from them
- How I can get them to buy from me


1. Specialization: How your product or service is special.

2. Differentiation: it is very important. It shows how you are different and better than your competitors. (How, where, why different)

3. Segmentation: It shows who your very best customers are. Who are the specific customers in the market? Who value my area of differentiation? Who will pay more for my specialty? All marketing is segmentation.
- Try to get a competitive advantage.
- Identify your area of excellence and superiority.
- Unique selling proposition “ Where are you the best?” USP is what you offer that no other competitor offers in the world. You have to answer “what is my USP?”

4. Concentration: Focus on what you do very well.
- What are the best ways to contact your ideal customers? 
- What are the best possible media?
- What are the most powerful appeals?


RESOURCES



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