- Target a particular domain, for a specific period
Being new in the Market Research domain, it is suggested to target the clients from a particular industry or the inter-related ones. For instance, pick the education industry and cover all its verticals such as small academic centers, community colleges, universities, etc.
Why? Because
- This will help in building up a greater market research experience, that too in a lesser time. This, in turn, establishes credibility within the business community.
- Working on a niche business makes your market research company an expert in that domain and when you shout out to enter a newer domain, you won’t have to prove your professional skills again.
- The idea of growth hacking
Consider making space for a growth hacker, in your organizational chart. This will be a go-to person for all your growth-related concerns; one of the crucial points for the startups. These professionals are hired for exhibiting growth hacking functions.
Growth hacking is a mindset and a new approach, in the rapidly growing start-up world.
Coined by Sean Ellis in 2010, growth hacking is a combination of marketing, product management analytics and coding. Here, growth hackers will think of growth tactics to segment the user journey according to the stages they lie at, viz-a-viz acquisition, activation, retention, referral and revenue. And then figure out how to nudge them to move into the next stage, the ultimate stage being the revenue.
For instance, you can see a growth hacker in action when he/she is concentrating on the analytics that provides insight on the number of emails that should go out to each user and the best time to send emails to each user. He can also work on understanding crucial aspects like landing page optimization, copywriting, analytics, behavioural pattern analysis, and more.
- The balanced business development team
Every business relies on external support systems, either on a small or a large scale. Big brands like Amazon, also have small partner solutions where they have an outsourced team to do some significant jobs for them.
Why do they do that? Can’t they do everything in-house? They can. But they still reach out for outsourcing to maintain the equilibrium of delegation of work and to explore the expertise of other business domains.
Businesses must differentiate between core value functions that they want to work through directly and the secondary functions which can be outsourced to other firms or individuals. For the market research business, the core function is to provide quality analytics to their clients. Hence, the core task is to build and manage the team of experts, researchers, subject scholars, methodologists, and others. And secondary functions like digital marketing, training on the tools, lead generation via business development outsourcing, security checks, etc. can be done with an external association.
- Focus on personalized solutions
Do you remember the success of the “Share A Coke” campaign, where Coca-cola printed the coke bottles with some common English names and asked people to share a picture on social media with the bottle?
Did you see where we are going with this?
Personalization is always appreciated. It is a way of making people feel more connected and when it is about a customised business solution, there is nothing like it.
Give out personalized analytical solutions to your clients which can cover the pain points of the customer’s business.
- On-board an influencer
Influencer marketing is the fastest growing online method for customer acquisition. You must be knowing this as a market researcher. But somehow, we forget to implement it for our own market research business.
Marketers are spending $25,000-$50,000 on Influencer Marketing campaigns. It has been found that influencers have increased the purchasing intent by 5.2x on Twitter. This is a significant number. So, think of onboarding an influencer to promote how market research can leverage the success of all other businesses.
Pro tip:
Consider the following while choosing an influencer for your business
- Brand fit
- Type of audience
- Reach
- Influence
- Content and
- Exclusivity
Try one or all, and see if it makes a difference.
