Market research is a widely used process of gathering data to understand whether a product or service offered is suitable for an audience or not.
Market research helps in determining who the actual customers of a product are. In turn, it aids in formulating a perfect business strategy to maintain competitiveness in the market.
The golden rule of market research to create the right persona is not to focus on quantity but on the quality of the persona. One should create the persona for their largest customer segments and if they wish to target multiple verticals, a buyer persona should be in place for each industry. By extensive and continuous learning, one can produce additional personas to cover the smaller audiences within your customer base.
Market research helps determine the right persona for any business. Through an effective market research strategy, businesses can drive traffic, generate leads and as a result increase revenue.
Determining the right buyer personas provides marketers with a deep understanding of their needs and behaviors. According to a study by marketing experts, ITSMA, only about 44% of B2B marketers are implementing this powerful approach, but just a fraction of these professionals are able to employ it effectively.
Marketers often struggle to implement the right marketing strategy because they are unable to target the buyer persona. Buyer personas are market research-based representations of who the right buyers are, what they desire, what drives their behaviour, how they think, how they buy and so on. Through effective market research, buyer persona helps in clarifying when, where and how consumers act.
Market research tools can help how one can influence and convert their target customer to a prospective clientele. Companies often use customer avatars when determining blog topics, and social content. This is another example of attracting the right buyer persona.
By understanding a buyer’s behaviour one can create the right content that resonates with and creates an impact on the audience. The research data and purchasing behaviour can also be leveraged to determine the exact and the most appropriate type of interaction required for each segment of the persona.
Buyers are more likely to do business with solution-providers who demonstrate an understanding of their complex and unique business problems
Buyer personas and B2I are two new marketing techniques used extensively to improve relevance and personalization
It is vital to assess the role of each persona you wish to target in a particular organization. One should be aware of the stature of a person they are in touch with in order to tap the decision-maker with the perfect high-quality, technical content that clearly relays your company’s value proposition.
It is also important to include the positions and titles of each persona you wish to target. Featuring the persona’s role in the buying process, along with their motivators, goals, and challenges guarantees an organization to exceed their annual revenue goals and challenges.
Having a customer-centric approach has become a fundamental requirement for the growth of any business. Creating detailed buyer persona through effective market research can help you understand your customers better and find the right ways to penetrate the market.
An effective market research approach is a definite mandate given that your buyer personas are critical to your marketing success. You might want to engage with a professional team to ensure that they are effective in creating the right persona.