Marketing due diligence is the process of researching and finding out as much information as you can about your target audience and product before launching your campaign. This is not only necessary for a healthy and effective launch, but will ensure that you are targeting potential buyers who are highly motivated to buy your products or services. Below we discuss an important marketing due diligence checklist.
Research and obtain your company’s brand name or b2b brand identity. Researching your target audience and understanding their buying habits will help you to establish whether or not you need to change your tactics when it comes to marketing your products or services. For instance, if your target audience is comprised of small businesses with a small database of potential customers, you may be better served by focusing on larger companies that have a large database of potential buyers.
Identify your marketing mix. This is a very important marketing due diligence activity. If you are launching a new website or a blog for a business you own or are involved with, you will need to decide whether or not you will focus your marketing efforts on direct mail, online advertising, or a combination of both. Likewise, if you are involved with pay-per-click advertising or classified advertising, you will need to decide whether you want to focus most of your budget on paid search marketing, PPC marketing, or both. Be clear about what type of marketing your company is good at, and how well each type of marketing works for your company.
Create a list of your target audience and do some research into the demographics of your target audience. Know the age range of people who regularly shop at your brick-and-mortar store, the highest income bracket that you plan to sell your product or service to, and the types of goods or services that your customers frequently buy. Your demographic research will give you an insight into how to advertise your product to that audience. For example, if you are marketing shoes to men aged 18 to thirty-four, you may want to include some information about men’s trends in shoes. Be as specific as possible.
Once you have your target audience and your research is thorough, compile your information and identify the ideal marketing strategy for your product. Write a short description of your product and call up a trusted friend or family member to ask them for their opinion. Take advantage of the advice that you receive and customize your marketing message to suit your target audience.
Find out where your website ranks in search engines. The majority of major search engines will provide you with ranking information. Once you know where you rank within these engines you can improve your website and make it more appealing to the consumers. A little research can go a long way towards having your website ranked high and bringing in a lot more business.
Utilize marketing tools such as pay per click advertising. There are a variety of marketing tools available today. If you cannot afford to spend money on paid marketing, there are also many free marketing tools available. Word of mouth is still the most effective marketing tool. If people like what they see and hear from you, they are more likely to buy from you.
As mentioned above, there are a variety of marketing tools available. If you cannot afford to spend money on paid marketing then you can use free marketing tools. Taking the time to investigate and fully understand each marketing tool available will benefit you in the long run and help you create successful marketing campaigns.