Things might seem more normal (sort of), but the effects of the last year are still being felt around the world, let alone the business world.
For marketing, it’s a familiar story; shrinking budgets and increasing pressure to undergo a serious transformation by 2022, because the “old way” no longer does the job.
A 2021 Gartner report found that marketing budgets had been slashed to record levels of just 6.4% of company revenue, almost half of what they were the year before. This, along with the pressure to digitally transform into overdrive, has forced marketing managers to adapt quickly. What most were remembered fairly quickly is that the digital world is a crowded space, and to stand out from the crowd requires more than just testing tactics.
What it really takes is knowing your audience better than the competition. But the quality of your knowledge of your audience depends on the quality and ease of access of your research. This renewed focus on knowing your audience is forging a new relationship between brands and agencies, with key capabilities on the move such as in-house audience research. Here’s why.
Consumers are still evolving and so are brands.
If there’s ever been a good time to find out how people actually think and feel, it’s now. The past year has seen consumer habits, needs and expectations fluctuate rapidly – and today we are faced with a whole new reality.
Our next flagship report shows that consumers have become more health conscious, with an increase in anxiety and stress since the second quarter of 2020. Professionals demand more flexibility in their work. People are looking more to enjoy life, which shows a decrease in concerns about their personal finances.
It’s just a piece of the story that changes for every audience and market. To compete in this new reality, you have to constantly take the pulse of your audience to recognize and act on what exactly is changing.
You have to know them inside out – where and how they spend their time, what gets them out of bed each morning and what qualities define them. This kind of information is not something you should trust an outside source for.
It’s something you should own, control, cut, and slice to meet your specific goals – when you need it.
The market research carried out by the platform drives the teams forward.
A good knowledge of consumers is essential to conduct good marketing. It’s not a big revelation.
We all know what it takes to get it right, but it’s often a matter of how long it takes to get what you need. If you’re under pressure to create a campaign for a product launch and want it to resonate, but your research takes forever and delays the show, it’s not sustainable.
But today’s teams don’t have to wait months for good-quality responses. Market research is not what it used to be. With reliable insight into any audience and market at your fingertips in a subscription-based platform, that means you can act quickly, but make sure the action you take is as strategic and focused as it is. it has to be.
With this ability, brands are empowered to be properly data-driven in everything they do, while marketing ROI becomes less of a likelihood and more of a guarantee.
A new dynamic is emerging between brands and agencies.
Agencies have always been, and always will be, essential to brands. Their expertise and creative talent is something you just can’t find anywhere – and that often makes the difference between a good strategy and a great one. But the way they work together is changing.
If there’s one thing brands desperately need, it’s better clarity of their target audiences; their needs, wants, wants, habits. Brands are looking for more visibility, more control and more ownership over it – and for good reason.
When it comes to moving audience information internally, a key benefit is getting a consistent (and consistent) view of your audiences, across markets, industries, and regions. Getting that important single view means being able to align teams, wherever they are, with strategies aimed directly at the right people. From there, you can slice and dice it as needed based on your business goals.
For agencies and brands working together, this shift means sharing the workload more strategically that gives brands the transparency and control they need, while agencies offer their expertise to ensure data are used wisely.
After all, the real value isn’t in the data – it’s in the way you look at it.