How to apply market research to your Instagram marketing strategy to boost engagement, followers + sales!
Let's talk about market research.
Now market research is NOT something I did when I first created my offers. Looking back, it was the crucial step that I missed and the reason why I had so much trouble with sales! So, what is market research and why is it so important?
Market research is the process of gathering and analysing information about a market, industry or potential customers to determine the feasibility and demand of a product or service. The goal of market research is to identify consumer needs and preferences, evaluate competition and assess the potential for success in a particular market.
When I worked for NSW Health, I watched the development of software systems PRIOR to speaking to the end user (aka ideal client). Then, when it came time to rolling out the system, it didn't add value in the way the developers thought it would. And to put it nicely, it would flop! It wasn't in demand. It wasn't what the ideal client needed. It didn't get them from where they are to where they wanted to be.
This same thing applies to your offer and your ideal clients. Before setting your offer in stone you need to do market research and determine the demand and potential for success of your offer within the niche you choose to work with. Once you've done this you can apply your new-found knowledge to your Instagram marketing strategy and leverage that to make sales.
So Kate, how do we do that? I'm glad you asked!
1. Identify your target audience: Research and identify your target audience's age, location, interests, and behaviour. Get to know your niche! This will enable you to create content that resonates with them and increases engagement.
2. Analyse your competitors: Research your competitors or businesses in your industry to understand their Instagram strategies. This will help you identify the gaps in the market and differentiate your brand.
3. Use Instagram insights: Use Instagram's built-in analytics to gain insights into your audience's behaviour, preferences, and engagement rates. You can then use this information to develop a content strategy that resonates with your audience.
4. Conduct surveys: Conduct surveys to understand your audience's preferences, pain points, and expectations from your brand. This information helps you to create content that provides value and engages your audience.
5. Test and learn: Finally, use market research insights to test and learn what works for your audience. This allows you to optimise your Instagram marketing strategy and improve engagement, followers, and sales. Still want more? Join our 6 part Instagram MasterClass Series Confident + Killing It. Check it out by clicking here.
I'd love to know your take aways! Will you be conducting market research before creating your next piece of content?