Marketing Research Isn't Boring
The word "research" is often paired with words like "boring" and "tedious." Although I understand some of the tedious nature of certain aspects of marketing research, I'd argue that nearly every person in business has certain tasks that are also deemed as such. What I don't agree with is the sentiment of marketing research being dull.
Personally, when I think of marketing research, I think about those people I see at the beach sifting through sand to find gold or other treasures. When they find the gold, or when marketers find a nugget of insight that could impact business, it is everything but boring! It's a rush when you find brilliant opportunities.
Recently, I was fortunate enough to experience it myself. At my full-time job, I serve as a Brand Manager for a company that develops and manages luxury apartments in most major US markets. Not too long ago, we had a new development in an overly saturated submarket in Boston.
It was my job to figure out how we could position ourselves against the competition. Many times, marketers in the luxury real estate industry will default to positioning their property as the most luxurious or the newest apartment community in the neighborhood. This is a dangerous move because all it takes is a new property to be developed, and you've lost your key differentiators.
For my Boston property, I was in a bit of a pickle. Every property was luxurious, offered excellent customer service, had a fancy pool, and a fantastic amenities package. Before the presentation I had to give in front of "the big bosses," I nearly succumbed to the default, too. But in a Hail Mary effort, I decided to try once more.
So I made a list of every possible feature and amenity that each property and their respective street had to offer and went through online reviews. Then, I cross-referenced each of them. From there, I compared to what I considered to be the "perfect property." What I discovered was that none of the other competitors were truly pet-friendly. Meaning, although they all allowed pets, their property's location and design were not conducive for residents with pets. Eureka!
From there, we were able to position our property as the only true pet-friendly apartment community in the submarket. We went above and beyond with our pet spa, partnered with local pet vendors, and filled our retail space with a doggie daycare.
The research I did helped drive the brand, the product offering, and the property's success. It taught me the value of diving into information and how it can positively impact your marketing strategies. And you know what? Success is not boring.
