The Power of Market Research
Last week, EduCred Services was in San Antonio, Texas attending the DEAC Annual Conference. At the event, Susan and I gave presentations on leadership and marketing, respectively. If you couldn’t attend the sessions, don’t worry. We’ll be catching you up right here on our blog.
One of the topics I discussed during my presentation, “Meteoric Marketing: Using What You Have to Achieve Maximum Impact,” was the importance of conducting market research.
Market research is, in my opinion, one of the most important, if underutilized, aspects of building an effective marketing strategy. Trying to plan your marketing efforts without conducting market research is a lot like launching a rocket into space with no planned trajectory (and no understanding of how to land the rocket or what kind of fuel the rocket needs.) You can certainly do it, but it’s probably going to be a colossal waste of time and energy.
There are as many definitions of market research as there are textbooks about marketing and business, but, at its core, market research is finding and understanding information about your audience, your competitors, and your organization’s position in the industry. The insights you gain from this information will lay the groundwork for every marketing decision you will make.
Market research is not a one-and-done task. Just like you wouldn’t launch a spaceship into space and assume it will stay on course with no problems, you wouldn’t just assume that your marketing efforts will magically achieve your goals without course correction. Effective market research continues throughout the lifecycle of a product or service, adapting and evolving as conditions change. Even seasoned marketers can be surprised by what they find when they dig deep into data. These insights can lead to pivots in strategy that better align with market needs.
Hopefully, I’ve impressed upon you the importance of market research. Assuming that’s the case, let’s talk about…
How to conduct effective market research and easily get some meaningful data:
Market Research Firms: If you’re in a position to throw money at this problem, do it! For organizations that can afford it, hiring a research firm is going to be one of the easiest ways to gather meaningful data. A good research firm will not only provide expertise and resources that might not be available in-house, but they can also break down the results into actionable insights.
This can be prohibitively expensive for many organizations, but there are plenty of ways to DIY your way to meaningful, actionable market research. Here are a few:
Online Databases
What major trends and changes are affecting your industry and audience? What are your audience’s known preferences and behaviors? Tools like IBISWorld, Statista, and Mintel offer access to comprehensive industry reports and market analyses that answer these and many other questions. These databases might even be resources available to you through your institution’s library. This is a great place to start your research efforts.
Social Listening
What’s going on in spaces related to your field? What are people within your industry talking about? What are their concerns and hopes for the future? To find out, spend some time in spaces where these conversations are happening. Platforms like LinkedIn, X (formerly known as Twitter), and Facebook are not just tools for engagement; they are also rich sources of public sentiment and spontaneous feedback. Long-form content platforms like Reddit, Discord, YouTube, and relevant podcasts are also great mediums for this. Not only do they typically provide more context for what’s being said, but you’ll still get the benefits of the “conversation” component in the comments sections.
Competitor Analysis
Who is succeeding in a similar area and how are they doing it? Finding this information can be as simple as conducting a Google search for the keywords related to your institution and seeing who else comes up in the results. Check out their pages and content. What are they saying? How are people engaging with their content? Are there good reviews? Bad reviews? What are they doing well that people are responding to? What are they not doing well that might present an opening for you?
Focus Groups/Interviews
These take a bit of work to set up because you need thoughtful questions, a scheduled meeting time, and a good moderator/interviewer, but many higher education institutions have an existing pool of potential participants for this because they already have students. Invite a group of students who represent your target audience to participate in a conversation. Have an objective moderator ask them the questions that you want answers to. Take good notes (or record the session), and you will walk away with some valuable insights specific to your institution.
Surveys
This is one of the simplest and most effective methods for gathering market research data, and this is something that most higher education institutions are already using. By integrating targeted marketing questions into your existing surveys, you can tailor the depth and scope of your questions to meet specific or broad informational needs. Example questions to consider: “How did you first hear about our university and its programs?” “If you considered other institutions, why did you ultimately choose us?” “What type of content most influenced your decision to enroll?”
Advisory Council and Board of Directors
These smart, industry-savvy, well-connected people were chosen for a reason, right? Once you have conducted some market research, your Advisory Council and Board are a great resource to help you review and interpret your findings. They can provide critical insights and a contextual understanding of industry trends and/or major shifts that could impact your results.
I learn best from a real-world (or fictional real-world) example, so let’s make one!
Case Study: Interplanetary University (IPU)
Background: Interplanetary University is a private, nonprofit, online institution that has been offering an A.S. and B.S. in Space Travel Engineering for five years. IPU operates with a small but dedicated group of staff and faculty, focusing most of its budget on curriculum development and delivery. Despite its niche focus, the University is driven by a mission to revolutionize undergraduate STEM education through distance learning, especially for students with unconventional backgrounds in science and mathematics.
Challenge: Initially, IPU was hesitant to engage in comprehensive market research. They believed they had a sufficient grasp of their industry and target market based on general knowledge. However, this approach yielded only vague information, which was not actionable for making informed marketing decisions.
Industry: Higher education, space travel.
Target Market: Students aged 20-40 in the U.S.
Competitors: Other online schools offering similar programs.
Public Image: Minimal, as the institution is still in its early stages of establishing a presence.
Action: Recognizing the need for more detailed data, IPU decided to conduct formal market research. The findings were enlightening:
Industries: Extensive research including databases, advisory council insights, and competitor analysis expanded their view to encompass online higher education, space science, STEM education, aviation, and aerospace engineering.
Target Market Segment: Surveys and database analysis helped IPU narrow down their target market to a more specific segment—women aged 18-30, who showed a higher interest in space travel and STEM. This group is underrepresented in enrollments in other undergraduate STEM programs. This group was identified as career aspirants or career changers.
Competitor Discovery: Competitor research, surveys, and Advisory Council feedback surprised IPU. Their main competition was actually coming from unconventional learning sources, like NASA’s free online courses, military education opportunities, and educational initiatives from companies like SpaceX and Blue Origin. These competitors offered lower costs but lacked personalized support.
Public Image Clarification: Through social listening and focus groups, IPU learned that its mission resonated well, especially its commitment to inclusivity. Current students praised the one-on-one faculty support and expressed a desire for faculty to be thought leaders and agents of change. However, some confusion with a similarly named institution, Interplanetary College, was noted.
Results: Armed with specific, actionable information, IPU can craft targeted marketing strategies that address real needs and help differentiate them from competitors. These insights will allow them to position themselves uniquely in the marketplace, with a focus on personalized educational support and leadership in thought and innovation.
Conclusion: By moving from general assumptions to specific insights, IPU not only refined its understanding of its market but also enhanced its marketing strategies, ensuring it meets the real and pressing needs of its target audience.
I know this is a lot of information, especially if marketing isn't your favorite topic to read about (I can’t imagine that, but I’m sure it’s possible). I do hope that if you’ve made it to the end of this blog, you can see just how crucial market research is to the rest of your marketing efforts. You don't need a huge budget to be able to conduct effective market research. There are plenty of accessible tools out there, and even using just one or two of them can make a real difference. Whether your marketing team is a group of ten or just a solo intern, you can leverage research to significantly enhance your strategies. Don’t leave your marketing adrift in space. Run the numbers, chart a course, and find out exactly what kind of fuel you need to really take off.
