Question
A company can determine its current market position and target customers' needs through various methods. Firstly, market research can be conducted to understand the needs and preferences of the target customers. This can be done through surveys, focus groups, or analyzing customer data. Secondly, a company can analyze its sales data and customer feedback to understand which products or services are performing well and why. Thirdly, a company can conduct a SWOT analysis to understand its strengths, weaknesses, opportunities, and threats in the market. Lastly, a company can monitor its competitors to understand their strategies and offerings, and how they are perceived in the market.
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While search ads placed with Google or Amazon reach users at the "buy stage" of the marketing funnel where they're already intent to find and purchase something, Facebook ads reach users earlier in the funnel to create an impression while they are trying to socialize with friends and family. But as of February 2022, Instagram and Facebook's cost per impression is 4x higher than TikTok - so if you're paying for impressions anyway, why pay 4x the price?
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