In the ever-evolving landscape of marketing and business, one thing remains constant– the need for market research. It is undoubtedly an integral part of any marketing activity, especially a well-rounded digital marketing plan. Perhaps that’s the reason why market research can also be an overwhelming exercise. Keeping your fingertip on the pulse of your consumer can be tough when they are everywhere– searching for your brand, researching on your offerings, and leaving reviews.
Did you know that digital ads can increase brand awareness by 80%!
While Market research identifies important information about your target audience, digital marketing helps craft the right message through the right channel to engage with your audience.
You can certainly skip the entire process and base your digital marketing campaigns on your experience and existing customers. However, you will lose out on key insights such as the platforms where consumers are researching for you, factors influencing their purchase decisions, and the challenges and opportunities of the industry you are part of.
- Consumer insight: The key is to know your audience. Creating a structure around the buying behavior, the language used, and the benefits to the audience goes a long way in the way a company can engage with its target market.
- Segmentation: Once you know your audience, it’s vital to identify subgroups based on characteristics like demographics, interests, behavior, or where they are in the buyer’s journey. This process helps create a tailored message that speaks to your audience and builds stronger engagement.
- Competitor analysis: Who are your competitors, and how are you different? This is a crucial aspect overlooked by companies. Understanding your competitors will help you identify what works and doesn’t. Competitor behaviour is key to positioning your brand and crafting a messaging strategy that capitalises on your USP and value proposition.
- Digital Channels: When you have analysed the market, it’s time to select the right channels for your brand. Every channel has a unique personality, and your content should be customised to fit your chosen platform.
An effective market research strategy is an ongoing process. It is imperative that digital marketers analyse the market and augment their plans accordingly. Tools like Google Analytics and different ad account platforms make it easy to track customer preferences. This list also includes websites that are great at tracking your brand performance.
The right message for your target audience goes a long way in generating business for your company. Ultimately, this is the end goal of digital marketing. Market research is a great way to help your brand evolve with the market and retain customers.