We can only be certain about our Digital Marketing results if our idea has been launched. But, with the help of Market Research and Analysis, we can set realistic expectations even before launching our idea, which helps us make rational decisions and increase the probability of success.
With the help of good Market Research, we can explore multiple possibilities, which further helps us increase the chances of our success by having multiple plans. Even if our main plan doesn't go well, we can switch to other possibilities.
Market Research and Analysis is essential for every Digital Marketing Campaign, especially if we want to make it a success. Whether we plan it or not, whenever we want to improve the performance of any existing Digital Marketing Campaign, Market Research becomes our need, which makes it important to make it an essential activity right from the beginning instead of determining basic things in the middle of critical operations.
Although at our Marketing Agency, we conduct ongoing Market Research throughout the process of Digital Marketing, even in brainstorming sessions, we keep ourselves and our clients updated with the market overview. However, we conduct more organized Market Research soon after defining the Problem Statement of Digital Marketing while making it a permanent feature.
We begin the Market Research process while focusing on the purpose of Digital Marketing defined in our Problem Statement of Digital Marketing. It involves the collection of facts and figures for a successful implementation of our decisions. We also explore alternative options to ensure that we adopt the best approach while proceeding forward.
The objective of Market Research is not just to collect data but to draw conclusions. So it’s always good to consider data usability during data mining and avoid extra efforts.
Market Research is an ongoing process that can take plenty of time and resources. Even a basic level of Market Research can help us gather sufficient data for planning and executing a Successful Digital Marketing Campaign. In the process of Market Research, we collect the following data and utilize it smartly to establish a strong Digital Marketing Strategy.
Based on the purpose and usage of our products/services, we must search for alternatives already available in the market. We must carefully look across multiple platforms while observing similar alternatives and the alternatives with variations. The whole activity has to be scaled depending upon the type of our products/services as some of them are unique with none or very few variations while some have a lot of variations available.
The information that we need to collect from this activity, along with variations in their prices and terms of delivery, includes; alternate products/services with almost similar features and alternate products/services with enhanced and reduced features.
While searching for alternative products/services, we use various approaches to get diversified data. We can also discover many words and phrases that are helpful to show us content relevant to our products/services, which gives us an idea about how they are known across different platforms, including the reasons that make them essential to be searched for.
We should record keywords/search queries against which our products/services are commonly known and searched across all important Digital Platforms. This data is useful at many stages of Digital Marketing, where many activities are planned according to these keywords/search queries.
Our Market Research reveals many competitors who vary across platforms and against different keywords/search queries/hashtags. Competitors with strong presence set marketprecedents, where the similarities of these competitors can show us the must-haves and the differences that make them stand out, show their uniqueness and reasons to outshine.
A lot more can be determined and observed with the help of detailed Market Research. But, to start, we should be first able to identify the top competition, which includes the competitors with strong positions across multiple platforms and those with strong positions against various keywords/search queries/hashtags.
Ideally, we should always plan to be on top, but we should also remember that it takes time and efforts to be there. We must determine what we need to accomplish for our model to be self-sufficient and sustainable.
Our Market Research should include the type of competition we can compete with and the positions having growth potential.
From various types of competitors out there, we should list some cases and keep comparing our progress occasionally. Our aim should be to be able to reach those positions within an estimated timeframe and keep on adding higher targets.
The data collected in the Market Research process helps us get a better picture of what’s out there. Keeping it updated is an ongoing process, but once the collected data makes sense, we must proceed with the next steps of Research and Analysis and learn from the data to evaluate where we stand, which can be done by extracting the following information.
1. Strengths and Weaknesses.
2. Competition.
3. Target Audience.
At our Marketing Agency Winnipeg, Canada, we conduct necessary Market Research before laying out the executional Executional Strategy of Digital Marketing. This helps in reducing risk factors and increasing our efficiency.
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