Best Ways to Conduct Market Research

Best Ways to Conduct Market Research

Starting a business and jumping in head-first without research is a quick way to fail. Without the proper analysis, young startups can fall prey to economic fluctuations, a saturated market, and simply poor timing. Before a new brand comes on the scene, it's crucial to conduct market research to determine if it's the right time. There are several effective ways to get this analysis done, but the following are among the most effective.

Survey Individual Groups

One of the best ways to conduct a market analysis is by surveying individual groups. When a new company comes on the scene, they have a specific client base. Many new brands don't have their clientele pinpointed before they begin marketing, so they're wasting time and resources without seeing profits to make up for it. Rather than going the trial-and-error route once the business starts, using a method such as ethnographic market research before the LLC is created will help narrow down the potential client base and make marketing easier. 

In addition to narrowing down the client base, surveying individual groups also helps inform the business of the general interest in the market. Without sufficient interest in a product or service, it'll be virtually impossible for a young business to succeed in its first few years. Small businesses don't have large budgets backing them to support a failed marketing campaign, so every product must be a hit. Without a client survey to poll general interest, young companies and startups can lose revenue and go under in their first couple of years. However, by conducting sufficient market research, these same businesses can ensure their formative years are marked by success and profits. 

Use Social Media Analytics

Another more modern way to conduct market research is by using social media analytics. Every social media platform runs on algorithms that advertise products and services to people based on their viewing history. When new businesses come on the scene, they have the opportunity to use these algorithms to their benefit. Setting up a social media account is free and allows companies to reach clients in their area and around the world effortlessly. Along with the ease of use, a business account on many socials comes with analytic access built-in, so social media managers can see how posts and advertisements are doing. 

One of the biggest benefits of social media analytics is that it provides businesses with a narrowed-down picture of their target customer. Because each post and ad will be delivered to people with similar viewing histories, the business will be able to see who they're reaching the most with their products. With this information, marketing managers can adjust advertising campaigns to be more direct as needed, which will bring in more customers. When a company has a clear image of who they're marketing to, it can target them directly and optimize its sales strategy. Taking advantage of social media algorithms allows businesses to conduct easy market research.

Look Into Competitors

Finally, looking into the main competitors of a business will help a startup complete market analysis. A lot can be learned from analyzing the success of a competing company. Looking at another business's target clientele, marketing strategies, and main weaknesses will help a young brand find its niche in the industry. Before hopping into an already saturated market, learning about the competitors will allow a business to prevent unnecessary surprises in its first few years. 

After identifying the main competition, the owners and managers of a young business should go through and analyze each one individually. Each competitor will have different strengths and weaknesses that will provide a partial picture of the market. After combining the competitors' accounts with other forms of market research, the owners of a startup will have a complete image of what the market looks like right now. From there, it's up to their judgment whether or not it's a good time to make their entrance.

Overall, conducting market research is essential for the success of young businesses. By using one or more of these methods, small businesses can succeed past their first few years.

How to Conduct Market Research Through Social Media

How to Conduct Market Research Through Social Media

As marketers, we need to know our customers’ intimate needs and wants. It is the only way to serve them better and ensure they are satisfied. In fact, failure to capture customer preferences and behavior changes can be challenging for any company and make them miss out on the optimal market entry point.

Some of the leading causes of business failure rates are linked to marketing:

  • Cash flow problems - 38%
  • No market need - 35%
  • Intensive competition - 20%

So, better marketing research can prevent over three-quarters of business failures. Most market research methods provide historical insights into the market and your consumers. Social media market research can offer historical and real-time insights to help adapt quickly to consumer changes. 

Social media market research involves understanding your brand’s market using data from social media channels. 

With 4.65 billion active social media users globally, users share unbiased opinions about themselves and brands. Hence, it is a vital source of data that informs business decisions. Social media market research widens your market scope for relevant data. Also, it is relatively cheaper and more effective given the ability to target a specified audience accurately.  

Over 85% tend to agree that social media will be the primary source of business intelligence in the future. It shows the significant role social media has on brand positioning. Therefore, you should know how to get business intelligence insights to drive your bottom line from it.

Let’s learn how to conduct market research through social media: 

  1. Conduct Social Media Polls or Surveys

You can conduct social media polls and surveys better to understand consumers’ preferences and opinions about your brand. Most social media platforms have in-built features to help you conduct polls on the brand topic you wish to investigate. 

For example, Instagram has many features on its “Instagram Stories” that you can leverage to run polls and surveys. “Instagram Stories” has a poll, question, and emoji slider alongside countdown timer stickers to help conduct questionnaires and polls. 

Your followers will view the stories and respond within 24 hours before the post disappears. The urgency of these soon-to-disappear Instagram stories can help nudge your followers to respond faster. You can get the final poll results alongside every voter and their choices. 

Twitter, Facebook, and LinkedIn also have similar in-built provisions to allow you to conduct polls and surveys. You can use polls and questionnaires to understand specific nuances of brand products and customer preferences. For example, you can compare brand products to understand which resonates most with your customers. 

However, it may not be an effective way to conduct polls if you have few followers. Poll results are always visible before someone votes; hence, herd mentality may affect users’ opinions. Market research companies can help you compensate for these biases and get real valuable poll results. 

An effective consumer researcher needs an adequate sampling size to generalize poll findings. For example, let’s assume you have a dairy firm with two major yogurt products-vanilla and chocolate flavors. You wish to know which one of your products consumers prefer but only got 20 people participating in the poll upvoting the chocolate flavor. 

That sample figure may be too small to represent your total consumer base. So, you can not generalize the findings that chocolate yogurt is the most preferred product. The best marketing research companies can help you achieve an effective sampling size for your social media polls. 

  1. Use Analytics to Evaluate Content 

Source: Pixabay 

You can also use social media analytics to evaluate your brand engagement. Brand engagement metrics include likes, followers, shares, and comments on social media pages. You can evaluate these metrics to understand which content and products have positive feedback in the target market. 

Also, you can use the metrics to conduct competitor analysis. It involves checking out competitors’ social media pages. Pay attention to every social media strategy that gives your competitor more followers, likes, and enhanced engagement. Adopt similar tactics to grow your social media and enhance brand engagement. 

For example, a video post on Instagram Reels may go viral or receive more shares than average posts. In that case, copy the same content idea to grow your account. It is a clear indication of the type of content your Instagram followers like and needs. Also, you can leverage an AI-powered Instagram caption generator for high-quality and compelling posts. 

However, what works on Instagram may not necessarily work on Twitter or Facebook. So, qualitative content analysis on each platform will direct you to the platform's best attractive marketing brand message and product. 

For example, if you’re conducting B2B marketing research, LinkedIn must be part of your strategy. About 90% of B2B marketers use LinkedIn for organic social marketing. Since it has most decision-makers in a target company, it can get valuable leads using the most effective content. 

So, you can know where a type and format of content can drive social media growth, engagement, awareness, and performance. Short video content may be effective in Youtube Shorts, TikTok, or Instagram’s Reels. But, a white paper on a relevant topic may be more effective on LinkedIn. 

  1. Leverage Social Listening Sentimental Analysis 

Another way of conducting social media market research is through social listening. Social listening means subtle monitoring of social media conversations and feedback on your brand. It can help track brand mentions and run sentimental analyses on your brand. 

Social listening will uncover vital brand insights like: 

  • What customers are talking about your brand
  • How do they feel about your brand products or services? 
  • What do they need from the company? 

For example, take a look at this tweet about Netflix: 

                                  Source: Twitter 

Whatever reasons Netflix had for removing the screenshot feature on shows, it should’ve at least evaluated the massive engagement against the action. Netflix is not even tagged, and there is no hashtag to help it now its brand is trending negatively. 

Further analysis of the tweets in the comment sections may contain suggestions from users on how a brand can handle a certain issue. Other brand issues may also be trending simultaneously on other social platforms. 

You need social media tools to track and monitor brand mentions across the social media landscape. Whether Twitter, Facebook, LinkedIn, Instagram, Reddit, etc., you should have tabs on everything about your brand. 

You will need more than just social marketing tools like Sprout to get the work done. Reputable companies on consumer behavior research can help distill the right insights from brand mentions. Hence, companies like Quirks can come in handy in leveraging your social listening. You can use the insights to improve marketing and business operations. 

Also, you can extend it to competitors to understand what their consumers are praising or complaining about their products. You can then iterate yours to capture unsatisfied customers from competitors. Therefore, social listening will let you understand what customers like, dislike, or extra needs from the brand. 

You can conduct social listening by tracking brand mentions through hashtags. Alternatively, use tools like Sprout Social to track even untagged brand mentions to uncover insights. 

Take Away 

Social media's enormous growth presents new opportunities in business intelligence and marketing. For maximum output, it is better to conduct market research on your social media platforms to better understand your customers' needs and competitors' leverage. 

You can conduct social media market research using polls, content analysis, or social listening. Each method can improve your performance. You will know what products customers need, which content leads to authentic brand engagement, and what they love or hate about your brand. You can adopt the insights to improve marketing strategies and business operations for better performance. 

The Importance of Market Research For Improving Your Digital Marketing Strategy

The Importance of Market Research For Improving Your Digital Marketing Strategy

These days, the world revolves around digital technology. From surfing websites to checking out the latest apps, most of the world spends at least some time online each day. This means that your business needs to be plugged into the digital world as well, including a robust website and well-maintained social media accounts. That's not all, though. You also need to be doing thorough market research to ensure that your digital marketing strategies are working as well as possible.

Market Research Helps You Understand Your Customers

Chances are you did some market research using agile market research methods when you first started your business, but your customer base may change over time. Periodic research is important for determining how your customer base's demographic has changed over time. This ensures that your marketing efforts are still targeting the right people.

Maybe your original customer base was young families but now empty nesters are more prominent. Perhaps you thought college-age people would be most interested but it turns out that seniors are more interested in your product than you expected. Understanding the gender, age, income level, and family size of your established customers helps you to determine who you should be targeting with further digital marketing.

Market Research Helps You Send the Right Message

Sending the right messages ties into who your target audience is now. If you started with college kids as your target audience, chances are you were more casual and used a lot of slang. However, if today's demographic tends to be older generations, speaking too casually or using too much slang may cause them to think of you as unprofessional.

Performing market research helps you to monitor how the consumers on your website and social media pages are speaking. By learning their language and the common terms they use in reference to your product or industry, you can determine which keywords and key phrases to focus on when creating your next digital marketing campaign. It also helps you to match their tone, which is important when gaining the interest of potential customers.

Market Research Helps You Create a Mobile Campaign

These days, a good digital marketing campaign has to include a mobile marketing technique. Roughly 90% of the global community uses their smartphones or other mobile devices to browse the internet, and an ever-increasing number of people shop from their mobile devices as well.

When you understand how your audience uses their mobile devices, you can create mobile marketing campaigns that gain the right attention. SMS marketing is increasingly popular and has a nearly 100% open rate as compared to e-mail marketing, which is only at about 20%. You can use SMS in a number of ways, including alerting your audience to new sales, reminding them of abandoned carts, and providing them with shipping information.

Market Research Helps You Track the Competition

Part of thorough market research is to determine how your competition is faring in the market. This means finding out where their strengths lie as well as considering where they are showing weakness and how you can improve your product or service to best those weaknesses. When you use internet market research tactics, you can then implement a digital marketing campaign that shows how your business beats out the competition. 

Market Research Ensures You Don't Waste Money

Market research shows you what your current customers and potential ones are looking for out of a business, product, and service. By understanding your customers and sending the right message the first time around, you ensure you're putting your marketing budget into the right place. You won't waste money on e-mail advertising if your customers all prefer text messages, for example. 

You can't have a successful business without doing market research. Whether you're just starting out of you're re-vamping what used to work for you, take your time to perform your research correctly. Doing so will save you money, time, and effort in the long run, not to mention be more likely to bring in the audience you want. 

5 Market Research Methods Your Business Should Use in 2022

5 Market Research Methods Your Business Should Use in 2022

Business success or failure is always reliant on how well a business can maintain its existing customers and convert any leads into loyal customers. Business acumen comes from being able to read the market, predict change, and give the customer what they want. But how can you know what your target market wants?

Continue reading to discover five ways in which you can perform market research in 2022.

1. Online Survey

An online survey is an indispensable tool for collecting feedback from your audience. It is a great way to get the information you need from respondents in minutes. You can even use it to run your own market research analysis and discover new opportunities for business development.

How does an online survey work?

Online survey works by asking people about their opinion on something, then recording their answers. This data can be used for further research and analysis. The information gathered from this type of research can help companies make decisions that will improve their bottom line or just give them insight into what customers really want.

Why do online surveys work?

Online survey provides an easy way to collect feedback and learn more about your audience without having to spend any money or resources on traditional methods like in-person interviews or focus groups. In addition, these types of surveys are usually anonymous, so there's no chance that you'll hurt anyone's feelings while gathering information.

2. Mystery Shopping

What is mystery shopping? Mystery shopping is a type of market research in which the mystery shopper poses as a customer at a business to gain insight about a business in areas like customer service, quality of sales, and regulatory compliance. 

Mystery shoppers are given certain tasks to accomplish, such as buying a specific product and then evaluating the experience with that company from start to finish.

How does mystery shopping work?

A mystery shopper is hired by companies to visit different retail locations and stores. They purchase a particular product or service in order to assess the quality of service, identify potential issues and provide management with feedback on their employees’ performances.

Why does mystery shopping work?

Mystery shopping helps businesses get an unbiased point of view on their employees' performance, customer experiences, and overall business processes. It also helps build trust between the customer and the brand since they know that their feedback will be heard and implemented. In addition, it can help improve problem areas, boost employee morale, and increase sales through targeted promotions.

3. Focus Group

A focus group is a qualitative research method. It's a gathering of people brought together by an expert moderator to discuss a certain topic or try a new product. The discussion is recorded, and the insights gathered are used to make better business decisions.

How do focus groups work?

The moderator asks participants questions, and they answer them, sharing their opinions in an informal environment. The moderator is there to keep the conversation flowing and ensure the participants feel comfortable talking about any given subject. The main goal of focus groups is to gather insights into the participants' behavior and motivations.

Why are focus groups a good method?

Focus groups help companies understand what people don't like about their products or services (but also what they love), where the company can improve, or why they choose one brand over another. They help companies understand people's desires, needs, and emotions better than any other market research method, which allows companies to develop products that will solve some of their problems or fulfill their needs.

4. Ad Concept Testing

Ad concept testing allows a company to test the market and create more effective marketing campaigns. It can be used in many ways and for different types of marketing campaigns, but the most common use is to test whether a particular advertisement will be successful or not.

How does ad concept testing work?

Ad concept testing works by allowing you to monitor the responses of a portion of your audience to an advertisement they see before it is officially launched publicly. This gives you the opportunity to see what works and what doesn't and make any changes needed before it is released.

Why is ad concept testing among the best market research methods for 2022?

It will become increasingly important in the future for companies to understand how their customers really feel about their advertisements. This is particularly important given that many people now watch ads on video platforms such as YouTube, which makes ad concept testing even more important.

5. Feasibility Studies

A feasibility study is a way to see if a business idea is viable before you invest too much time and money. This is usually the first step in the creation of a business plan. It can involve research, financial projections, discussions with experts, and even surveys of possible customers.

How do feasibility studies work?

There are many ways to do feasibility studies, but they all try to answer this question: "Will this work?" 

You'll want to look at things like the cost of getting started and operating your business, your potential sales volume, and how you compare with your competitors. If you're planning to launch an ad campaign on TikTok, for example, you'll want to conduct a demographic analysis by determining if your target demographic overlaps with the general demographic of TikTok. If not, advertisements on TikTok may not be a fruitful venture for your business.

The Bottom Line

In the ever-evolving digital era, market research methods have become more sophisticated and efficient. As competition increases, businesses are constantly looking for new methods to tap into the opportunities that lie ahead. With the right strategy and team, you can leverage both traditional and innovative market research methods to gain actionable insights that can inform your decisions moving forward.

How To Maximize Your Market Research

How To Maximize Your Market Research

When you think about the future of customer experience, it is important to understand what your customers want and need. Market research is a great way to find out what customers want and need from your brand both today and moving forward into the future. Read more to learn how to make the most out of your market research.

What Is Market Research?

Market research is a systematic process that helps brands understand the needs of their customers and their behavior. It also helps brands identify opportunities for growth in the future. There are plenty of different approaches to market research, so it is helpful to assess which approach may work best for your needs.

Similar to other marketing efforts, proper research will lay a foundation for your brand's success. Many people want to rush into marketing, but without the correct groundwork, you may find this a futile process. Thorough market research will save you lots of time and frustration.

Be Honest About Your Objectives

The first step in conducting a successful market research project is to identify your objectives for conducting it. If you don't have your "why" then you will likely find it impossible to achieve your "how" in the market research domain.

What are you trying to find out? What do you hope it will accomplish? Questions like these can serve as guiding lights to return to if you ever find yourself getting lost in the technical details of the market research process. Know your motives inside and out and you will have an easier time getting where you need to go.

Develop a Plan First

It's a good idea to conduct market research before investing in new projects or initiatives, so you can be sure that you are making an investment with the potential for growth. Your plan can involve minor details or general values. It is often best to include a mix of both.

As with any aspect of cx, market research can have a powerful impact on how the world perceives your brand. The right plan will ensure that you are coming across as competent and open to critique. With this attitude, you will get much farther than you would with an unprepared, scattershot approach to your research.

Identify Points of Pain

The market research process starts with identifying your problem, researching, and then implementing a solution. It can be done in-house or outsourced depending on the size and complexity of the company. Regardless of your preferences in this arena, your points of pain are some of your most valuable tools.

Once you know where you are struggling, or where your blindspots lie as a brand, then you can begin the work of digging deeper into them. There are many tools available online that can help with market research by providing insights on customer needs, likes, and dislikes which can be used for marketing purposes. 

Choose an Approach That Fits Your Brand

Market research can be divided into two parts - primary and secondary. Primary research is the piece where people are interviewed about their experience with the product or service, whereas secondary research involves looking at industry reports, statistics, and data to find out more about the market.

In the modern world, digital tools have made it easier than ever to collect data on your customers. Using this data as a launchpad for further research often serves as a popular approach. In many cases, a mixture of both primary and secondary research methods yields the most optimal results for brands.

Make the Most Out Of Modern Tools

The most important aspects of market research are customer needs, customer experience, and customer feedback. Market research has always been essential for businesses to understand their customers and create a satisfying customer experience. However, with the rise of digitalization, it has become even more crucial to be able to track customers in order to better serve them.

Tools and plugins allow you to track your growth across several domains. With raw data, you can refine to corner any unique issues in your social media campaigns, search engine optimization, or in-person customer experience reports. By combining these data points you can construct a comprehensive birds eye view of what is (and isn't) working in your marketing efforts.

Never Shy Away from Direct Feedback

There are many ways you can do research on your target market: surveys, interviews, field studies, focus groups, etc. Surveys are the most common way to collect information from a large group of people about their opinion on a topic. You can use online surveys or paper surveys. Surveys allow you to collect qualitative data as well as quantitative data such as age ranges and geographic location.

You can also conduct interviews with your target market by asking them questions about their opinions on your product or service and how it could be improved in the future. Field studies involve observing customers in their natural environment and noticing any behavior that provides a helpful angle on your product or service.

While digital tools are great, you shouldn't rule out more classic methods to analyze your brand. Talking with people in person, for example, is a great way to get feedback from customers because it allows you to see their reactions and emotions firsthand, which can be hard if you're just reading reviews on social media or impersonal surveys.

Use Every Available Resource

In addition to collecting data directly from customer feedback and digital tools, you can also reach out and utilize other resources to strengthen your market research. For example, local universities and libraries may be able to provide you with access to exclusive databases and software that may be otherwise difficult to obtain.

Many state and local governments also have resources available to assist small businesses in their marketing efforts. If you are uncertain about this, your local chamber is a good place to start. They can point you in a positive direction and serve as a point of contact if you get lost.

The right market research can transform your brand for the better. With these tips, you will position your brand to succeed in all of your market research efforts.

Post-COVID Small Business Market Research Tips

Post-COVID Small Business Market Research Tips

Market research has proven to be more important now than ever — especially when it comes to making big decisions for any business, big or small. Making decisions based on evidence and data is the only reliable way to keep any business up and running. Decisions that can make or break your business must be made from evidence and not assumptions. 

Mass layoffs, furloughs, and business closures have repeatedly been reported in the news. These directly made an impact on our economy and sadly, the purchasing power of the consumer market has been put at dimming light. With these occurrences, small businesses exhaust all their efforts to keep their pricing and overhead costs at a bare minimum while maintaining the service or product quality. And even if businesses are slowly reopening their shutters as the COVID-19 vaccines are being rolled out, smart entrepreneurs anticipate another grueling phase is coming their way post-pandemic. These things only made market research more vital for businesses to undertake. 

The pandemic is forcing massive shifts in lived experiences and continues to shape market behavior. This is the kind of data you want which can help determine consumer needs and preferences in a different light. 

Now presents a perfect opportunity to identify how customers are behaving in reaction to a crisis and what is going to help them going forward. Keeping your sales aspirations on the side and focusing on things you can do to help them can be your roadway to beating the stiff market competition. Doing market research can inexplicitly reveal what kind of approach you need to turn leads into deals as well as to discover what is essential to them which you can supply later on. Times are tough and your potential or existing clients are keen on how your brand responds and reacts to the situation. This can impact your survival and also your recovery once things are back to the true normal. 

Here are five tips to consider when making a small market business research post-pandemic:

  1. Allow collaborative and simultaneous work.

Ensure each department is fully represented and meet with the entire team. Remember that two heads are better than one. Brainstorming sessions bring out the design thinker in everyone. Make a compendium of all the ideas that transpired in your meeting. You want to assure that your market research objectives, questions, and methods encompass all the ideas and concerns that surfaced during the meeting. While you are at it, discuss which strategy works best, growth marketing, digital marketing, or both, in surviving a crisis.

  1. Revisit your methodology.

How will you gather the responses? Certainly, you will have to get rid of the traditional pen and paper brand awareness questionnaire. Choose a survey method that will allow you to elicit answers regardless of lockdowns, social distancing rules, or quarantine protocols. Lean on an online survey administration software like Google Forms or Survey Monkey so you can easily process the information, make inferences, and act on recommendations right away. Your consumers are as meticulous as you and would prefer it to be done digitally and contactless. It is expected that people prefer engaging in online communities nowadays anyway — especially when it comes to sharing their experiences, aspirations, needs, and wants. 

  1. Set an acceptable frequency and work consistently.

World events happen in a snap and can instantly mold people’s behavior and priorities. Frequent and consistent collection of data will provide insights as to how your small business can provide them support in times of great need. Identify the factors that delimit or influence purchase behavior and mobility outside their homes. Through this data set, you can define what kind of strategy is appropriate to use during and after the pandemic season.

  1. Be extra sensitive.

This needs to be stressed enough. The questions you ask and to whom you ask them can make or break not only the objectives of your market research but also your brand. Be aware of the sensitivity to questions within the healthcare, travel, and illness realms. Stay grounded and reflect on the reality experienced by all industries including you. You want honest respondents and not mad ones so quiz lightly and kindly. Use an iterative approach to achieve a smooth and sequential flow of questioning.

  1. Compare data.

Perhaps you have done market research before and have a complete data set of a past study lying around. You may compare its results with that of the current one and analyze significant differences. While it is easy to point out the obvious, everything should still be backed up by documentation and no matter how predictable you might think it is, there will always be findings and results. Have the courage to test behavioral and attitudinal models built in the past and see whether they still ring true despite the pandemic.

Market research post-pandemic is the best dependable way for small businesses to assess the impacts of social and economic changes as well as how these can affect your business goals. The sooner you get your research started, the better you will understand the right response, tools, approach, message, and offerings to your community. Truly, keeping a business afloat in these uncertain times equally has to be practical and wise. 

How Market Research and Digital Marketing Levels up your Business

How Market Research and Digital Marketing Levels up your Business

Market research and digital marketing. Two very important topics for your business. They go hand-in-hand with each other. Some of the best digital marketing strategies are based on market research. They help you to target your customers' strategy more effectively. 

Market research and digital marketing are excessively good at helping you understand what content and information your customers want. They help you recognize what you need to avoid wasting money on, and what you need to invest into. 

 Nonetheless, let’s move forward onto knowing more about what each of these are:

What is market research?

Market research is the action of gathering and analyzing information that will be overly helpful to solve marketing challenges. The reasons that we use market research can be very wide, however, one of the main purposes is to help us make smart decisions. Market research is crucial when developing a marketing strategy. If it is done accurately, it for sure can help enlighten your marketing activities - such as understanding the audience’s requirements, especially, targeted audience. 

Research is a big step for every business, because nowadays it is nearly impossible to sell a product or service without having conducted market research. The importance of the latter is that you can use many different marketing campaigns, such as meetings, messaging, questionnaires in order to reach a broader audience of customers. 

What is digital marketing?

Digital marketing is like traditional marketing, except digital marketing is done online via the internet. Digital marketing has begun to rise since internet usage worldwide increased.

Furthermore, social media has a huge impact on digital marketing. A lot of businesses leverage digital channels such as search engines, email, social media, and other websites to connect with their customers. It can help you reach a larger audience through the traditional marketing methods, and it can target the prospects who are most likely to buy the product that you provide or the service. 

Digital marketing is tied up with SEO (Search Engine Optimization), a new digital marketing strategy. What SEO does is ranking your website or business on search engines such as Google, Bing, etc. The higher it ranks, the better your profits will be. 

SEO is divided into three categories:

  • Technical SEO
  • On-Page SEO
  • Off-Page SEO

Benefits of market research

Market research is generally performed when a business intends to enhance a product or a service. Here are some of the information that you can gain from market research:

  • Recognizing and understanding the target market for the product or service, and they could potentially be customers,
  • Analyzing your competitors,
  • Identifying the best place for the product or service that you are providing,
  • Identifying the methods to reduce business risks that you may face,
  • Setting realistic targets and expectations for sales and growth.

Benefits of digital marketing

Digital marketing can be beneficial to every business if it is used correctly. 

See below some of the concepts that you can gain from digital marketing:

  • Offers wide brand exposure
  • Targets a more specific audience
  • Provides trackable and measurable results
  • It is cost-effective
  • Engagement with the customer at every buying stage.