Importance Of Market Research In Digital Marketing

Market Research

Market research is the process of gathering valuable information about the needs and preferences of consumers. It helps in determining if there is a market for a product or service and is a key part in developing any business. It gives businesses an insight into the profiles and spending habits of consumers. Also, provides companies with the data necessary for making good business decisions.

Through market research, businesses have several ways to improve their content, strengthen their calls to action. And eventually improve conversion rates. It has led to digital marketing searching for ever-more effective ways of using social and mobile media. That to be able to reach the people researchers need to get in touch with.

Why Is Market Research Important?

Market research gives you the gift of foresight.

With a reliable database of knowledge, you can make predictions on the big things like your competitor’s next move and your customer’s behaviour.

Without market research, you’re stuck with assumptions about the outside world.

In fact, assumptions aren’t backed by data and they often include personal biases making them an unreliable source of information.

How Can Market Research Help Your Digital Marketing Strategy?

1.) Honing the Message

Connecting with the audience is important in digital marketing. By garnering trust, the company is more likely to have an increase in sales. This may be difficult to achieve as digital marketing isn’t a one-on-one connection. But a way to overcome this is through listening which is a huge part of market research.

By monitoring the consumers’ language, their activities and the common terms they use, organizations can identify market trends. And create detailed buyer personas to hone their message. Messaging that resonates well and addresses specific pain points of different buyer personas. Therefore, it will increase traffic and generate more clicks and conversions.

2.) Targeting the Audience

In fact, digital footprints can now be easily traced as more prospects openly share their daily activities including their interests, thoughts, likes, and dislikes. Segmenting the consumers based on their wants and needs. That will help craft a more personalized message. Further enhancing virtual encounters. Furthermore, this can identify people that influence the brand. Thus, gamer have more trust as prospects are more likely to form a connection with trusted sources.

3.) Determining Effective Channels

Not every social media platform is suitable for all brands. It is important to note which sites are relevant or have more engagement to avoid unnecessary resource-spending. Re-evaluate where your target audiences congregate or determine their “watering holes.” Another question to ask is if your brand’s image is suitable to be marketed through that channel. You can also conduct surveys to determine which places or websites the consumers have seen or heard the brand.

4.) Updating Consumer Preferences

In fact, consumer preference changes from time to time so the generated buyer personas may not always be accurate. As such, keeping in touch with the consumers’ activities will help researchers update buyer personas. Also, create more relevant content, generating more traffic and engagement to the channel.

Without market research, the potential of digital marketing cannot be fully maximized. Understanding the importance of market research to digital marketing will help you or your organization formulate an effective digital marketing plan. Thus, strengthen your virtual presence.

 

Case Studies

Snickers

Snickers conducted digital market research with an immensely successful type of irreverence. Expanding on their “You’re not you when you’re hungry” campaign. Snickers put forth the concept of typos brought on by hunger. As the center of their “You can’t spell when you’re hungry” initiative.

After obtaining a list of Google’s top 500 misspelled words, Snickers used an algorithm to generate a list of 25,381 different misspellings.

Slip-ups such as “wierd,” “publically,” and “buisness” yielded clever ad copy. Suggesting the typee relieve their afternoon hunger with a Snickers bar.

Snickers’ clever take on digital market research earned them 558, 589 ad impressions in two days. With an overall click through rate of 1.05 percent. These results were pretty sweet, to say the least.