What is Market Research
No one can tell you how and why a product, a brand or a service is good. Also what and where it fails to satisfy end user’s requirement, except the consumer themselves. Thus the market research is the most perfect solution to collect information from target market and audiences. It can be seen as a way to bridge the gap between the company and the end user of the product or service. Whether you are going to launch a new product / service or planning for opening up in some new location. Research can help you in making the informed data backed decision. When we go out and ask someone about some brand or product or service, we actually get to know better.
How to do it
Market research can be performed in a number of ways. You can hire someone to go out and do on-field poll or survey or interviews, or you and your team can do it yourself. A research can also be done while sitting on the desk of your office. So it all depends what kind of data or information you need from your target audience. And what exactly you want to achieve by your market research. Suppose you want to know from your audience how much satisfied they are with your services or products. You can ask them through an online survey by giving them some multiple choice options to choose from. But, if you have a questionnaire prepared for the research, you should conduct a physical interview. Because it will give a personal touch to the research and you can get more accurate response of the respondent.
What Tools & Resources you’ll need to do market research
To conduct a successful and targeted market research, you will need some tools and resources. These tools and resources will help you in understanding your targeted segment or market or audience. Below is a curated list of tools and resources that can be helpful in doing a market research:
Country Data – USA
This is basically United States’ official data site where you can find too many information regarding the Business, Economy, Health etc. Here you can also find the results of surveys done officially by the States in the past years. Annual Business Survey, Annual Survey of Manufacturers, Survey of business owners and too many more helpful resources can be found here. It’s a good resource if you are targeting USA market for research. Similar websites also available for UK, Canada, Australia and India.
Nielsen Insights – Reports
To track down and identify the most valuable consumer for your product or service, consumer insights is the best option and it can be achieved by digging down this resource. Reports, infographics, case studies and podcasts are available here to browse through and drill down your most valuable consumer.
This gives you the tools and platform to conduct online survey. From simple Yes/No to complex Questionnaire based surveys can be done here online. The data can be seen in different formats like Charts, Graphs etc. Results can be downloaded and participants’ data can be stored for future communication or feedback.
Think With Google:
As it says on its page, this section of Think With Google is very much helpful in getting Ideas, Insights and Inspirations to better understand market and consumers. Browse through the collections and plan your research more intelligently.
Pew Research Center
This is the best resource to check the data categorically. Here you can find the data set of Social and demographic trends, Global attitudes & trends, Internet & Tech etc.
How it helps in Digital Marketing
Data for Better Planning
Not every instinct driven decision or strategy is failproof. There is always a chance of being failed if your instinct didn’t work well. So it is always good to go with the data and statistics. With the most accurate data from the consumers, the planning and strategy for existing or new product or services can be made more accurately. Instead of making instinct based decisions, a data backed decision is more safe and presentable. As a digital marketer you will be more comfortable in front of your client, if your presentation and strategy is supplemented by the data.
Data based planning and strategies always yield good result, and hence you reap the rewards. So my suggestion is to always plan your digital marketing campaigns with the real world data of consumer and market research.
Consumer Insights for Marketing Activity
A good digital marketing strategy is always backed by the real world data, targeted consumer insights and industry research papers. Consumer insight tells you a lot about how your product or service is responded among different age groups, different location or at different times. In digital marketing campaigns ‘Time’ is of prime importance and a consumer insights data can tell you what time your campaign was more engaged or impactful.
The insights can be used by digital marketers or digital marketing agencies to make more targeted ads and define more specific time for ads. Also the selection of content for the social media platforms can be more impactful. Remember your instinct could fail but not the data that shows what has actually happened in the past.
Consumer Insights for Product or Service improvement
Digital marketers can take advantage of these insights to improve their services or products. Suppose you are targeting a product or service to a specific location or gender or age group. But the consumer insight shows it is also popular among other age group or gender or location. By tweaking your product or service to meet the other criteria you can target the other consumers also. If you are already doing well in USA and the insight shows the demand is also there in UK, you may consider tweaking your services or product to target the new territory. If it is not something very strict to not jump to other metrics, you can always get more from the insights.
Analyze, Improve and Evolve
Digital marketing goal at the heart is to grow company’s name, revenue, trust and authority. Improving and evolving with regular data inputs is always easier and better. Through data and trends analysis the predictions can be made for future actions and improvements can be done if needed.
Build Trust & Authenticity
With the help of market research data analysis, you’ll be more informed and planned, so you will be delivering much better results. This will leads to greater trust among your clients and business associates. You can use these data to prepare better case studies that you can publish on your blog or some other publishing platforms. So with the better data you can also show the world how informed you are and how strategically you do your work. In the long run it will help you in establishing your name as an authority among the industry.
Market research can give you all the necessary information about when and how your digital marketing campaign can give you better results. It should be a must follow activity for any company or brand to succeed in this ever changing online marketing world. It will not only give you the necessary data but also after analyzing these data carefully you can do wonder in your digital marketing campaigns.
If you have any great idea about conducting a market research on-field or off-field, I would be glad to know that in the comment section. Do share your experience of your digital marketing roadblocks or success also.