The right digital marketing plan can catapult a business ahead of the competition. As such, you can actually say that digital marketing is shaping the future of marketing. However, brands won’t achieve digital marketing success if they don’t do extensive market research first. In a way, how market research is conducted serves as the thin line between success and failure in this regard.
Market research gives marketers the chance to obtain vital information that can help them in planning the right strategy to ensure their brand’s digital marketing success. In fact, market research helps you find ways to market your business more effectively.
With digital marketing becoming more and more popular nowadays, the importance of market research has never been more significant. To drive this point further, let’s have a more in-depth discussion of its advantages below.
Identify Your Target Audience
One benefit that digital marketing has is its ability to reach a wider audience compared to traditional marketing. However, it might not be a good idea to advertise your brand to everyone online as this is usually inefficient and time-consuming. This is where market research comes into play.
Doing extensive market research will help you identify your target audience better. This gives you the opportunity to gather and study necessary details about them, such as demographic info, their preferences, expectations, needs, wants, and purchase behaviour—all of which can help you conceptualise the right kind of digital marketing campaigns.
Know the Digital Areas You Should be Active In
Once you know who your target audience is, the next question you should answer is: where are they most active? Again, this is something market research can help you answer.
Market research allows you to not only find out how your audience reacts to your brand, it also reveals where they talk about it. It’s worth noting that about 42% of people worldwide use social media in some form, which means digital marketing through social media shouldn’t be ignored. Once you have identified which social media or digital platforms your target audience usually uses, you can further streamline your marketing and advertising efforts and more effectively target the people you want.
Study the Competition
Another vital benefit that market research can offer is information about your competitors. It tells you not only their current standing in the market but also why they are there. Market research allows you to analyse your competitors’ behaviour and approach, which is highly important if you have the same target market.
Through market research and analysis, you can figure out what the competition is doing right or wrong in terms of digital marketing. Depending on the situation, you can identify the marketing gaps your competitors are not able to see and take advantage, learn from their mistakes and come up with a better strategy, or improve on their efforts.
Identify Key Influencers
Market research can also help you identify key influencers (e.g. celebrities, bloggers, social media stars), those who you think are the most relevant to your brand, who can identify and relate with your target audience (and vice-versa), and share your business’ vision and goals.
While influencer marketing may not be as effective as it used to be, it is still a part of digital marketing worth consideration. And, with proper market research, you can still make it an effective tool for influencing and encouraging more of your target audience to try your products or services.
The amount of vital information that market research can provide to marketers shouldn’t go unnoticed. When done properly, the information you’ve gathered will be useful in creating a digital marketing strategy that will work wonders for your brand.
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