The internet has revolutionized the Marketing industry as well, many businesses are now moving towards digital. But as much the internet is user friendly to someone who knows what they are doing, it can also backfire if you do not know your way around it. Most businesses that are transitioning to digital marketing do not analyze the market and neither do they have a digital strategy in place. You can say that without digital market analysis one could be lost in the sea of questions and potential answers. This article will be your guide on what digital marketing analysis is, what is a digital strategy and how can you develop efficient market strategies.
What is Digital Marketing Analysis?
As mentioned before digital marketing analysis is quite essential for any business to be successful when turning towards digitalization, but what is digital marketing analysis? With social media platforms and digital media revolution, marketing is not only considered purely creative but is now a combination of data and art.
Digital marketing analysis can be defined as the practice of actively listening to the consumers and understanding their behavior and what they expect from your company.
Market analysis teaches companies to ask the right questions to their customers so that they could make successful marketing decisions.
Asking the right questions can provide a better understanding of where you stand in the current market and who is your target audience.
What is Market Research?
Market research can be defined as the practice of analyzing data gathered by scientific means or by a structured process to better understand and assess the company’s situation in the current market. The two major points to focus on for a successful digital marketing strategy are your brand and the competitors. So why is market research important? That is because conducting research beforehand can help you design a better digital marketing strategy.
How to Conduct Research for Digital Strategy?
The overall direction for a business to follow online is defined by its digital strategy, it acts as a North star which business can follow.
A digital strategy provides a purpose, can align the business and can prove fundamental for digitally ambitious businesses. The following are some points which you should follow while planning your digital marketing strategy. Including these suggested points would help you design and implement a better strategy that would boost your brand.
Know Your Target Audience
Every successful business knows their customers very well, small businesses perform quite well because they know their clients by name and know what their demand and needs are. For bigger companies, it is hard to know each of their clients’ names and preferences. Hence they usually assume that the intended products will suit everyone, which is very dangerous to assume.
You should identify your target audience by age, gender, lifestyle, social class, interests, and preferences from recently gathered data.
This would also help you identify if your company has gained new customers from your previous products and will help you launch a tailored marketing campaign.
Understand Your Company’s Position and Assets
Digitizing a business or a startup can broaden the horizons and open up new opportunities for the company, but before taking such a big step it is a good practice to know about the company’s assets and market position. There are three points your business should consider:
- It is important to know the company’s performance and product relevance by asking questions like “what are we famous for? What services do we offer? Are our services relevant?”.
- Another practice is to improve the existing web and social media presence by improving UI and UX. With this, you can identify which channels are providing better return so you could focus on the ones that are not working properly.
- Another factor to consider is using the right keywords, the right keywords mean better traffic.
Analyze the Market Needs
The market needs to play a vital role in the success of your product, you should conduct surveys on market trends and why people use your product. Analyzing the market would give you the basic sense that why consumers are going after a certain product or company, this will help you by making an effective communication strategy for you and your customers.
This would also help you in knowing whether your goals and visions for your company match with the current market demand and needs. While conducting surveys regarding products and services you should also keep your competitors in mind as well.
Your Product’s History Matter
When working with a product that has been around for quite some time, it is a good practice to study and know the product’s history. There have been instances where companies ignored the history of a certain product while launching a new campaign which failed miserably, the best example of it is Pepsi’s “Live for now” ad campaign which was pulled by the company after a single day.
Hence always put more thought into the product’s history and understand it better before designing a new digital strategy so that you may take a step further not a step back.
Know What Your Competitors are up to
The saying “Keep your friends close and your enemies closer” applies to businesses quite well. And in the digital marketing world, it is even more important to what your competitors are up to. Since a single digital media platform is used by most of companies raises the stakes to a new level and makes the platform muddled and harder to navigate for the consumer.
Competitors can be local or international along with direct and indirect competitors, direct competitors are the ones selling nearly identical products whereas indirect are the ones whose products could satisfy the needs of your customers as well. Hence it is a good practice to keep an eye on your competitors before divinizing your marketing strategy.
Get to Know the Market and Industry
Once you have established and understood the position of your business in the market, it is considered good practice to still keep an eye on the market trends. This means that knowing what your competitors are up to, what this will do is that it will provide you with a better understanding of where your business stands in a certain sector and will help you out with planning better strategies to achieve your goals in the future.
Summing digital marketing research
Having done extensive research before drawing out your marketing strategy will give you a competitive advantage and will help boost your business by reaching out to a better audience. You need to have a clear understanding of your products, your intended audience, the needs of the market, and your competitors to be successful in the digital marketing world.