Are you confident that your current digital marketing initiatives are meeting your audience where they are, getting their attention, and motivating them to make valuable purchases and conversions? Or have you created initiatives that are yielding less results than you expected? Digital market research ensures that your strategies are data-driven and your initiatives deliver optimal results.
What is digital market research?
Digital market research is the process of gathering valuable information and data about your target audiences and consumers. In order to create successful digital marketing strategies, those strategies must be founded on current market research.
Thorough digital market research covers several key areas about your audience, including:
- Who they are (their demographics)
- Where they browse, research and shop
- What they value (in products, in your competitors, etc)
- What challenges or needs they may have
- What motivates them to convert or purchase
Using industry standard tools and practices to obtain and analyze this data allows you to not only determine who your target audience is—it helps you understand them more so you can meet their needs and successfully market to them.
Why is research important in digital marketing?
You can’t create data-driven strategies without thorough digital market research. The data you collect in your research allows you to choose the right platforms and tools and create the right content for your campaign. When you understand who you are marketing to, what their needs are, and what motivates them to make a conversion, you can strategically reach them where they are, position yourself as the solution to their needs, and create a strategy that drives optimal conversions.
Digital market research can also help you set appropriate ad spend budgets for paid ad campaigns and get the best return on your investment. With the right research you can determine which PPC platform(s) will be best for reaching your target audience (such as Google, Facebook, and/or LinkedIn). If you are marketing on a search engine, your research can help you set the best budget based on keywords your audience will most likely use to search for your product. If you are running your campaign on a social media platform, you can build your custom audience and set your budget to reach the optimal number of users who are most likely to convert. When your campaigns and your budget is data-driven, you will receive a significantly higher ROI.
Generic ad campaigns with broad, unspecific audiences can waste significant ad spend, because those ads can be delivered to people outside of your market who are least likely to make a conversion or purchase. When you create strategic ads and set a data-driven budget, you will receive optimal results and a satisfying ROI.
Where can you get this data?
Depending on your industry and the nature of your target audience, there are several different ways you can gather valuable market research and data. A few common practices include:
- Analyze your existing customers.
If you are an established business who is already making sales, you can use your existing customer base to create a buyer persona and start building strategic audiences. By analyzing your existing customer base, you should be able to determine what demographics, behaviors, and needs are most common with your existing customers. You can also conduct surveys and ask your existing customers for feedback on their experience with your business, to help you better understand what your future customers may be looking for.
- Utilize social media.
Social media platforms can be a great way to conduct digital market research. By simply browsing a platform you can see what content is being most shared and engaged with by your consumers, what your competitors are doing, and what content you can create to stand out. Additionally, you can use PPC tools on platforms like Facebook to build custom audiences based on demographics, interests, and behaviors, and you can perform A/B tests with ad campaigns to fine-tune your audience and thoroughly outline your buyer persona.
- Professional digital market research tools.
In order to most effectively perform digital market research and to get the most thorough understanding of a target audience’s traits and behaviors, there are several tools that digital marketing professionals leverage. These tools typically include keyword research tools (Google Keyword Planner, UberSuggest), analytic tools (Google Analytics, Facebook Analytics), and trend trackers (Google Trends).
We can help you with your digital market research.
To ensure that your digital market research is accurate, current, and being used to properly fuel your digital marketing strategies, contact us today. Our digital marketing experts will help evaluate your current data, establish strategic buyer personas, and use industry-standard practices to gather the most valuable information in your market.