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The Importance of Market Research Analysis
The Importance of Market Research Analysis AceTech Web2020-03-16T18:28:51+00:00
With the constant state of evolution in the field of Digital Marketing, various tools and methods are used to appear distinct from one’s competitor. One of such popular tools includes a market research analysis. The aim is to create an appeal for your services through a detailed, self-explanatory research report which makes the customer feel as if they’re missing out on something vital that is capable of allowing them to outshine their contenders. After this blog you will confidently be able to identify the list of products or services customers are looking for, organize a range of your targeted audience. Also, this video will help you in collecting sales pages; leveraging various platforms on the internet e.g., Facebook, emails, google and Bing as well as many other platforms typically used for a great market research analysis report.
Firstly state the reasons which explain why a creative and tech savvy market research analysis can influence your targeted audience
Skim over the Do’s and Dont’s, along with the fragments of an intellectually formatted Market Research Analysis
Why it matters
From a consumer’s Point of view: Market research analysis can help you get rid of unnecessary headache, stress, and frustration by minimizing the effort it takes to explore and compile the technically advanced data.
The affordability is also a factor for the client who can gain access to a customized analysis of where they stand in comparison to their contenders
It makes identifying the pool of the target audience easier
It helps gain insight on the market trends, buyer persona, the ranks and strategies along with the responses they might be receiving
Analyzing the influencers becomes easier
Where to Begin
Now that we’ve established the importance of Market Research Analysis, it is time to divide the sections and steps to get a clear procedure.
Step # 1: Create a Survey
Creating a Survey will make thing easier for both parties as it will allow the client to get a thorough investigation for the concerned market, competition and customer feedback.
Formulate a survey with relevant questions to find the pain-points and issues of your customer’s clients, be sure to remember that there will be two types of surveys you have to use.
Type # 1: As a digital marketing company, you have to analyze your customer’s pain points to help promote them better. It will exist between you and the customer and will be a part of a starter or kick-off meeting with them.
What aspects of digital marketing do you find complex?
How would getting the solution to your digital marketing problems impact you?
How much difficulty did you experience in order to find a solution to this problem?
Type # 2: From a B2B perspective, this survey will be conducted and produced keeping your client’s targeted audience in mind. This will be done on their behalf and will be used to get a better understanding of the feedback from their buyers. It can include multiple things; analyzing the complaints, suggestions, reviews and also collecting such information through social media platforms along with other digital methods.
Identify and choose the type of survey that you need to use and send it through relevant email marketing channels; such as ‘MailChimp’, to your audience pool. One of such effective tools is Google forms, it is quick, methodical and will allow you to distribute the survey to the targeted audience in no time.
Step # 2: Collect responses
Now that we have sent the surveys, it is time to analyze the responses and feedback that we have received. Examine such responses with all such aims in mind:
Perform the inspection of trends in a broad manner at first
Make an excel sheet or use any other convenient method to record the observations
Do not go looking for any form of pattern in the responses; stay clear of any assumptions
Record each detail first and then pay attention to the structure
The conclusions should be made after analyzing the majority of responses, this doesn’t require you to ignore the minority
Step # 3: Develop a Market Research Analysis
After communicating your survey and extracting the responses, you have dealt with the most essential phase of any form of marketing; getting through to your target audience.
Now it is time for you to utilize any relevant tools and resources to observe and present your client’s online brand presence in the form of a researched report.
Here’s what you should definitely include when creating a market research analysis:
Your introduction: Begin your market research analysis with a brief introduction of your company and services. It should not be more than a page.
Target Market: Include the demographics, market pool and the type of audience that the subject’s company is targeting. Analyze the buyer persona with the help of the previously conducted survey. Make sure to use questions which will help you gather information about the following minor characteristics:
Client’s basic details: Continue on to the next necessary piece of information; Name, address, contact information, industry, services and the demographics of your client.
Mention their top competitors: This would be the easiest part of the analysis, and would not require you to be extensive with your research. Ensure anonymity of your customer’s top competitors to avoid disrupting any privacy terms and conditions, this would make you seem unethical and might land you in of legal trouble. Decide the number of top competitors to draw the comparison against, alphabetically arrange them in your report, i.e. Competitor A, Competitor B, and so on.
Comparison: By keeping the subjects in a side-by-side comparison, compare your client with their competitors with relevant digital marketing analysis tools. You can use Google Analytics for this purpose, it provides a wide range of platforms to analyze data from.
Determine factors on the basis of which the contrast is being provided. Include elements of Website, SEO, Social Media Marketing, email marketing, reviews and feedback etc.
Thresholds: Define thresholds for devising a scale that will help you differentiate your clients from their competitors. Customize your own thresholds by using animations, graphics and other visually appealing elements to interpret the optimal levels, and where they stand. You can use a color-coded scale, percentages and so much more.
Phrasing your report: Refrain from using direct or critical language in your report. Indirectly imply the problems that your client’s brand is experiencing on concerned internet-based platforms. Instead of criticizing their flaws and strategies, try using a politer approach.
Use the trick of Positive Feedback to communicate your findings to the customer. Encourage them to try harder by presenting both their strengths and weaknesses. Highlight their potential and tell them where they need to improve. The more specific and advanced your analysis is, the more are your chances for proving your trustworthiness to your clients.
Now that we’ve covered how to gather data for creating a market research analysis, here are some things you need to avoid when making a market research analysis:
Do not make your report comprehensive or lengthy with just a cluster of words
Use simpler terms for complex terminologies for every jargon that you intended to use as assuming the client’s understanding might not be a good idea
Refrain from using the data readily available on the internet, for the market research you are conducting
Surveying your personal contacts or links for your client is definitely not suitable as it doesn’t guarantee the availability of genuine responses. If this is done unintentionally, the situation may differ.
Avoid collecting information in a non-systematic or disorganized manner