From the use of rustic hardware tools to automated machinery and software tools, we have come a long way. Thanks to technological advancement and innovation. And, seeing the current situation (COVID-19 crisis), companies have immediately adapted to digital transformation.
But, digital transformation isn’t just enough. Digital marketers must focus on spreading business awareness, attracting traffic, creating a unique identity, and so on. And, you can execute everything mentioned with the best result. All you need is to consider some specific activities like running marketing campaigns, sharing content (images, text, infographics, videos), creating backlinks, and much more.
Now the question arises over here is, how is it possible?
To build a successful business strategy, professionals must focus on two significant factors- Market Research & Audience Analysis. Both things help gather accurate information and stats by which it becomes easier to create an impressive and result-oriented digital marketing strategy. To know both the terms in detail, let’s deep dive into this blog.
Market Research Audience Analysis – An Overview
Are you trying to grow your target audience? Or working on upgrading customer experience, or hoping to promote a new product? Everything comes with a risk when running a business. Here, market research plays a crucial role & is considered a vital part of business growth. It permits you to ascertain these risks so you can use your restricted assets proficiently.
Market research helps assess the viability of new business opportunities. It is a process of gathering information about;
- Target audiences like the buyer persona that includes niche, demographic, age group, and much more.
- Current digital marketing trends to survey the demand for products & services.
Market research is of two types:
- Primary research uses data accumulated from online surveys, telephonic interviews and the target audience. The information is collected directly from representatives of your target audience & used to determine brand awareness & customer preferences. It is valuable while sectioning an organisation’s market and distinguishing ideal buyer personas.
- Secondary research includes public and inner data records such as market insights, trend reports and sales data. This type of data is valuable when evaluating the competition. Moreover, you can utilise government assets, for example, insights, statistics or market reports from business assets such as research offices.
Organisations use statistical surveying to understand current market trends, market size, target audience, and competitors. By doing this, they can foster strategies to leverage these elements in support of themselves.
Audience Analysis – An Overview
We often build an app that can go viral or upgrade the existing product to be more inclusive. But, all your efforts of creating something new goes in vain if you are not reaching out to the right audience. That is where audience analysis comes in.
Audience analysis is a part of market research only, which plays a crucial role in defining the audience and nurturing potential customers throughout their buyer’s journey. Also, It plays a vital role in every content marketing strategy. It refers to studying the group of people who will consume your content, buy your product or services, or frequent your app. The main motive of audience research is to know your audience to alter your messages/posts and SEO practices as per their interests or needs.
And, To know your ideal customers, what exactly is required? You must know about your users’ language, demographic, location, digital behaviour, buying behaviour and much more. Audience analysis provides an understanding of:
- Who you can expect to use your product/service
- How to draw in more users to become recurrent & loyal customers
With this, you’ll acquire a deeper understanding of your current/potential users, user experience, & their perception of your brand.
Why Conduct Market Research & Audience Analysis
Some people are getting confused when it comes to market research & audience analysis. According to them, it is not more than some estimation for business success. But, in reality, it is the only way to help you get introduced to the target market and audience to take action accordingly.
Spot Business Opportunities
Market research will provide a way of identifying the time or situation when you can enter the market and start advertising your business products & services. With it, you can figure out the people who will be your audience for achieving business goals. In addition, it will help spot different types of business opportunities for expansion and other perspectives.
When it comes to audience analysis, you can get data regarding the interest of the target audience. The demand of the buyers is not limited to your products. They are willing to buy some other or related products as well. You can provide such things as add-ons. It will be helpful to upgrade your orders, increase business value, and earn more profit.
Business is not all about serving the customers by offering them some specific products only. For business growth and getting more fame, owners have to expand with some new products or services. Here, you can consider the option of partnerships with small businesses and boosting the reach as well. With market research, you can quickly figure out the firms that are willing to do so.
To get lots of customers and make a profit, everyone has to cover the maximum area as they can. For such a task, you have to increase the audience by targeting some new locations. Market research and audience analysis will help you get data regarding recent locations perfectly and understand how it will be helpful for business.
Risk is an essential part of a business. Unfortunately, no one is capable of eliminating such elements from a company. However, with the help of proper management & a well-prepared strategy, you can lower the risk. In business, the leading risk factor is related to the investments that may lead to losses due to improper decisions making & following the wrong marketing strategy. But, if you have researched your market and analysed the target audience well, you can reduce your risk level.
When you launch a product, you might face massive competition in the market. To overcome the competition and grab the audience’s attention, you have to establish a perfect yet better product than competitors. For this, you must focus on the quality of the product and the package design for the best appearance. In addition, you should try to create different types of product designs for testing and choose the most effective one only.
For a progressive business, it is not enough to sell a product at once. You have to get the repeated customers to turn your business into a success. Therefore, you should consider thorough research to find out how you can encourage the buyers to come back and repurchase your products. If the customers are not coming back, you have to focus on market research to analyse the competitors and their way of approaching them.
Brand Awareness Promotion
Promotion and advertising are the two main methods by which you can spread business awareness and get attention from lots of potential customers. Market research will help you find out the best possible ways that can help you in promoting the business and products effectively, such as text, images, banners, paid ads, and so on.
By paying attention to the audience analysis, you can easily understand the taste of the audience and finalise the method of promotion.
Platforms to Promote
To promote an online business, you have lots of options. The selection of a suitable one depends on the audience’s choice. It will help you figure out many things, likes, and dislikes of the audience and which platform they use the most.
Social Media Ads
Social media is a way where you can run some buying ads. It can be beneficial if your targeted audience loves to use social media a lot. With the proper market research, you can develop such information and figure out how many users are engaged in social media and which social media platform is getting used.
Placement of Flyers & Posters
By using search engine ads or PPC, you can place different types of flyers and posters on various websites. For it, you have to gather information about what kind of website usually your target audience loves to visit, and some other things like age group and gender.
In business, you must focus on a strategy by which you can influence the customers and dominate the competitors. It is the biggest reason that’s why competitor analysis holds a prominent place in market research. Analysing the competitors will help you identify how they are working or putting efforts to rule the market.
You have to create a much better strategy by which you can easily defeat their market plan and hold the first position. With it, you can get clarification regarding several other aspects: customer segment, service area, etc.
To start proceeding, you have to set up some business goals first. It will help you in identifying what you have to keep your eyes on to achieve. It benefits in several ways, such as building a growth-oriented strategy, motivates you to put in the maximum effort and work efficiently.
Now the question appears on how to determine business goals. For such a task, you have to analyse the market deeply and figure out your place or position. Then, based on these things, you can set up the initial short term and long term business goals.
Easy Decision Making
Business activities and all other factors depend on the decisions by business administration. Market research and audience analysis are highly beneficial in making such a process more accessible and error-free. Based on data gathered with such practices, you can easily make decisions for a better business future.
These are some significant reasons you can easily understand the importance of market research and audience analysis. However, to extract accurate and highly beneficial data, you should get assistance from digital marketing and SEO experts. They have expertise in using different types of tools and skills for completing such a task.
Tips for Conducting Market Research & Audience Analysis
While conducting market research and audience analysis, you have to take care of lots of things. Here, you will get some effective tips to help you work perfectly and get desired results quickly.
Gathering accurate marketing data and facts about the audience cannot be easy. Surveys can help you in several ways and get perfect solutions to different issues. It helps interact with the users directly and knows their point of view. For all these things, you have to invest time and money.
Here, you need to set up some goals of the survey and make related decisions like –
Who can be your survey audience?
- Previous customers
- Regular customers
- Website visitors
- Social media followers
- People with related interests
- All of the above
What kind of survey do you want to run?
- Survey via email
- Survey via a blog post
- Study on social media platforms
With it, you have to make decisions about the tools that you want to use for a survey like Google Forms, Survey Anyplace, Survey Gizmo, and so on. It can be an effective way of identifying the audience and getting proper solutions for market problems.
Social Media Networks
Social media provides an excellent opportunity to gather accurate and highly beneficial data related to the audience and market. For such a task, you can get help from different types of social media platforms such as –
You can create groups or fan pages on Facebook to easily interact with the audience and get introduced to the market. Twitter will help you understand the actual market conditions and how it is working on social media professionally.
It will also help you figure out the level of competition in the online marketplace and how your competitors are approaching the customers. With it, you can also get some estimation regarding the views of the audience about your competitor’s products & services.
When it comes to online business success, you cannot ignore the importance of keywords. So it is because keywords are the essential terms that the audience uses while making Google searches. However, for finding the best and highly profitable keywords, you have to consider deep research first.
Good research helps find the perfect keywords that can bring lots of traffic to the website. Without proper keywords, you are not capable of preparing an effective online marketing strategy. There are different types of tools available for keyword research, like Google Keyword Planner, SEMrush, Ahrefs, and many others.
Quora is a question-answer platform where you can post different types of questions and get answers to them as well. In case you are posting a question, then anyone can post a reply on that particular one. It is also a perfect way by which you can interact with the audience. Here, you can know what people think and how they love to quickly accept your products and services.
Don’t Forget Competitors
With all these things, you should not ignore the competitors. In marketing, you have to keep an eye on competitors every time to track their actions. It will help you manage your activities perfectly by which you can answer their efforts quickly and make lots of things more manageable. In addition, you should try to figure out some significant changes that your competitors do in the marketing strategy or on the website.
These are some significant facts related to market research and audience analysis that you have to keep in mind. To acquire the best out of these two pillars, you need to focus on one more thing: website development. Creating a user-friendly web design is the need for every website owner to stay ahead of the curve.
Are you looking for all-in-all digital marketing services or any one of them? Or, looking to upgrade the website? Webomaze Pty Ltd has expertise in offering you the best digital experience services. Contact our experts today and feel the difference.