Why Do Businesses Use Market Research?
Very few people (unless they’re digital marketing geeks like us) feel giddy inside when they add “research” to their to-do list. Though researching the latest industry trends can seem tedious, there’s no getting around the fact that reading up and educating oneself before implementing strategy is the key to a successful business.
So what exactly is digital marketing research? In simple terms, it can be defined as the interpretation and collection of data about a company’s competition, current and prospective consumers, and the efficiency of their marketing campaigns. Marketing research can be valuable for both start-ups and established companies alike. This info can be used to significantly increase a company’s efficiency which leads to higher profits, as well as learn more about and eventually expand into new target audiences.
Companies choose to implement digital marketing research in order to test new services and products, determine product-placement, observe their competition, develop new strategies, improve their business externally, perfect promotional strategies, develop existing markets, improve branding, and discover new business opportunities.
One of the key components to helping a business become successful is to look at those who are currently thriving. As mentioned in Forbes, “Without data, you’re just another person with an opinion.” This especially holds true within the digital industry. Although there are countless marketing research companies around the world, top businesses strive to differentiate themselves from the rest. If a business is unsure of what strategies to pursue for their marketing research, evaluating those who have paved the way is always a great choice.
When done correctly, marketing research can help a company determine what the best practices are for understanding one’s target audience, how to approach a new market, and where to invest.
Prolifik Marketing keeps up to date with the latest digital platforms and trends. We utilize various forms of research for our clients, including:
SWOT analysis: We identify how well our clients are performing before we take on their marketing, and begin to brainstorm and strategize about how they can grow their business, bring in more leads, establish their brand in the market, etc.
This also involves running the same research on their main competitors. By seeing what others are doing well and where they are lacking, it’s easier for us to see what the target audience responds to. This allows us to hit the ground running and make sure all content produced is valued in the industry, creating a strong foundation for your brand.
We also use SEO research and evaluate keywords to give our clients the utmost digital advantage. With efficient SEO, businesses are more discoverable on the web, and are therefore able to set up shop at the forefront of customers’ brand recognition.
Prolifik Marketing caters to each client’s specific needs with our marketing research. Each client is different -- from industry, to KPI’s, to years of experience and more. We take research seriously because that’s what makes a marketing agency successful and most valuable to the people and businesses who seek our expertise.