Market research is the process of collecting, analysing and interpreting data and information about the market, the customers, the competitors and the environment. Market research can help to identify and understand the needs, wants, preferences, behaviours, attitudes and opinions of the target market, as well as the trends, opportunities, threats and challenges in the industry. Market research can also help to evaluate and measure the performance and impact of the digital marketing activities and provide insights and recommendations for improvement. A study found that 72% of marketers who conduct market research at least once a quarter are more likely to achieve their revenue goals than who do not.
How to Conduct Market Research for Digital Marketing Plan?
Market research for digital marketing plan can be conducted using various methods and sources, such as:
Primary research
This involves collecting data and information directly from the target market, using techniques such as surveys, interviews, focus groups, observations, experiments and more. Primary research can provide original, specific and relevant data and information, but it can also be time-consuming, costly and biased.
Secondary research
This involves using data and information that have been already collected and published by others, such as reports, articles, books, websites, blogs, podcasts, videos and more. Secondary research can provide general, comprehensive and reliable data and information, but it can also be outdated, inaccurate and irrelevant.
Quantitative research
This involves using numerical data and statistics to measure and analyse the market, the customers, the competitors and the environment, using techniques such as descriptive analysis, inferential analysis, predictive analysis and prescriptive analysis. Quantitative research can provide objective, measurable and generalizable data and information, but it can also be limited, superficial and misleading.
Qualitative research
This involves using textual, visual and audio data and information to explore and understand the market, the customers, the competitors and the environment, using techniques such as content analysis, thematic analysis, discourse analysis and narrative analysis. Qualitative research can provide subjective, in-depth and contextual data and information, but it can also be subjective, complex and difficult to interpret.
What are the Benefits of Market Research for Digital Marketing Plan?
Improving decision making: Market research can help you to make informed and evidence-based decisions for your digital marketing plan, based on data and information, rather than assumptions and intuition.
Increasing customer satisfaction: Market research can help you to understand and meet the needs, wants and expectations of your target customers, and provide them with value and satisfaction.
Enhancing competitive advantage: Market research can help you to identify and exploit the opportunities and strengths of your digital marketing plan and avoid or overcome the threats and weaknesses.
Boosting marketing performance: Market research can help you to design and implement effective and efficient digital marketing strategies and tactics and achieve your goals and objectives.
Driving business growth: Market research can help you to attract and retain more customers, increase your sales and revenue, and improve your profitability and sustainability.
