The Importance of Market Research in Digital Marketing Plan
The global digital advertising and marketing market was estimated at $350 billion in 2020 and is projected to reach $786.2 billion by 2026. Digital marketing is shaping the future of marketing, and the right digital marketing plan can catapult a business ahead of the competition with strategic insights and actionable tactics. Digital marketing is the use of digital channels, such as websites, social media, email, search engines, mobile apps and more, to promote and sell products and services to customers and prospects. However, digital marketing is not a one-size-fits-all solution. It requires a lot of planning, testing, analysis and optimization to ensure its effectiveness and efficiency. This is where market research comes in.
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 Secondary research can provide general, comprehensive and reliable data and information, but it can also be outdated, inaccurate and irrelevant.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.
Best Market research Tools for Your Digital Marketing Plan
- Online survey tools: tools like Google Forms, Survey Monkey, and Type Form prove to be an invaluable market research asset. They are completely free and particularly useful for startups, small businesses, or individual users looking to conduct surveys, collect feedback, or gather data without incurring additional costs.
- Online analytics tools: For a targeted digital strategy, Google Analytics, Facebook Insights, and Twitter Analytics stand out as an invaluable tool. This is useful where you want real-time data on website traffic, visitor demographics, and engagement metrics. This helps to monitor and optimise online performance, and online survey tools for gathering direct input from your audience.
- Online research communities: Online platforms such as Quora, Reddit, and LinkedIn allow you to interact and collaborate with other researchers, marketers and experts. This is helpful if you are looking to share insights, learn from others and get feedback.
- AI tools: However, if you want to save time and too lazy to shift through multiple sources to access and analyse data, Robotic Marketer steps in as your all-in-one solution for all market research needs. It does the heavy lifting, harnessing the power of machine learning to not only streamline data collection but also to analyse vast datasets and cultivates insights from a broad range of perspectives. This is very beneficial for businesses with limited time to browse numerous platforms and extract every piece of data.
In conclusion, market research can have a significant impact on digital marketing success. Therefore, market research is not only important, but also indispensable for digital marketing plan. To save your business from the hassle of conducting thorough market research regularly, I have a great solution for you! Try the Robotic Marketer, it is a unique, automated marketing strategy developing software that is data-driven and gives your business the most reliable marketing strategies and achieves much more than your marketing goals.
