Market research goes hand-in-hand with digital marketing. Some of the best digital marketing and marketing strategy is based on sound market research. Conducting market research as a first step prior to a new campaign or prior to a new year of marketing strategies, pays huge dividends.
There are reasons why many organizations plan and budget for market research prior to launching a new digital marketing strategy. Refining a campaign after it has started means you are already willing to accept wasted dollars.
Whereas with market research first, it more like an investment to eliminate risk. By spending a little up-front it could increase the ROI of your advertising by 3X, 4X, or 10X.
Here's how to understand the ROI of market research for advertising.
Using market research to inform digital marketing strategy is a sound approach. The custom data assists with messaging, target audiences, appropriate channels, and content. Learn more from our market research company in Upstate New York here.
Benefit 1: Hone in on your messaging
Guessing is not something you want to do with your budgets. A/B tests often turn into A/B/C/D/E/F tests to help you understand the idiosyncrasies of the data as you build towards an optimal advertisement. This takes a lot of time and money, and you still may not end up at the best potential ad to showcase which offers the highest return.
Market research can provide answers for your advertising strategy. It can answer several key questions such as:
(1) What differentiates the product over others?
(2) Why do customers choose the product?
(3) What would it take to get customers to purchase more?
Benefit 2: Laser target prospective customers
Not exactly sure who the highest value customers are? Services such as a customer insights analysis or CRM analysis can help identify these buckets for you and segment your demographics. Other ways to tackle and segment audiences is through a simple customer survey. The survey can help clarify the type of customer and prospective customer you should be targeting.
Tactical strategies can be created to use message B to target to audience D, use message C to target audience A, and so on. Not all customers purchase your product for the same reason so why should your advertising use only 1 message to 1 audience?
Benefit 3: Avoid wasting money on channels that don't work
Have you taken a step back to understand which channels are most effective to spend your dollars? You want to spend your marketing budget where your customers spend their time. This could be a combination of digital (SEM, SEO, social media) and traditional (television, trade shows, radio).
A survey inquires about these channels and how often the customers use/go to each. The survey can also inquire about source(s) of awareness from your advertising in the past 3 months. Where have your customers seen or heard your brand recently?
This is helpful as you plan a higher level strategic budget.
Benefit 4: Understand what content and information customers want
Digital marketing is intended to push users to your website. Whether it is SEM, SEO, or social media, you likely want visitors to go to your website to purchase your product, or if it is a B2B sale, to complete some additional research.
Conducting a survey helps you understand exactly what customers want to see and read on a website. What factor(s) most influence the choice of a product? Do customers have a misconception of your product or brand you need to touch on with your website?
The surveys can also be used for content marketing research. The data and insights can be used for blogs, whitepapers, infographics, and compare cards.
Contact Our Team
Drive Research is a market research company in Upstate New York. We partner with advertising agencies and marketing companies across the country to help their team and their clients optimize their marketing strategies.
Interested in learning more about how market research can assist with digital marketing? Questions? Need a proposal? Here are your 4 options to contact us.