MaxAudience, the San Diego based digital marketing agency, regularly conducts market research for clients before the start of every new campaign or product launch. One would think that performing market research just once is enough for all future campaigns. But that isn’t the case.
The market is constantly changing (see Wells Fargo which is trying to earn back trust or Twitter which has credibility issues). Customers are changing loyalty from one product to another, new brands are coming in, and new people are joining the list of your target audience.
To find out if there is a market for your product or service, you need to perform a research before every campaign. Yes, it’s as important as the campaign itself. There are agencies like MaxAudience that can help you perform a digital market research before launching a campaign.
Knowledge is Power
We know performing market research is important. But why is it important? What exactly does it accomplish? And how can it help you?
There are a number of things that a digital market research can accomplish. Market research years ago meant going door to door with pen and paper and asking people what their preferred brand of shampoo or favorite TV channel was.
Times have changed and made the process more convenient for marketers (but not if you have a client that continues to make sense like the NFL does – then things become more difficult). Now you don’t even have to step out of the comfort of your air-conditioned office to perform a market research.
Here are a few things a market research helps you find out:
Who is the market influencer?
There’s always that one person who stands out from the rest. This person or brand has the biggest voice in this market. A market research helps you find out what makes this entity so popular and what does it say that influences people. This will help you know who people are following and listening to, and give you an idea about what they want to hear.
What is the most popular social platform?
Every person that you find online is part of some social media or the other. Research helps you identify if Facebook is more popular than Instagram, or if LinkedIn is overtaking Twitter (Twitter is having credibility issues as just stated). The most preferred social platform will attract the most number of followers.
What are people looking for?
Digital market research includes gathering information to create targeted products and services to meet the specific needs of customers. This data must be used to stand out from the rest. Remember that every company performs market research, but you have to stand out from the herd.