Market research refers to the process of collecting critical information about the preferences and needs of consumers. This information collation helps to determine if at all there is a market for a brand’s product or service, and is considered to be an important element in developing the business offering. Market research empowers businesses with critical insight into the spending patterns and profiles of consumers, which provides marketers with the necessary data for making profitable business decisions.
Digital marketing gives businesses the power to continuously keep analysing their marketing campaigns in real time and keep tweaking the campaign regularly by figuring out which part of the campaign is working and which part needs to be improved. Market research is surely an essential part of digital marketing strategy. When strategically conducted through various social media channels, market research gives businesses the critical opportunity of observing and learning the language of their digital-first prospects. By incorporating this language in the creatives of the digital marketing campaign, brands will be able to connect better with their prospects, which will, in turn, lead to a higher probability of conversion. Apart from the language, integrating market research into the digital marketing strategy, will help marketers to discover consumer trends and common activities which can be then creatively integrated into their digital marketing efforts.
Doing market research before beginning a digital marketing campaign helps brands to know the respective likes and dislikes of their prospective consumers, and also who all they follow on social media. This allows brands to successfully identify all the major influencers in their target audience segment. Marketers can then establish profitable relationships with these relevant influencers and build brand authority in their followers through them. Brands can give their digital marketing a boost by getting influencers to re-tweet a brand tweet, positively review a product or service, or even simply mention the brand name subtly in a positive manner so that it resonates with their followers, who are the brand’s core target audience.
Marketers should ensure that market research and digital marketing work closely together for monitoring, collecting, analysing and interpreting data to effectively target the relevant markets and accordingly tailor their digital marketing strategy. What’s more, market research helps tweak this strategy in real time, which makes digital campaigns more flexible and reactive to respective research inputs.