To find the solution or work towards creating something new, there is one thing that an individual always does: research. Similarly, while creating marketing strategies for your brand, a digital marketing company will conduct market research.
The market research helps the digital marketing firm understand the industry, use appropriate strategies and tools, create relevant content, and update themselves with the industry’s current trends.
But the question arises of how does a digital agency choose a market research method? And Which one is most beneficial?.
To get a better understanding, these are the 7 marketing research methods a digital marketing agency uses for your brand.
The most common method used by a digital consulting agency is a survey. Surveys usually include a questionnaire that is filled by customers, industry professionals, company employees, etc.
There is no fixed type of survey, it depends on the kind of data required by the growth marketing agency. However, common ones include:
- MCQ (multiple-choice, questions)
- Dichotomous (‘yes’ or ‘no’)
- Rating scale
- Likert scale
Surveys are beneficial as they can be easily turned into data charts and analyzed accordingly. They also help in collecting a large amount of data without having to use numerous market research methods.
These types of interviews are conducted face-to-face. A content marketing firm will have certain questions prepared and ask the candidates these questions. The main advantage of this research method is that the answers add a personal touch to them. The answers might be completely different from what digital agency is expecting, add a new perspective to the market research.
Focus groups help gain different perspectives on the same topic. A growth marketing agency chooses a group of people according to certain criteria such as age, profession, experience level, etc. The group is then placed in a room and asked to give their opinions, perspectives, etc on a certain topic. This gives the digital consulting agency a wider perspective on the topic.
The most inexpensive way to do market research is lying under your nose, the sales data. Although the numbers of customers are limited, it helps a growth marketing firm in deriving many conclusions. From consumer behavior, sales growth, changing trends, successful marketing strategies, and much more, the sales reports help gain insight into the brand’s strengths and weaknesses.
Using this sales data with other market research methods, a digital marketing company can derive a successful plan for the brand.
Just like scientists observe the subjects in a particular environment, market researchers do the same, only with fewer lab coats. A digital consulting agency will observe customer behavior for a fixed period to understand their habits and tendencies. This could occur for a month, sales, certain festive months, a season, and much more.
For example, if the brand has a Christmas sale on their cleaners and serums, and not on the moisturizers. Will the customers only purchase the former item or will they purchase all three? Is there any increase or decrease in the sale of the moisturizer due to this?
Unlike a controlled experiment, the customers here will exhibit their natural purchasing tendencies. This behavior is recorded and analyzed and used to derive strategies.
Analysis of Competition
Although your goal is to surpass your competition, they can be highly beneficial in helping you do so. How? Easy, their success or failure provides you with data of which strategies worked.
This is why a growth marketing agency will study your competition, create a SWOT analysis. Additionally, they will research their marketing strategies, SEO system, keywords, products and services, sales, budgets, and so on. In doing so, the digital consulting agency will understand the differences in both brands, the market trends, SEO optimization strategies best suited for your brand, and so on.
A B2B digital marketing agency relies on public data for market research for several reasons. It is easily available and accessible, saving the digital agency’s time in collecting and analyzing data. With access to the internet, more and more data is being made public by official bodies of work and organizations. Also, the data has become increasingly customized too.
There are numerous domains through which a digital marketing firm acquires data. These include research centers, government databases, polling data, etc.
We hope you found this article helpful in understanding the different methods of market research. No one market research method will outshine, rather it is cumulative of all these that help a digital consulting agency in creating strategies.
Since marketing is such a lengthy, time-consuming, and detail-oriented process, companies hire a content marketing firm. And since they are not professionals in any industry except theirs, an e-commerce marketing agency will need to do proper market research. This research becomes the foundation for all the other tasks carried out by them for your brand.