Market Analysis for Digital Marketing

The process of Research and Analysis for Digital Marketing:

There are many examples where huge companies with brilliant ideas/plans fail to succeed
and at the same time startups with random ideas and half cooked plans do amazingly well.

we can never be certain about the results of our Digital Marketing Efforts unless our idea has been launched. But, with the help of Research and Analysis we can set realistic expectations and make decisions accordingly.

In most of the cases what appears to be failure of a successful entity is not actually the failure of their whole idea but, it is just one of their high risk ventures where they are already prepared to bear such loss.

Research and Analysis is the process to acquire essential information with the help of available resources and convert it into meaningful data while highlighting critical segments to draw conclusions for decision making.
Role of Research and Analysis in Digital Marketing:

Whether planned or unplanned, Research and Analysis becomes essential for every Digital Marketing Campaign whenever we aim to improve its performance. Which makes it important to make it an essential activity right from the beginning instead of determining basic things in the middle of critical operations.

Although informal research is conducted even during the brainstorming sessions, soon after defining the Problem Statement of Digital Marketing we recommend doing it in an organized way.

The Process of Research and Analysis:

We begin the process of Research and Analysis, while keeping our focus towards the purpose defined in our Problem Statement of Digital Marketing. It involves collection of facts and figures for a successful implementation of our decisions. We also explore alternate options to ensure that we adapt the best approach while proceeding forward.

The objective of Research and Analysis is not just to collect data but to draw conclusions. So it’s always good to consider data usability during the process of data mining and avoid any extra efforts.

Essential information to be collected:

Research and Analysis is an ongoing process which can take plenty of time and resources, but a basic level of Research and Analysis sufficient for a Successful Digital Marketing Campaign can be conducted while collecting the following type of data and information.


Products and Services already available

Based on the purpose and usage of our products/services, we have to search for their alternatives that are already available in the market. We have to carefully look across multiple platforms while observing the similar alternatives as well as the alternatives with variations. The whole activity has to be scaled depending upon the type of our products/services as some of them are unique with none or very few variations while some have a lot of variations available.

The information that we need to collect from this activity along with variations in their prices and terms of delivery includes; alternate products/services with almost similar features and alternate products/services with enhanced and reduced features.


Keyphrases relevant to our Products and Services

While searching for alternative products/services, we use various types of approaches in order to get diversified data. Where we are also able to discover a number of words and phrases that are helpful to show us content relevant to our products/services. This gives us an idea about how they are known across different platforms including the reasons that make them essential to be searched for.

We should keep a record of a variety of key phrases against which our products/services are commonly known and searched across all important Digital Platforms. This data is useful at many stages of Digital Marketing where a lot of activities are planned according to these search phrases.


Competitors Having top Positions

During our research we discover many competitors who vary across various platforms and against different keyphrases. The competitors with strong presence set market precedents, where the similarities of these competitors are usually the must haves and the differences usually stand out show their uniqueness and reasons to outshine.

There is a lot more that can be determined and observed with the help of a detailed analysis but at this stage we should be able to identify the top competition which includes the competitors with strong positions across multiple platforms and the competitors with strong positions against a variety of keyphrases.


Competitors who you can Compete with

Ideally we should always plan to be on top but, we should also remember that it is not achievable overnight. We have to determine what we need to accomplish for our model to be self-sufficient and sustainable.

This should not only include the type of competition we can compete with, but also the positions having potential towards growth.

From various types of competitors out there we list down some cases and keep evaluating our progress from time to time. Ideally we should be able to reach those positions within an estimated timeframe and keep on adding higher targets.

Elements to Extract from Digital Marketing Research:

The above information helps us in getting a better picture about what’s out there. Keeping it updated is an ongoing process but, once the collected data starts making sense we have to proceed forward with Research and Analysis to see where we stand. Which can be done by evaluating the following elements.

1. Strengths and Weaknesses.
2. Competition.
3. Target Audience.

Be prepared Upfront

At our Digital Marketing Agency, we conduct necessary research and analysis before laying out the executional Executional Strategy of Digital Marketing. This helps in reducing risk factors and increasing our efficiency.

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