Introduction to the Cheeky Royals Market Research Strategy
Your empire will grow only if you know what your customers want right now. Most businesses today haven’t gone through any formal research process and approach advertising with total guesswork. If your business doesn’t provide what the market wants, someone else will. Market research is essential to marketing a business.
For business growth, you need to let the market decide how to invest in either paid advertising, SEO, email marketing, PR, or direct mail. This is the most sustainable way to reduce risk and figure out what works. Lets work through some fundamentals and then we will open up the strategy we use at Get X Media to obtain critical market research information on any business quickly.
Comprehensive Market Research Fundamentals
Market research involves collecting information from customers, competitors, and keywords, then using this information to create ad copy, headlines, guarantees, and offers. The deliverables created are rarely what was expected, as companies need direct response ad copy, headlines, guarantees, and offers to win in today’s information overload world.
At Get X Media, we make it mandatory for market research to be conducted with every new client. This is the reason our customer retention rate is much higher than our rivals. The data collected from our research often reveals issues that our clients were unaware of, and can effectively shape the way marketing resources are allocated.
The Four Pillars of Market Research for Building a Winning Digital Marketing Strategy
Numerous companies nowadays flaunt the large amount of market study they carry out, yet in actuality, many of them perform company research and keyword research at most. They don’t invest the time to comprehend the competition or even what the customers in the market actually desire. This is noticeably visible online when you observe that each ad is the same, which in turn leads to misused advertising funds. Let’s analyze the four major components of market research and explain why each is essential for a successful marketing plan.
Cheeky Royals - A Winning Market Research Strategy for Small and Medium-sized Businesses
Now, all of this information may sound like a lot to find and analyze however, we luckily have this little tool called the internet! Here are a list of places you can find all of the information that you need to acquire a good amount of information around an industry. We start off by choosing either the name of a service (Calgary Hot Water Tank Replacement) or the name of an industry (Calgary Plumbers). Then move your way through the following list.
Google Search: Auto-Complete Suggestions
Google Search: Top Ads
Google Search: Top Organic Search Results
Google Search: Top Local Google My Business Listings
Google My Business listings are an important tool for market research because they allow businesses to gain visibility in local searches, which can lead to higher website traffic and increased brand awareness. Google My Business listings also provide valuable insights into customer behavior, including reviews, ratings, and engagement metrics.
This information can help businesses understand their target audience better, allowing them to make informed decisions about their products, services, or marketing campaigns. Additionally, the data collected from My Business listings can be used to create detailed customer profiles and segment audiences for more effective targeting.
Ultimately, this information can be used to develop more tailored strategies that are better suited to the individual needs of customers and improve the overall success rate of a business’s marketing efforts.
Google Search: People Also Ask - Questions
Google’s “People also ask” questions provide valuable insights into consumer behaviour and preferences. By analyzing these queries, marketers can gain a better understanding of what their target audience is looking for and how they are searching for it. This information can then be used to shape marketing strategies and tailor content to better meet the needs of the user.
The “People also ask” questions also show which topics, products, and services are popular in the current market, allowing marketers to adjust their strategies accordingly. They provide an unbiased look at what users are actually interested in, unlike surveys which may be manipulated.
Google Search: People Also Searched For - Keywords
“People also searched for” keywords are incredibly valuable for market research, as they allow businesses to identify popular topics and products. This data can be used to create buyer personas, craft customer-centric messaging and marketing strategies, and better understand customer journeys.
Google Search: Top Related Blogs
Blogs can help businesses gain an understanding of what their target audience is looking for, shape marketing strategies and product offerings, identify industry influencers, and understand customer buying habits.
Monitoring and analyzing top related blogs can help businesses stay up-to-date on customer trends and adjust their strategies accordingly. Top related blogs can provide valuable insights into customer buying habits, helping businesses develop targeted marketing campaigns.
Competitor Bad Reviews (Google My Business & Others)
Bad reviews are a valuable part of market research because they can help companies identify areas for improvement, customer needs, and ways to improve products, pricing, and marketing strategies. They can also help to inform decisions about product development and customer service initiatives. They can help businesses to understand customer attitudes and preferences, allowing them to better target their marketing efforts.
Competitor Good Reviews (Google My Business & Others)
Good reviews are essential for market research, as they provide invaluable insights into how customers feel about a company’s products or services. Reviews can help companies understand customer preferences and create more targeted campaigns and products, which can lead to increased customer loyalty and purchase rates. Reviews can also be used to boost brand recognition and trust, as customers are more likely to purchase from a company with positive reviews.
Amazon: Top Selling Books or Products (Read Reviews)
Bestsellers provide valuable insights into trends and preferences of consumers. They help marketers identify which topics and genres are resonating with the public. They can also help brands understand how their products or services might fare in the marketplace.
Answer the Public: Industry FAQ
Answer the Public is a website that uses search data to visualize consumer insights around the topics and questions people are asking online. The website collects data from search engines and organizes it into visualizations such as “mind maps” and “data clouds” which can be used to gain deeper insights into consumer behaviour.
YouTube: Top Videos + Comments
Analyzing the top ranking Youtube videos can help marketers understand what content resonates with their target audience, which can help create more effective marketing campaigns. Monitoring top ranking videos can give marketers information about which topics and trends are popular and help them stay ahead of their competition.
YouTube: Auto-Complete Suggestions
YouTube auto-complete suggestions can be used to gain insight into the interests and behavior of users. Analyzing the auto-complete suggestions can help marketers understand trends over time and anticipate changes in public sentiment or interest. It can also help marketers create more effective content by providing a glimpse into what types of videos are resonating with viewers and which topics have the most potential for success.
Reddit and Quora: Questions and Comments
Reddit and Quora are useful marketing research tools because they provide access to user-generated content and upvote/downvote comments. Reddit has subreddits that marketers can use to find out about trends and developments in their industry, while Quora can help them understand consumers’ needs and motivations by asking experts questions and receiving responses. Answering questions on Quora can also help to raise brand awareness and build trust.
Top Competitor Websites
Competitor websites are an important tool for market research, as they can reveal valuable information about their products, services, prices, and marketing strategies. This information can be used to develop more effective marketing strategies and to understand customer preferences.
The websites can also provide detailed information about customer demographics, allowing companies to identify target markets and tailor their approach accordingly. Comparing competitor websites can help businesses gain a better understanding of what works and what doesn’t in their industry and make improvements to their own website and online presence.
Competitor guarantees are an important element of market research because they provide insight into the competitive environment in which a business operates. On a basic level, competitor guarantees can help businesses compare and contrast the offerings of their competitors to determine where they may have an advantage or disadvantage in terms of pricing, quality, delivery, customer service, and other areas. Furthermore, by closely monitoring competitor guarantees, businesses can examine how competitors are responding to changing market conditions, such as shifts in technology or consumer preferences.
By understanding these dynamics, businesses can become better informed about how to address challenges or capitalize on opportunities in the marketplace. In addition, competitor guarantees can provide valuable information about the pricing strategies of competitors, allowing businesses to adjust their own pricing accordingly. Ultimately, competitor guarantees are essential for businesses to remain competitive in a rapidly changing market.
Competitor Offers (CTA: Call to Action)
Competitor offers are an essential part of market research and can help you understand customer preferences and stay ahead of your competition. They show what other companies are offering and how their offers compare to yours, which can help you identify opportunities to differentiate yourself. They can also help you track changes in customer preferences over time.
Competitor Mission & Vision Statements
Competitor mission and vision statements are important for market research, as they provide insight into the goals and objectives of each competitor. They often contain information about their target markets, products, and services, which can help companies identify opportunities for differentiation and new product development. They also provide a deeper understanding of the competitive landscape, which can help companies form more comprehensive market research strategies.
How to use market research to create a winning digital marketing strategy
Market research is the key to creating a winning digital marketing strategy. With the right data, you can better understand your target audience and tailor your content to meet their needs. You can also use research to identify the best channels for reaching your audience, such as social media, paid ads, or email. And by analyzing your competitors’ strengths and weaknesses, you can create a strategy that sets you apart from the competition.
A good market research strategy should also involve gathering data from multiple sources, such as surveys, customer feedback, and analytics. This data can be used to create buyer personas to understand your target market’s wants and needs. With this knowledge, you can create content that resonates with your audience, as well as develop more targeted campaigns.
Market research also gives you an understanding of where and how to allocate your marketing budget for the best return on investment. So if you want to create a winning digital marketing strategy on your own, start by doing your research!
Hire a marketing agency to complete market research as apart of their marketing services
If you want to stay ahead of the competition, you need to invest in a comprehensive digital marketing strategy. And one of the most important parts of that strategy is market research. With our experienced team of digital marketing experts, you can be sure that they have the skills and knowledge to analyze and determine the best strategies for your business moving forward.
We provide you with comprehensive market analysis, allowing you to identify new opportunities and target the right customers. They can also provide you with detailed customer insights, giving you the information you need to craft the perfect message to reach your audience. And they can help you stay ahead of the curve by monitoring trends and emerging technologies.
Get X Media will help you craft an effective digital marketing strategy, using the power of market research to give you the edge you need.