What Is Market Research?
- The Process of Gathering Information and Learning about The Target Audience, Competitors, and the Nature of Your Business
- Learning Critical Information about Customers
- Problem Identification
- Identify New Opportunities
- Helps You Set Goals
Why Identifying Target Audience Is Important?
- It Refers to the Research to Find Out about Group of People who Are Interested in Your Product or Service
- It Helps Better Understanding the Customer Needs
- Learn More about the Location of a Customer
- Find Out about the Demographic and Behavioral Aspects
What Is Situation Analysis?
- Evaluating the Business Performance to Find Out about How Much Market Share Does It Have
- Competitor Analysis to Measure the Business Performance
- Going Through Sales History
- Looking at the Internal and External Factors That Are Influencing the Business Performance
- SWOT Analysis
Choose a plan to suit your business needs
Why Is It Important for Businesses to Do Competitor Analysis?
- It Helps You Understand How Well You Are Doing
- Get to Know Direct and Indirect Competitors
- You Will Get to Know What the Trend Is
- Learn More about the Price Range
- More Creative Ideas
Unique Selling Proposition
What Is Unique Selling Point and What Is The Importance of It?
- The value you’re good at providing and is your customer wants while your competitors are incapable of providing it as good as you
- It is what differentiates your business from your competitors
- Persuasive reason for customer to choose you over your competitors
- Increases revenue
- Improves loyalty among customers
- It is basically the expected outcomes of your marketing plan
- Helps your marketing activities stay on track
- It helps choosing the right marketing actions
- SMART goals (Sensible, Measurable, Achievable, Realistic, Time-Specific)
- Planning on choosing the right actions to achieve the goal of a business
- It stands out the point of differentiation over the rival competitors
- Helps to have a sustainable communication with customers
- Prevents business from spending money and time and not getting results
Metrics to Evaluate
- To measure the success of your marketing plan
- Total website traffic and Clickthrough rate
- Cost per acquisition
- Conversion rate
- Number of reviews acquired
- Return On Investment (ROI)
What is data driven marketing strategy?
It is the process of gathering data about the customers through an in-depth market research and using them to strategize marketing plan.
What is the first step in a marketing plan for a new business?
Set the goals and identify the target audience through market research as the first step. Next you need to learn more about your target audience needs and wants.
How important is digital marketing strategy?
Today most of the businesses are going online because the number of internet users are rapidly growing. Hence it is a must for businesses to have digital marketing strategy.
What is performance marketing?
It is a form of digital marketing strategy. in performance marketing advertiser pays for the conversions and that’s why the aim is to get the most result out of an online marketing plan.
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