Research and analytics
What is market research?
Market research is a way of figuring out how well your business will do when you start selling your products or services. How do we do that? Well, we start by analysing your target audience and your competition in the market.
We’ll find out how big your market is and how much people are willing to pay. But we’ll also help you to understand why people buy things, what they care about, and what they want.
Let’s make it easy squeezy
There are 3 main benefits to market research and marketing analytics:
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Improved return-on-investment
Gain a competitive advantage
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Informed decision-making
What can marketing analytics help you achieve?
Make better marketing decisions
Marketing analytics is about using data to make smart decisions. It makes marketing more effective, helps you target the right customers, find trends, and pounce on opportunities.
It also keeps customers coming back, helps you decide where to spend money, and encourages constant improvement in marketing.
Simply put, marketing analytics help you stay competitive, adapt to changes, and get better results by looking at data from your marketing efforts.
What are the 4 levels of marketing analytics?
Describe, diagnose, predict, prescribe.
These four levels of marketing analytics provide a structured approach for businesses to analyse their history, understand the reasons behind it, make educated guesses about the future, and take action to shape better outcomes.
What is market research mainly used for?
Market research is mainly used to learn about a particular market or the people you want to sell to. It helps you understand what customers like and want, figure out what's happening in the market, see if there are good chances for your business, and decide how to make your products and marketing better.
Basically, it's like getting a map to help you make smart decisions and give customers what they want.
You might want to consider carrying out market research:
- before starting a business to assess demand,
- during product development to tailor offerings,
- before expanding or entering new markets,
- when sales patterns change, or
- as an ongoing practice to stay informed about market trends and customer preferences.
Can analytics help me get ahead of my competitors?
Absolutely! In particular, SEO competitor analysis helps you to assess your competitors' online activities, such as keyword rankings, backlink profiles, and content strategies.
By gaining insights into what keywords they’re targeting, which websites are linking to them, and what content is performing well for them, you can identify gaps in your SEO strategy and discover opportunities to outperform your competitors in search engine rankings.
Marketing analytics help you stay ahead of competitors by giving you insights into what your customers like and how your marketing is working. You can use this information to make your marketing more personalized and effective. It also helps you track your spending and change your strategies quickly when needed.
Do you need help gathering marketing analytics?
Whether you're only just setting up Google Analytics, looking to gain a better understanding of your Search Console insights, or wanting to get another set of eyes on your Google Ads performance, we can help you get the most out of your data. Contact us today to find out how we can help you achieve your goals.
Why should you monitor your digital marketing activities?
The monitoring and optimisation phase of a marketing campaign is when we’ll fine-tune and learn from the marketing activities we’ve completed.
First, we’ll watch closely how our campaign is doing by checking things like website visits, clicks, and engagement. If something isn't working as well as we hoped, we’ll discuss and agree changes to improve it. We might adjust paid ads, targeting, content, or posting schedule to get better results and better value from your budget.
This is the best way to discover what works for your audience, and what doesn't, so we can provide you with valuable insights for future campaigns.
Why is marketing campaign analysis so important?
Because this is when we’ll look at all the data and numbers, like website traffic, conversion rates, and return on investment (ROI).
Possibly the most important part of campaign analysis is making new discoveries about your target audience. We’ll help you to identify distinct groups based on behaviour, location, likes, and decision making trends.
This helps you make better campaigns that match what your audience wants, building a stronger connection between your brand and them.
We’ll also create reports to share these insights with your team or stakeholders. This phase is super important because it helps you make informed decisions for future marketing efforts.
FAQs
What is market research, and why is it essential for your business?
Market research is the process of gathering information about your target audience, competitors, and industry trends. It's essential for your business because it helps you make informed decisions and develop effective marketing strategies.
How can market research benefit my marketing strategy?
Market research benefits your marketing strategy by helping you understand your audience, choose the right communication channels, and create products or services that meet their needs.
What is marketing analytics, and why is it important for my business?
Marketing analytics involves analysing data to assess the performance of your marketing efforts. It's important for your business because it helps you measure ROI, track campaign success, and make data-driven decisions.
How can marketing analytics benefit my marketing strategy?
Marketing analytics provides insights into what works and what doesn't in your marketing campaigns. This information allows you to optimize your strategies for better results and cost-efficiency.
What types of data are involved in marketing analytics?
Marketing analytics uses various data sources, including website traffic, social media engagement, email open rates, conversion rates, and sales data.
What if I’m a small business? Are marketing analytics still relevant?
Marketing analytics benefits businesses of all sizes. We tailor our approach to your specific needs and budget, ensuring you get valuable insights.
Is marketing analytics a one-time task, or should it be ongoing?
Marketing analytics is an ongoing process. Regular analysis ensures you stay on top of changing trends and can adapt your strategies accordingly.
Will marketing analytics be too technical or overwhelming for me?
Not at all! We simplify the process and present insights in a way that's easy to understand. Our goal is to make marketing analytics accessible and beneficial for you.
How much does marketing analytics cost?
The cost of a marketing analytics varies widely based on the scope, complexity, tools and insights required to complete the project. Depending on what you need help with, you can expect to pay anywhere between £150 and £600 per month. But we also offer one-off reports which will help you to evaluate your future requirements, e.g. SEO Site Auditing.
