Bangladesh along with the whole world has become digital with the advancement of science and technology. So, in this scenario, when you’re running a business, the business should also have a website. Just having a website is not merely enough, you also need to optimize it to enhance traffic and get sales leads. It sounds quite tough but you can easily start the process by making an appropriate business plan after performing exact market research. Don’t you know the market analysis techniques for digital marketing? Just read my blog to know how to conduct market analysis for digital marketing in Bangladesh.
What is Market Analysis?
Market analysis means thorough research of a market within a certain industry. You’ll understand well the market within which you are doing business, the prospects within the market, their needs, buying patterns, problems, interests, and competition through this market analysis. A complete market analysis will let you answer these questions:
- Who are your potential customers?
- How big is your target market?
- What are your customer’s buying habits?
- How much do your customers want to pay for your product?
- Who are your major competitors?
- What are the strengths and weaknesses of your competitors?
Thus, you’ll be able to identify your target audience, and it will let you form your marketing strategy, and digital marketing strategies, create leads and appeal to the target audience with the exact content and service/products.
Recommended Reading: Target Audience vs Target Market: Key Differences
How to do Marketing Analysis for Digital Marketing?
Let me tell you first that, marketing analysis is not a tough job, but it will need lots of enthusiastic research. So, get ready to invest mentionable time in this process. The following steps are involved in doing a market analysis:
- Decide Your Purpose.
- Research the Industry Situation.
- Recognize the Target Customer and Develop a Customer Persona.
- Utilize Social Media to Study Leads.
- Know Your Competition.
- Get Additional Data.
- Evaluate Your Data.
- Follow the Market Leaders.
- Implement Your Analysis.
- Keep Learning and Applying.
Let’s discuss the above steps thoroughly.
1. Decide Your Purpose:
You can perform a market analysis for various reasons like measuring your competition, knowing a new niche, increasing sales, and the like. The reason can be anything but it’s crucial to define that immediately so that you can keep yourself on the right track. Begin by determining whether the purpose is an internal one such as increasing your business operations or cash flows or an external one like asking for a business loan. The purpose will let you decide what amount and type of research you’ll do.
2. Research the Industry Situation:
Sketch a complete structure of the present situation of your niche. Consider including where the niche is heading with metrics like trends, size, projected growth, and lots of relevant data supporting your findings. Also, consider performing a relative market analysis to let you understand your competitive benefit within the specific market.
3. Recognize the Target Customer and Develop a Customer Persona:
All people in the world can’t be your client or customer. If you’re trying to attract everyone, you’ll be eventually attracting none. So, your all efforts, and investment will turn into a fiasco. Rather analysis of a target market will let you know who will most probably buy your service or product and concentrate your activities there.
You’ll like to know the size of your market, identify your customers, customers’ whereabouts, and the things that can affect their purchasing decisions. You need to focus on certain demographic factors such as age, location, gender, education, occupation, needs, and interests to know all of the things you like to know. You can build a customer persona or profile that represents your ideal or perfect customer that you can use as a model while planning your marketing and digital marketing activities. Developing a complete profile of your perfect customer will get you the desired ROI with enough information based on the way they will respond to the exact product at the exact time.
4. Utilize Social Media to Study Leads:
Facebook serves you as an easy and affordable market analysis tool that shows user engagement that you can use to understand the behavior of your target audience. You can develop a fruitful ad campaign by using this information. Several businesses have accounts on social media and sometimes they allow to access user data easily.
You’ll be able to access the demographic page of the audience and get your analysis filtered by age, page likes, activity, location, purchases, household, gender, and the like with your business account on Facebook. Thus, you can understand various patterns for various target audiences, letting you draw your customer persona even more.
You can develop customized ads to target specified groups with Facebook’s Ads platform, or develop customized audiences with your uploaded list of email segments to Facebook and it finds your client’s profiles on the website.
5. Know Your Competition:
If your business and some other companies have an identical audience, it means that they are your competitors. Now, that you’ve completed a whole customer persona, and know well who your perfect customer is, research the way your competitors market to this audience, and the marketing and digital marketing strategies they apply to appeal to them.
You can use some easy-to-use online tools to check your competitors’ site behavior along with the way they use their tools to get optimum outcomes:
- Ahrefs: It gives information on the competitors’ ranking on Google. It sporadically includes features like keyword research, competitor analysis, content research, backlink research, web monitoring, and web tracking.
- Moz Open Site Explorer: This tool helps you to generate an account for downloading a detailed report on all competitors’ URLs. It shows competitor backlinks, dead links, and spam scores on your website, and it lets you get opportunities to build links, evaluate anchor text, and much more.
- Buzzsumo: It lets you enter a domain or keyword of your competitor to understand the way to create more leads, develop optimized content, and recognize various influencers online.
- SimilarWeb: It’s a market intelligence software that helps you in better decision-making on strategies, boosting performance in your sales funnel, analyzing competitors on an investment basis, and much more.
- Sprout Social: This tool lets you know the best way to reach, attract, engage, and measure the behavior of your audience on social media.
6. Get Additional Data:
Accurate, enough, and reliable data is the most crucial element when you are performing a marketing analysis. So, always be cautious about the source of your data. Some reputable and reliable sources for business data are as follows:
- Bureau of Labor Statistics.
- National and local commerce sites.
- Bangladesh Census Bureau.
- Your SWOT analysis.
- Trade journals.
- Questionnaires or market surveys.
Remember data for your market analysis for digital marketing will never be too much. You’ll need various types of data and metrics, get them carefully from a trustworthy source.
7. Evaluate Your Data:
When you have collected all your information, verify them to test its accuracy, and analyze them to make them usable. Keep your research organized by dividing it into sensible sections matching your goal, target market, and competitors. Your research needs to include the following elements:
- A summary of your niche’s growth rate and size.
- The predicted percentage of market share of your business.
- Trends of customer buying.
- An industry viewpoint.
- Your predicted growth.
- Your customers want to pay how much for your service or product.
8. Follow the Market Leaders:
You can also do market analysis by following the market leaders. They have already set examples for others that they have come so far by their mentionable efforts. You’ll get several significant companies research reports and case studies printed at their companies, and you’ll get them if you ask them for a case study. You’ll get lots of valuable information about how you can best target your audience from there.
You’ll get detailed scientific research and case studies performed on businesses in Google Scholar.
9. Implement Your Analysis:
After you’ve performed market research, you need to implement that i.e. you apply the information for the betterment of your business. You also try to find out what other businesses are doing and what you’ll like to do for your business. Can you make your marketing tactics more workable by following anyways? When you’ve performed the analysis for external users like shareholders and investors, make it organized way, so that the users can easily understand and use the data effectively.
10. Keep Learning and Applying:
Keep all the analysis and information for the next analysis, and make a calendar reminding you every year that you need to review it so the market research remains updated to keep you at the top place in the market. You should never stop learning because the market, business, and SEO world are volatile and keep changing. If you stop researching, some new technological, political, social, or other changes can occur and keep your business behind your competitors. You won’t prefer this situation for sure.
So, keep yourself and your business updated with new knowledge and information about the business world. Just learning won’t be enough, learn and keep applying that knowledge to your digital marketing strategies for the betterment of your business. Your updated research information will also help you to measure the success of your digital marketing strategy.
Now, you must have got a crystal clear idea about how to conduct market analysis for digital marketing in Bangladesh from this blog. So, do the market analysis on your own and get your ideas from here, if you have an internal team for this utilize it, or you can contact digiSocial to get professional assistance.