Market research of the analysis of the digital market is an acquired and effective method of helping a business to know its sector and get closer to its customers. Today, the internet and e-commerce are gradually leading to a digital transformation of companies, which are forced to learn to master a new field so as not to end up being forgotten. To successfully complete this transformation, SMEs, like large groups, rely on an understanding of search engines (and Google in particular), management of the client relationship and the client journey, and a certain mastery of social networks. It therefore appears that there is now a digital section to take into account for any market study. let’s see together how to carry out an Analysis of the digital Market.
What is a analysis of digital market ?
It is used to summarize the components of a company’s online market and its performance, before implementing a digital marketing strategy.
This means analyzing the interactions between :
- potential online hearing: take an interest in anyone you want to touch with your content, anyone you want to bring to your site. Details the characteristics of these people, their desires, needs, problems. In fact, this is to detail the segment you have chosen to target.
- customers: Here you are no longer in the potential and in the targeted. You should do the same analysis as above, but about the customers you are currently touching, and the visitors you have managed to capture. From the different profiles identified among your clientele and your prospects, establish people: they will help you to better understand the few groups of people who are interested in your services.
- competitors: analyze what competition does, how it does. We distinguish that which is direct, (it offers the same services for the same needs) and that which is indirect (it offers different services, that meet a similar or identical need to the need of your target)
- online partners and influencesers: analyze who or what can help you reach your customers. Bloggers, social networks or online communities, for example.
The benefits of a digital market analysis ?
It allows you to be more focused on customers because it shows you benefits of a digital market analysis:
- how customers search for and select your products. The more you understand their consumption behavior, the better you can adapt your strategy to this general trend among your customers to gain visibility on search engines and reach them.
- where you need to improve the marketing efficiency of your website. Increasing traffic is one of your objectives, so you also have to master the entire customer route, from the moment it comes into contact with you, to accompany him until the purchase and then create a commitment.
- potential revenues: as you know what is the approximate number of potential customers you can plan an investment budget in digital marketing to convert this potential audience.
- what you are worth compared to competitors : using benchmarking you look at what works and what does not work in your competitors and you can therefore draw inspiration from it to improve your digital strategy (new technologies, successes, innovation etc …).
- Weaknesses to Improve: What works least in your referencing, email marketing or on the different pages of your website.
- future opportunities and threats: through a SWOT analysis, determine the opportunities and threats of new digital platforms (for example communities, mobile applications etc) and measure your internal and external skills.
Tools to carry out this analysis
A “marketplace map” to summarize the types of audience, competitors and influential market players that show the relationships that bind them. It is taking up the stages of a digital market study and will optimize its reading.
Discover an example of a marketplace map, (the diagram just above), available on the mobile phone market in India :
To see other examples of “marketplace map”: http://www.improvedigital.com/fr/market-map/
The analysis and preparation phase is crucial to embark on a marketing strategy. A digital market study is above all graphic tools, an analysis of customers and consumers, an analysis of competitors. It is a summary of the company’s capacities and a digital SWOT. With all these weapons in hand you can do your best to serve your marketing objectives by minimizing the risks.
To go further :
- The sector study will allow you to deepen your knowledge of a specific sector !
- Based on good sources of information will bring credibility to your market research
- PESTEL may not date from yesterday, it has lost nothing of its usefulness !
- Do you have the right tools to conduct your market research ! It will gain in relevance.
