Online industry research is using online methods to discover how an industry has responded, or to determine how it will respond, to a product or service. It may also be known as online market research. This research generally consists of studies on how ads, products, or services perform in a market through various methods of surveys and data collection.
Online marketing research is important to any B2B companies striving to move their marketing campaigns forward in a precise, directed manner. Online industry research and analysis is an investment in the future success of a company because it searches for the best means to continue marketing a product.
In some cases, before a product is ready to sell, market research may be conducted to determine whether it will find an audience. This precautionary step can often save a company from sinking hundreds of thousands in R&D investment in a product that won’t sell. However, many companies think they can’t afford to conduct online marketing research and analysis before they start making some money.
There are many online research tools that can help B2B companies perform a preliminary online marketing analysis at little or no cost before diving into more in-depth research. Some of these tools include:
These basic tools can begin to point a marketing team in the right direction when evaluating new ways to attract web leads. But completing in-depth Internet marketing research will be more effective in the long run.
Online industry analysis requires more effort than basic research tools. Methods include:
More personal, and sometimes very effective methods, include online forums and focus groups for customers using a product. If people are able to remain anonymous in such situations, they are much more likely to offer honest responses to your questions. Requesting this kind of honest, unhampered feedback can also leave a good impression with customers and clients.
Online comparative marketing analysis is another method that specifically researches competitor companies’ links, blogs, websites, and online outreach to compare their successes and customer satisfaction in the same market. This type of online competitive analysis can be extremely beneficial because it allows your company to learn from the mistakes and successes of your competitors, enabling you to avoid past pitfalls and build a better initial marketing strategy than your competitors started with.
It may also be possible to gain more publicity by using information that your product is newer, bigger, or better than another similar product on the market. Online industry market study can provide insight on where to post that type of information to reach the best audience.
There are many approaches to business intelligence market research. For example, a B2B company might pour most of their research time and resources into understanding its audience. The company performs online industry analysis reports on who is purchasing its product, where they are located, how they are learning about the product, and the best ways to make sales to those particular people.
Next, the company looks for common terms that its intended audience is using to perform online searches. With this information, the company can now increase their volume of content in particular areas where it knows its audience is definitely looking for solutions.
This same company will need to follow how the audience is currently searching for similar products. In most cases, online audiences search for text-based articles and communication platforms that allow them to get the information they need quickly and efficiently.
Other B2B companies may choose to focus on market research intelligence through brand analysis. If a product performs well or not against competing products may spur a change in product design or branding.
The best way of conducting research will depend on the company, but there are a few places to start. Before questioning audience members about a product or service, make sure they are qualified to answer. If they have never purchased a similar product, or are not in the intended audience group, it will be a waste of time to pursue those participants since they will not aid in finding online industry trends.
Get solid, competitive intelligence research from those who are in a position to give helpful answers. Some B2B companies choose to hire an online market research analyst or marketing team to handle the research for them. This often simplifies the process because analysts are already trained to separate helpful online industry stats from unenlightening or confusing statistics.
Data from the online marketing research industry is meant to help B2B companies get the right information so they can grow their business by increasing their number of web leads. Sprint Marketing leads the pack with cutting-edge online industry research that draws from B2B lead research and sales intelligence. Contact us today for your free leads analysis to see how we can improve your online industry research.