A Guide to Market Research

by MYB Agency | May 3, 2021 | digital marketing agency

In the present scenario of any business the customer is the king with full power. The customers are no more dependent entirely on your promotions, ads, sale drives. They do the complete market research on their own and decide what to buy and from whom. They have their networks to get referrals from the members. Online reviews are easily accessible to them.

To sell your products or services you have to adapt the marketing strategies that suit the ways of customers’ expectations. You should have a thorough understanding of who your buyers are, which is your specific market and what affects the purchase decisions and preferences of your target audience.

Market Research defined

Market Research is the process of gathering data about the personas of your prospective buyers, target audience, and customers to determine how viable and suitable your product or service would be among them.

Market research guides you to the platforms where your prospective buyers would be available. The digital as well as analog world have become very vocal and demands full attention of the sellers. You can easily understand your buyers’ demands, pain points, and desired solutions and design or modify your product or service accordingly. In such a way it will naturally appeal to them.

Market research also provides acumen into a wide variety of factors that impact your sales turnover including –

• Where your prospective customers and target audience conduct their research for the product or service they want to buy.
• Which of your competitors attracts your target audience for information, options or purchases.
• What are the trends in your industry and preferences of your buyers.
• Who are your strong competitors and what challenges they face
• Which factors influence purchases and conversions among your target audience.

There are two types of Market Research— Primary and Secondary.

Primary Research

It is the basic information about your market and customers. It is useful to classify your market and having a clear picture of the buyer personas.

Primary Research can be segmented in two categories – Exploratory and Specific.

Exploratory Primary Research

This kind of market research is more concerned about potential problems which are worth tackling as a team. It is less concerned with measurable customer trends. It is normally the first step before conducting any specific research. It involves open-ended interviews or surveys with small number of people.

Specific Primary Research 

Specific primary market research follows exploratory research.It deals with issues and opportunities already identified as important for the business. The specific research is of focused type. It attends more precise segment of the audience through interaction and asking questions. The specific doubts or anticipated problems are addressed to resolve.

Secondary Research

It involves the study of all the data and public records available and drawing conclusions that help in elevating the business. These data can be trend reports, market statistics, industry content and sales data on hand. Secondary research is of importance with connection to analyzing the competitors. It has three main categories—

Public Sources

These are your first and most accessible layer of data in conducting secondary market research. They are mostly free to find and review. Government sources are one of the most common types of public sources. If you visit the sites of the concerned departments you can get very useful and reliable information which includes nationwide industries.

Commercial Sources

These sources consist of market reports like industry insights compiled by reputed research agencies. It can be downloaded at a cost.

Internal Sources

Business persons or entrepreneurs often do not pay enough attention to these sources as they are already available in their own system. To study the demands and expectations of the buyers, trends in the market and other important information can be obtained from average revenue per sale, customer retention rates, and other past data on the status of old and new accounts.

More specifically The market Research can be classified as below-

Interviews

Interview can be in person or virtual through electronic media. Such discussions enable a smooth flow of conversation, both parties feel better connected and you can observe the interviewer’s body language which is much helpful in reading his mind and the impression of your product or service on him.

Specific Groups

A certain category of prospective customers and audience are selected to conduct a test survey, showing a demo, get feedback and answer specific questions of the audience. This is a more specific approach.

Research of Product or service

It is a process to gather important information like the pros and cons of your product or service experienced by your customers, the expectations of your target audience, the level of usability of your product or service.

Research-based on Observation

How the customers find your product or service, their pain points, the strong and weak points, what best steps you can take to upgrade your product, and finally how the conversion rates can be increased, these all vital information you can have from this type of research.

Research on Buyer Persona

It is a real process in which you can get a clear picture of your target audience, their challenges, why they prefer your product or service, what are their requirements from your business, and more.

Research-based on Market Segmentation

The target audience is divided into different segments or groups based on specific and defining characteristics. This enables you to act in a focused manner to understand the needs, pain points, expectations of your target audience.

Pricing Research

It gives an idea about the prevailing price of your product in the market, the place of your pricing, how much your audience is willing to pay. How your pricing can be more competitive, all these crucial information can be gathered.

Customer Satisfaction and Loyalty Research

This is very important not only to retain your present customers but also to motivate your past valuable customers to return to your platform. You can take effective steps to improve your customer service, introduce loyalty programmes and offer rewards. This can certainly prove vital to increasing your business turnover.

Campaign Research

It is meant for analyzing your past campaigns, their results, the strong and weak points, what best can you do to make your future campaigns the best. It gives you ideas for experimentation and enhances the image of your business as a whole.

Research on Brand Awareness

It tells you about the image of your brand in the market. What are the expectations of your customers, where you can improve, the level of popularity of your company, where do you stand as compared to your competitors?

Competitive Analysis

You can understand the current position of your business vis-a-vis your competitors. Where there is the scope of improvements, what are your lacunae, which similar products have an upper edge, where you can surpass your competitors, and so on.

To summarise Market Research is a process which is of utmost importance for any business. It has to be conducted by an experienced and dedicated team and it can change the future of your business. Market Your Biz can help you with all possible types of market research for your business and provide a complete and detailed report about it

How to Aid Your Business With Digital Marketing in Melbourne

by Jvalin Sonawala | Apr 29, 2021 | digital marketing agency

Having an online marketing strategy is essential for every modern business in an increasingly digital world.

Customers expect to have access to products and services from the comfort of their own homes. This means having an effective business website is more important than it has ever been.

When you invest in digital marketing in Melbourne, Australia, you can reach local, national, and global customers.

Read on to learn about how to take advantage of the many online opportunities and benefits.

Cost-Effective Marketing

Your advertising budget is precious, and you need to see a return on your investment for every dollar you spend.

It is difficult to determine the income you gain from traditional advertising methods. But online marketing is easily measurable.

You can instantly view reports that show which strategies are effective and which are costing you money. This data ensures you can tweak different ads to obtain the best results.

Because you can see how your campaign performs in real-time, there is no need to waste money continuing with online ads not performing as hoped.

Laser Focused Business Marketing

Digital marketing allows you to focus on specific groups of consumers who are most likely to buy your products or services. You can create customer personas and then produce ads that appeal directly to their needs.

You can also use retargeting to contact customers interested in your offering but don’t buy on the first visit.

This is a crucial advantage. Research shows most consumers make more than one visit before opening their wallets.

Digital Marketing in Melbourne Brand Awareness

One of the most important factors for any business is to build its brand awareness.

This can mean telling potential customers about the services you offer. You can also communicate a unique selling point or ensure they are aware of your physical shop location.

However, creating brand awareness is not about a one-off advertising campaign. It needs to be consistent, and online marketing ensures you can reach consumers on their mobile devices and laptops. 

People carry their digital devices with them wherever they go, so this is an opportunity to contact them 24/7.

Get Creative

When you work with a professional partner, you can create imaginative advertising campaigns. There is no limit to what you can convey through your words and images if done correctly.

Content creators can produce engaging copy with a call to action that drives new customers to your website. Storytelling is also a powerful tool that allows you to interact with consumers on an emotional level. 

You can use video marketing to communicate to your customers in a quick and informative manner.

Many companies have gone viral when posting on social media. This approach gives you the chance to compete with much larger businesses.

Contact Market Your Biz Today

If you’re looking for digital marketing in Melbourne, Market Your Biz is a one-stop shop for all types of online marketing campaigns.

We provide services for small, medium, and large businesses, helping them grow and increase sales revenue.

Our experts can advise and implement a range of effective strategies to increase engagement and drive your business forward.

For a consultation and a free quote, contact the sales team at Market Your Biz today.

What To Know Before Finding a Digital Marketing Agency in Sydney

by Jvalin Sonawala | Mar 24, 2021 | digital marketing agency

More businesses are struggling to innovate, reach customers in real-time, and develop a cohesive journey. Almost 80% of marketers only have a team of one to three people. If you’re struggling with your marketing this year, consider hiring a professional team.

Don’t rush to hire the first agency you find, though. Instead, consider these factors before hiring a digital marketing agency in Sydney. With these tips, you can narrow down your options.

Then, you can find the local digital marketing agency you need for success in 2021.

With their help, you can attract new customers, generate leads, and boost business! 

Ready to rake in new business this year? Get started with this guide to finding a Sydney digital marketing agency today.

1. Know Your Goals

Before you search for a digital marketing agency in Sydney, consider your business goals for the year. What are you hoping to accomplish? How do your long-term business goals and marketing goals align?

If you don’t establish your goals, you might not find a marketing agency that can accomplish them. You could choose a marketing team that focuses on services you don’t need. 

Some marketing agencies even use cookie-cutter approaches for every client. Your business is unique. You need a marketing team that gives you a unique strategy with your goals in mind.

Make sure your goals are Specific, Measurable, Attainable, Results-Driven, and Timely. Maybe you want to increase traffic to your website by 20% before the end of 2021 using blog posts. Creating a focused goal will ensure the marketing team understands your priorities.

Other goals can include:

• Building brand awareness and name recognition
• Driving more traffic to your website
• Generating more search traffic
• Establishing yourself as a thought leader in the industry
• Increasing your search engine ranking
• Strengthening your backlink profile
• Generating brand trust
• Obtaining speaking engagements
• Boosting social media engagement
• Gathering more social media followers
• Generating more website form submission leads
• Nurturing and engaging qualified leads
• Increasing sales on your website
• Increasing email subscriptions
• Improving your cost-per-acquisition
• Improving your customer retention rate
• Gathering more customer reviews

Your marketing team will determine which strategies will best help you achieve these goals.

During your consultation appointment, the marketing agency should ask about your business. They should learn more about who you are and what you do. They should also ask about your marketing goals.

If they don’t, how will they create a marketing strategy with your business in mind?

KPIs

Once you establish your goals, set a key performance indicator (KPI) for each one. Your KPIs will help you track the performance of your goals. 

For example, let’s say you want to generate more traffic to your website. You can track how many people visit your site daily. You can also consider their dwell time, bounce rate, and clickthrough rate.

As you meet with different marketing agencies, ask how they plan on tracking the progress of your campaigns. Which KPIs will they track? How will they prove your campaigns are successful?

What will they do if your campaigns are underperforming?

Determining your KPIs ahead of time will help you find an agency that has a plan. If they don’t track KPIs, they might not track your campaigns. You could waste valuable time and money as a result.

2. Choose Your Services

Once you know your goals, you can determine which services you need to accomplish those goals.

For example, you can use search engine optimisation (SEO) to increase traffic to your website. Leads from SEO are eight times more likely to become paying customers than those from traditional ads.

Social media marketing can boost brand awareness and engagement. If your business is new, you’ll need branding.

Other marketing strategies include content creation, pay-per-click (PPC) advertising, web design/development, and email marketing.

Once you know which services you need, you can narrow down your options. Do you need a full-service digital marketing agency in Sydney? If you only need one service, maybe you need a Sydney social media marketing agency instead.

A full-service agency can help you create cohesive campaigns. They’ll help improve every part of your marketing strategy.

A specialised agency, however, is ideal if you only need one service.

3. Focus on Experience

It’s not enough to find a Sydney digital marketing agency with the services you need. Make sure their team is experienced, too.

Do the members of their team have the proper training? Do they have any certifications? How long have they worked in marketing?

You don’t want a team that will make costly mistakes with your campaigns. Instead, learn more about their history. Choose a team that has the experience and know-how you need.

If they can’t answer your questions, look elsewhere. 

4. Read About Their Reputation

You don’t have to believe a business when they say they’re the best around. Instead, learn from clients who have worked with them in the past. Look for a digital marketing agency Australia businesses already rely on.

You can check the agency’s Google My Business (GMB) listing for customer reviews. Are their clients happy? Do they have any complaints?

You might find one or two negative reviews. That’s normal. If you find an abundance of negative reviews, scratch that agency off your list.

5. Look for Case Studies

You can find more evidence of an agency’s abilities by looking for case studies. How have they helped their previous clients? What strategies were successful?

Have they helped a company similar to yours in the past? What was the outcome of their campaigns?

Checking case studies will help you determine if an agency can help you accomplish your goals.

6. Have a Communication Plan

Ask each agency how they’ll communicate with you. Will they send you regular email updates? 

How long will it take before you notice results?

If they don’t have a plan to communicate with you, how will you know they’re helping your business?

7. Review Their Contract

Ask at least three local digital marketing agencies for quotes. Compare their prices and services. What’s included in each contract?

Make sure there aren’t any hidden fees.

Don’t pay for the cheapest option. Instead, choose a business that suits your budget and can provide the help you need.

Finding a Digital Marketing Agency in Sydney: 7 Things to Know First

Ready to find a digital marketing agency in Sydney? Keep these seven factors in mind before your search. With these tips, you can find an agency capable of boosting your business.

The right agency can set you up for long-term growth and success.

Eager to get started? We’re here to help.

Schedule a free consultation with our team today.

Improve Your Social Media: 5 Reasons to Hire a Social Media Agency

by Jvalin Sonawala | Feb 11, 2021 | digital marketing agency

There are currently over 4.57 billion people around the world using the internet. Meanwhile, over half the world’s population uses social media. If you don’t have a social media marketing strategy, you’re missing out on an opportunity to generate business!

With social media, you can generate brand awareness, attract leads, and boost traffic to your website.

Not sure where to start? Here are five reasons you should hire an experienced social media agency to help. By working with an agency, you can get ahead of the competition instead of falling behind.

Give your social media marketing the boost it needs with these tops reasons to hire a management company today! 

1. Gain Access to Experts

Trying to start using social media marketing on your own can waste valuable time. You’ll need to create a specific strategy for each social media platform. Otherwise, you could fail to reach your target audience.

Your competitors will reach those customers instead!

Meanwhile, trying to learn how to use social media could distract you from your current customers. You could fail to nurture the leads you already have.

By hiring a social media agency, you don’t have to worry about learning everything there is to know about social media. Instead, you can rely on their experience and expertise. If you have questions, your expert social media team will likely know the answer.

They’ll know exactly what you need to start marketing your business with social media.

With their help, you won’t make costly mistakes with your campaigns. You won’t have to worry about falling behind the trends, either. Instead, the social media marketing agency you hire will handle it all.

Different tactics fall under social media marketing, including pay-per-click (PPC) advertising and content creation. Trying to navigate the complexities of different tactics alone can become daunting. Meanwhile, the mistakes you make with PPC advertising could cost you hundreds of dollars daily.

By hiring an experienced agency, you won’t have to worry.

They’ll leverage their expertise to ensure you start off on the right foot. 

2. Immediately Start Strategizing

If you decide to go to the DIY route, you’ll need to take a few weeks to research, develop a strategy, and build campaigns. That delay could cost you potential leads and sales. By hiring a social media marketing agency, you can get started right away. 

Internet users spend an average of 142 minutes every day on social media platforms. You need to make that time count. With a strong social media marketing strategy, you can reach the people most likely to convert into leads. 

An experienced social media team will know how to develop a strong strategy with your business and customers in mind.

First, they’ll research your customers. Who are they? What do they care about?

What content do your customers look for online? What influencers in your industry are they already following?

Answering these questions can help strengthen your marketing strategy.

They’ll learn more about your industry, too. Who are the leaders in your industry? What tactics are they successfully using to reach customers?

With a marketing agency on your side, you won’t have to complete this research yourself. Instead, your social media agency will complete a SWOT analysis for you. They’ll help you recognize the opportunities you’re missing.

Then, they’ll use the research they acquire to build your social media marketing strategy.

3. Create High-Quality Content

It can take a few hours to create a month’s worth of content for social media. Even with content, you need to write captions and determine which hashtags to use, too.

Creating content can steal time away from your customers. Instead, you can use social media management services. Your marketing agency will create content based on what your customers want to see on social media.

Are you already using social media, but feel like your engagement is too low? There’s a chance your content isn’t relevant to your customers. It’s important to make sure your content stands out, too. 

Otherwise, you’ll fade into the background.

Your social media marketing agency can try different forms of content, including videos and photos. Interactive content, like polls and quizzes, can boost engagement. 

As they create this content, your social media marketing team will keep your company’s brand in mind. Maintaining a consistent brand can improve awareness and recognition. Over time, consumers will feel more familiar with your brand.

They’ll know how to recognize you on sight. 

4. Generate Engagement and Leads

Effective social media marketing can help you generate leads, conversions, and sales. Since social media marketing is a cost-effective strategy, it can also help improve your ROI. You can also use social media to reach customers around the world!

Your marketing agency will help you craft content and captions designed to boost your engagement. As people engage with your content, they could visit your website and explore our brand. They might even convert on your site and become a viable lead.

As you generate more attention and engagement on social media, you could attract new followers, too. Your followers will keep track of your latest deals and products as you post online. With a social media marketing strategy, you can keep buyers up-to-date and shopping on your site.

5. Save Valuable Time and Money

Remember, trying to develop a social media marketing strategy on your own can take time and effort. You’ll waste time you could otherwise spend working on your business.

Instead, you can save money and make money by hiring a social media marketing agency.

The marketing agency will know which strategies will help you generate results. With their help, you can boost leads and sales. Over time, your ROI will improve, allowing you to grow your business. 

Staying Social: 5 Reasons You Need to Hire a Social Media Agency ASAP

Don’t waste valuable time trying to handle social media marketing on your own. Instead, consider these five reasons to hire a social media marketing agency. By hiring a professional team, you can save valuable time and give your business the boost it needs. 

Stay social and start generating more business with a social media marketing strategy today!

Eager to get started? We’re here to help.

Contact us today to start marketing your business!

7 Incredible Benefits of Hiring a Digital Marketing Agency

by Jvalin Sonawala | Jan 26, 2021 | digital marketing agency

Today, running a business is all about staying with the latest trends and technologies. It would be best to develop with new and working strategies with every change in the digital world. Digital marketing serves as your channel for raising your brand’s awareness and visibility.

There are about 4.9 billion people who are active internet users. You need to get involved in the digital world for a more global marketing reach. However, handling your digital campaign and running a business is a difficult job.

You need the help of a digital marketing agency to help you with your online campaign. Why should you consider hiring a digital marketing agency?

Here are some reasons why you need a digital marketing agency today!

1. You’ll Be Up-to-Date With All Current Trends

Businesses have to stay with the latest trends to get the attention of customers. However, algorithms and trends change at a fast pace, making it hard to keep track. Maintaining your business and keeping up with the current trends can be a hassle.

You need to check for every change and trend while thinking of new tactics that work. A digital marketing agency can keep you ahead of your competition and updated with trends. They can maintain focus on every trend on the different aspects of digital marketing, such as SEO.

Your local digital marketing agency will also help track your target customer’s preferences. Staying behind on trends can cost you your spot in becoming one of the top brands. Hiring a digital marketing agency is cheaper than when you do everything yourself.

2. Get A New Perspective

Getting an outside perspective for a business is a great way to improve what your business lacks. You can gain a lot of fresh ideas and outside sources from external views. A digital marketing agency can give you insights into the latest trends of the global market.

With the new set of eyes, you have professionals who can help you make decisions and goals for your business. There’s nothing wrong with getting a second opinion when you feel stressed or clueless. With an agency by your side, you gain the best objectivity for your business.

3. Provides A Wide Range of Skills and Experience

When you hire the best digital marketing agency, you allow your brand to their wide range of skills. Working with an agency means that you’re working with a set of individuals with distinct skillsets and expertise. You won’t have to hire individuals with a specific skill set since it can take too much time or money.

A digital marketing agency can adapt to what you need to improve for your business. Most agencies fuse a team or package that can handle all a business’ core objectives. Not only do they have the skills, but they also have experience in managing a business’ strategies.

Each person has the experience and knowledge on how to improve your brand’s image. With the right experience, you can work with a reliable and professional team. After all, you need to rely on their procedure and strategies for your business.

4. Gives More Time to Run Your Business

With a digital marketing agency, you can concentrate on running your business. Starting a campaign can take a lot of time since you need to watch its success consistently. You’ll have to dedicate most of your skills, time, money, and resources to keep it at the top.

If you dedicate more of your time learning and running the campaign, your business may suffer. A digital marketing agency can do that job for you while you focus on your business’ growth. They can handle your daily online marketing work and consistently update it.

You also don’t have to worry about being late and time constraints. A digital marketing agency will handle a strong marketing strategy to meet deadlines. Working with global agencies give you a chance to meet your content creation and digital marketing due dates on time.

5. Opportunity to Expand Your Team

It’s beneficial for your business to have both an internal and external team. It may be expensive to handle both, but why should you have an external team? External agencies work with different companies, giving you more connections.

Your external team can share their experiences with other brands. They can also give you valuable advice about your competition’s and your strategies. Hire an agency with plenty of experience and can bring you exciting and new ideas.

6. Gain Knowledge of Tools and Insights

There are plenty of tools in the market, but an agency will know which ones will work. A digital marketing agency can provide you with tools for valuable insight and numbers. You won’t have to buy the expensive tools yourself since they will provide it for you.

With the right agency, they can give you the tools for the following:

• Website designs, development, and maintenance
• Content marketing
• Search engine optimization (SEO)
• Mobile device applications
• Search engine advertising
• Email marketing
• Social media marketing
• Content creation
• Video marketing

You won’t have to buy, handle, or learn about using the tools to make all your strategies to work. The tools digital advertising agencies have can provide an effective way to plan and implement strategies. Agencies use the tools to test, measure, and launch campaigns effectively and smoothly.

7. Cost-Efficient Rates and Options

Many digital marketing agencies have an affordable hiring cost. Many offer negotiable rates and options. Depending on your need and their services, even small businesses can hire a digital marketing agency.

The budget-friendly options allow small businesses to expand their advantages. A reliable agency will enumerate all costs for the services as well as hidden charges. This will give you better control over your company budget.

Consider Hiring A Digital Marketing Agency

Hiring a digital marketing agency can keep you on track with new changes in the online world. You can get a lot of different perspectives and knowledge for your business strategies.

If you need help with your digital marketing, consider us! Get in touch with us about our services. Consider checking out our other guides for more helpful business tips.