An online store or company website is a powerful tool for running an online business. A well-built promotion strategy, convenient structure and useful content will expand the consumer market, withstand the competition, strengthen its position and increase brand awareness.
The goal of any business is to make a profit, so before starting work on the site, we recommend conducting an online marketing research.
What can this give?
Marketing research will be of strategic importance for SEO and market positioning. You will be able to find out more about competitors, their advantages, strengths and weaknesses. Thus, it will be possible to build the right internet marketing strategy for sites, which will lead to the best results.
This information will be important:
- for companies planning to move from offline to online.
- to redesign and improve the functionality of an existing project.
- to increase sales, to accurately meet the needs of the target audience,
- to increase brand awareness.
Marketing research for online stores influences the results and profits of your online business. Each element has its own role:
- a portrait of an ideal client gives an accurate understanding of your target audience, which allows you to sell goods to those who are interested and ready to place an order,
- competitor analysis reduces startup costs and reduces errors. You will be able to effectively use your strengths to become leaders.
- SEO strategy accelerates the achievement of results and strengthens the company’s position on the Internet.
The benefits of online marketing research are obvious: with little material and time costs, you get a lot of information. You do not need to conduct surveys on the street, attract a large number of respondents and employees.
Qualitative market research allows you to find answers to the questions of how, why and why people will buy your product. This information will allow you to consider in detail your USP from the point of view of the consumer, to understand the interests of customers, their goals and selection criteria.
If your brand is already on the market, then you should pay attention to:
- “Hot” needs of the target audience,
- motives of customer behavior,
- doubts and objections when buying,
- decision making algorithm,
- customer satisfaction with your product or service,
- the degree of brand and brand awareness,
- customer loyalty,
- real reviews and opinions about the product.
Ideal client portrait and its benefits for online business promotion
The process of developing a content strategy begins with it, since it is the basis of the strategy for attracting the target audience.
A carefully crafted customer profile and web analytics will bring a number of benefits:
- Allows you to get high-quality leads. You will better identify the needs of your target audience by attracting warm leads. This will generate more sales and lower marketing costs.
- Duration of LTV. This metric allows you to receive repeat orders and sales. A good knowledge of the requests will allow you to build a customer journey, designed for several years.
- Receive recommendations and positive feedback. Satisfied customers will happily share their shopping experience, share on social media and when chatting with friends. Recommendations allow you to connect word of mouth, through which a new stream of customers comes.
How to analyze your niche and market?
In online business, it is important to get to know your competitors before you start promoting a project and developing a strategy. Even if you know the offline market well, this does not mean that the Internet will have the same balance of power.
Important for the analysis:
- study goods / services with high margins and active demand – this will ensure income growth.
- clarify the distribution of market shares that are already occupied,
- evaluate marketing tools used by competing companies,
- understand the strongest and weakest sides of the market players associated with your niche,
- research the requests and problems that motivate customers to buy,
- find out your weaknesses that can affect your online business.
Why is ecommerce competitor analysis useful?
The experience of predecessors and its study will help determine the most effective ways for sales and advertising. This will save you resources and time.
What questions can be answered:
- identify the pages that generate the most traffic,
- clarify the search queries for which they entered the TOP,
- find strengths and weaknesses in order to use them for your own purposes,
- estimate the scope and sequence of tasks, as well as promotion costs and timing.
IMPORTANT:pay attention to internal website optimization, analyze link mass, evaluate page usability.
When assessing traffic, you can use Similarweb’s dedicated tools to understand the sources and distribution of leads. Ahrefs service will allow you to unload a list of pages from which the maximum organic traffic comes. It also helps you analyze the link mass, clarify the volume of links, calculate the budget, understand the sources and types of links. The collected data will allow you to develop an optimal and effective strategy in order to outperform competitors. You will also find out more information about your competitors. Based on the information received, you can clarify and expand sales channels, adjust offers and wording of messages in messengers / mailings / advertising.
Why the e-commerce market is so important to business
Below are important recommendations and useful information that are relevant for developing an online business strategy in 2021:
- Over the past 1-2 years, not only the number of online shopping transactions has increased, but also the size of the average check. It is important to make it easier for the client to take all the technical steps and steps involved in the purchase. To do this, they make available the “1-click purchase” functions, minimize the filling of contact information fields and simplify the path to the order.
- Compared to previous years, there is an increase in mobile traffic, and in 2021 the number of transactions from mobile devices will exceed the RS indicators. Already now, mobile traffic exceeds desktop traffic by 2 times in terms of the number of sessions. Always develop a mobile version for your website or online store so as not to lose potential customers. Take care of your customers so that they can easily place an order from their smartphone – and you will get more sales.
- When buying, organic traffic is favored over ads. We recommend investing in content marketing, adapting it to each individual communication channel. Useful content grabs attention and builds trust, making it easier to buy online. Text and video content helps to stand out not only from competitors. Large-scale advertising campaigns are now being carried out on social networks using viral stories.
- The largest share of income belongs to contextual advertising, and the most effective traffic comes from rating sites, price aggregators, cashback services, CPA networks, and reviewers. Increasing bids is not always justified by new sales, so you can get traffic through more sophisticated targeting. Launching advertising across multiple channels immediately increases the effectiveness by 50-60%.
- Among conversion channels, email marketing has the highest results, and direct visits to the site give the highest score. At the same time, the cost of subsequent touches for post services is extremely insignificant compared to advertising costs. We recommend pumping your brand through the maximum number of offline and online channels in order to increase your own loyal customer base and increase your average check.
- Loyal customers are the most valuable resource for any company. They make more than 80% of orders from the total number of transactions, do not require additional advertising costs and bring in 3 times higher income. Returning users show high conversion to purchases – about 2 times higher than the average for the site. Offer your customers new loyalty programs, as they own most of the purchases.
Why is it beneficial to do online research
Do not be afraid to test new promotion methods and non-standard hypotheses by collecting your own analytics and statistics. Sometimes the boldest ideas produce results and drive sales.
Carrying out high-quality research offline will take 3-5 times longer and require 2-3 times more material costs. In addition, online surveys are more accurate as clients have time to complete a questionnaire or questionnaire.
You should motivate your respondents to give the most complete answers. For this, draws of prizes, goods or services are held. Such events will not only allow you to receive important information, but also create an additional information channel for your customers.