Market Research

Background: Market Research for a Biohack Company

A market research company put out a request for market intelligence (an idea of the market and competition relative to their niche) and results-based strategies.

We offered to help with a kick-ass, evidence-based intelligence and marketing strategy with increased return on investment.

The founder's expert familiarity with the biomedical area as a medical doctor and research scientist training reinforced our ability to achieve realistic, client-based goals.

Top-notch, digital market research skills helped us define a growth-targeted, marketing strategy for our hypothetical client.

The Challenge

• The company had no idea of the benefits of market research to them
• The company was a startup already in business and we had to generate results within a strict timeline.

Solution: Our Market Research Plan

• Educate the client on the benefits of market research and potential benefits
• Understand the diversity of the clients wants and possible extensions
• Provide a complete package in line with company requests.
• Use the procured information to refine ad-testing elements. This will help them meet their key performance metrics for the year
• Aim for a host of revenue-generating keywords (from a sea of keyword choices) for content marketing, to get noticed above the sea of terminal sameness.
• Offer customized recommendations and benchmarks/end-points as a symbol of care for our clients and their business.
• Work with target interests, to help increase and maintain a steady influx of website visitors. This should increase the potential for conversion to leads and eventually to buying customers or better-paying clients.
• Offer quarterly or yearly re-evaluations on a retainer basis based on derived insights.

Results: Market Research Package Deliverables

We planned to provide the following or parts of the following information.

Deliverables contained in the market research results vary, with the online presence of competitors. However, the quality and sensitivity of our tools helps us decrease this effect to a minimum :

1. Location-specific information on the product(s) in focus (this works best for countries with businesses with high internet presence).

- top advertisements (paid and organic), - keywords (most profitable competitor keywords), - search engine optimization (SEO), - demographics, - information on your competitors’ competitors, - traffic sources and followers of competing company.

2. A peek into the landing pages (advert-based) for competitors (and reports on seasonal changes for retainers)

3. Lead capture offers (lead magnets and reports on seasonal changes for   retainers)

4. Detailed sales funnels (we will generate information on all parts of your -     competitors sales funnel, where available)

5. Price points of offers and types of products (digital or physical or services)

6. Buying pattern analysis of competitors clients (tentative on availability)

7. Insights on tools used to build websites, pages and sales funnels (hosting, website frameworks, e-commerce, advertising, analytics and tracking, content strategy).

Application/Implementation:Recommendations

What are bare numbers and pictures without strategies or descriptions of what to do with them?

We went beyond just data and statistics, adding the digitofu-midas touch.

Based on the results of our market research, we planned to provide customized recommendations based on our research. On a retainer, we offer quarterly analysis or re-evaluation of competitors using same or adjusted benchmarks.

This helps to prevent unwanted ad-noise or ad-blindness from the customer.

In line with the client needs, we provide target recommendations which include:

• Benchmarks or end-points relative to your company-required outcomes
• Suggest ROI and long tail keywords which can compete reasonably with your competitor
• Niche-specific, paid media to focus on for your ad-spend
• Google-backlash-proof SEO strategy
• Suggestions for adjustments on demographic target
• Suggested themes and keywords for blog posts as a marketing strategy
• Email list tools and customized tips on how to use them
• Seasonal changes in ads to prevent ad-blindness and white noise, all based on competitor analysis (this will help to reduce the page bounce-rates)
• White-Hat strategies to request high-quality, backlinks from organic reach sites (provide email scripts and tips, and other helpful information)
• Advice on advertising budgets
• Free and Paid alternatives to tools for market research and content marketing strategy (do-it-yourself (DIY)) for continuity.

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