Digital marketing is not only a powerful tool to reach and engage your existing customers, but also a valuable source of information and insights to explore new markets. Whether you want to expand your product range, enter a new geographic area, or target a different segment, digital marketing can help you research the opportunities and challenges of new markets.
Here are some ways to use digital marketing to conduct market research effectively and efficiently.
Web analytics tools can be invaluable prior to entering a new market, when a business is unable to analyze its own data. Here are some key tools to consider: –
Google Ads Keyword Planner: Allows you to estimate your budget for market entry by analyzing the search volume for your niche keywords and average CPC.
-SimilarWeb: Analyze the top three best-performing websites in your target market. This includes studying their channel mix and traffic sources, providing valuable insights for your strategy.
– Facebook Ads and Google Ads Library: Explore typical ad creatives for the region through these libraries. This allows you to gain a deeper understanding of advertising trends and consumer preferences specific to your target audience.
