At CEO GPS we understand that digital marketing and comprehensive market research can be an immense and tedious venture, especially as a new business owner with marketing knowledge. Between all the time spent running your business and trying to have time for your family, finding the time necessary to do all the marketing yourself takes a lot of work. It seems virtually impossible if you are learning how to do marketing along the way. It can be costly if you are a beginner and your efforts are not generating a return.

Some statistics on how market research affects the success of your business, based on studies done by Hanover Research:

• Companies that frequently conduct market research are significantly more likely to report an increase in revenue over the last 12 months (76%) than those that infrequently conduct market research (65%).

• Companies that frequently conduct market research are more likely to improve customer retention, enter a new market, and launch a new product or service than their counterparts who do not conduct market research often.

• In 2019, companies started moving away from using existing team members for market research projects (-3%) in favor of having a dedicated in-house person for research (+6%) or using an outside firm or consultant (+13%).

• 44% of companies' market research budgets increased in 2019.

Our team of experienced digital marketing professionals will assist business owners with their online advertising demands. The detailed market research services at CEO GPS are designed to deliver an in-depth market research report that will give us all the information we need to develop a digital marketing strategy that leads to fast and efficient results.

The highly skilled digital marketing experts at CEO GPS have been helping business owners create marketing strategies and growth strategies for years. Let us sit down with you and look over your current marketing approach. The plan will be to identify what digital marketing channels are working for you currently and which channels could use some work.

We will discard the applications that are performing poorly and develop a blueprint to enhance the marketing channels that are a success. Our team of professionals will provide valuable insights that we will apply to increase conversions, more traffic, and a greater return on your hard-earned money. The team will identify new ways to generate business along with the optimized marketing channel.

There are two main classifications of the data we collect during our in-depth market research: Primary Data & Secondary Data.

Primary Data

Primary data is the backbone of market research, giving you a unique understanding of your customer or target audience's motivations and desires. Primary data we collect during market research includes surveys, focus groups, interviews, and observation studies. 

Surveys are a common way to gather primary data, allowing you to reach many people quickly and efficiently. 

Focus groups provide the opportunity to delve deeper into a specific topic, with participants able to bounce ideas off each other and generate new insights. Interviews are useful for gathering more detailed information from a smaller group, often one-on-one. 

Observation studies involve observing people's behavior in real-life settings, providing valuable insights into how they interact with products or services.

By collecting and analyzing primary data, businesses can make informed decisions and develop effective marketing strategies that resonate with their target audience. While it may be a bit more expensive and time-consuming, the results are worth it. Some common ways this information can be collected are:

• Customer Surveys
• Interviews
• Focus groups

But how do you know who to target for your data collection efforts? That's where we come in. With our extensive database, we can help you identify and connect with your ideal customers, so you can get the most in-depth information possible.

Secondary Data

Secondary data, on the other hand, is information collected by others for purposes outside your research. While it may not be as targeted as primary data, it can provide valuable insights into market trends and help you map your growth strategy. Secondary data include:

• Consumer behavior
• Economic trends
• Industry developments 

One advantage of using secondary data is that it is often readily available and can be accessed quickly and easily. Additionally, secondary data can help you benchmark your performance against industry standards and identify improvement areas. However, ensuring that your secondary data is reliable and valid is crucial, as accurate and accurate information can lead to flawed conclusions and poor decision-making. Some things you can use to gather secondary data are: 

• Government reports
• News articles
• Academic papers

Your internal sales and performance data.

So whether you're collecting primary data to understand your customers better or using secondary data to identify industry trends, we're here to help you get the most out of your market research and better understand your audience and customers.

Why do we do market research?

To find out where your clients and soon-to-be target audience search for products and services. Determine where the target audience is doing business now or look for product or service information. Additionally, market research helps to identify the needs and preferences of your target audience so that you can tailor your products and services to meet their demands. Some of these are:

• Identify current niches or trends in your industry and determine if there is potential to tap into those areas. Conduct market research to gather insights on consumer behavior, buying patterns, and preferences. This can be done through surveys, focus groups, or analyzing social media activity. By understanding your target audience, you can create products and services catering to their specific needs and preferences, ultimately increasing customer satisfaction and loyalty. Additionally, staying up-to-date on industry trends can help you stay ahead of the competition and identify new growth opportunities.

• You can find your target audience and pain points., and tailor your message to address those specific needs. This will help you to better connect with your audience and increase the likelihood of a successful outcome. Additionally, it can be helpful to stay up-to-date on industry trends and developments, as this can give you an edge over your competitors. By continually refining your approach and staying focused on your goals, you can position yourself for success in today's fast-paced business world. What are customer pain points? Customer pain points are challenges or problems customers experience when using a product or service. These pain points can be related to various aspects of the customer experience, including the quality of the product, the level of customer support provided, the ease of use, or any other factor that affects the customer's satisfaction with the product or service. Identifying and addressing customer pain points is essential for businesses to improve their products and services, retain existing customers, and attract new ones. By understanding what frustrates or dissatisfies customers, businesses can make targeted improvements that increase customer loyalty and enhance their overall reputation in the market.

• Identify which factors increase conversions. You will gain insight into what is working and what isn't by analyzing your conversion rates and identifying the factors contributing to their increase. One influential factor is providing clear and concise information about your product or service, including its features and benefits. This helps potential customers understand what they are getting and how it can benefit them. Additionally, having high-quality images and videos can increase conversions by giving customers a better idea of their purchasing. Other factors include offering competitive pricing, excellent customer service, and a user-friendly website with easy navigation. By focusing on these key factors, you can improve your conversions and ultimately grow your business.

• Preferences of your target audience. (brands, problems, products) Some of the preferences of your audience you will be searching for are their favorite brands, common problems they face, and the products they use or are interested in. Understanding these preferences can help you tailor your marketing strategies and product offerings to meet their needs and expectations better. You may also want to consider their demographic information, such as age, gender, location, and income level, to understand their behaviors and preferences better. You can create more effective marketing campaigns and increase customer satisfaction by conducting thorough research and analyzing your target audience's preferences.

• Demand for your product or services in the target market:  Knowing what the demand for your product or service is in your area is essential to have insights into your ability to sell and scale your business. Market research is crucial to determine the level of demand for your product or service in your target market. This can involve analyzing industry reports, conducting surveys, and studying your competition. By understanding your potential customer's specific needs and preferences, you can tailor your offerings to meet their demands and increase your chances of success. It's also important to remember that demand can fluctuate over time, so it's essential to remain agile and adapt to changes in the market.

• What niche with your product or service could be improved ahead of your competitors to give you an advantage? Finding a way to stand out and provide something different that your competitors are not offering can be a game-changer for your business. One potential area for improvement could be customer service. You can set yourself apart from competitors by providing exceptional customer service and building a loyal customer base. Another area to focus on could be product quality or innovation. If you can offer a higher quality product or a new and innovative solution, customers may be willing to pay more or switch from your competitors to your brand. Finally, consider your pricing strategy. Offering competitive pricing or a unique pricing model could give you an advantage. By focusing on these areas and continuously improving your product or service, you can gain a competitive edge in your niche.

• How the target market feels about the pricing of your product/service: How do your customers view your pricing, and how does your pricing compare to your competitors'?
  
  Understanding how your target market perceives your pricing strategy is crucial for the success of your business. You need to balance charging enough to make a profit and not charging too much that drives customers away. To better understand how your customers view your pricing, you can conduct surveys and gather their feedback. This can help you identify areas where you might be overpricing your products or services. Additionally, monitoring your competitors' pricing strategies and adjusting yours accordingly to remain competitive is essential.

• Trends in your industry based on the market. (Seasonality, weather, etc.) Some trends that may be seasonal are things like outdoor activities, holiday shopping, and travel. For example, in the winter season, there tends to be an increase in demand for winter sports equipment and clothing, as well as holiday decorations and gifts. On the other hand, in the summer, there is often a higher demand for outdoor recreational activities such as camping, hiking, and swimming gear. Weather can also significantly shape trends in specific industries, such as agriculture or tourism. For instance, a drought may cause a decrease in crop yields, while an exceptionally mild winter may result in lower sales for winter clothing retailers. Keeping track of these seasonal and weather-related trends can help businesses plan their operations accordingly and capitalize on emerging opportunities.

• Competitive analysis to gauge what propels you above your competition: A competitive analysis is vital to understand what you are up against and to identify areas where you can differentiate yourself from your competitors. By conducting a thorough competitive analysis, you can gain valuable insights into the strengths and weaknesses of your competitors, as well as their strategies, products, and services.
  
  One key area to focus on when conducting a competitive analysis is your competitors' marketing and advertising efforts. By closely examining their messaging and branding, you can identify ways to differentiate your company and create a unique value proposition that resonates with your target audience.
  
  Another vital aspect to consider is your competitors' pricing strategies. Are they offering similar products or services at a lower price point? If so, you may need to re-evaluate your pricing strategy to remain competitive.
  
  Finally, looking at your competitors' customer service and support offerings is essential. Are they providing exceptional service and support to their customers? If not, this may allow you to differentiate yourself by offering superior customer service and support.
  
  A comprehensive competitive analysis can give you the insights you need to develop effective strategies and tactics to help you stand out in a crowded marketplace.

Your marketing strategy can succeed with our detailed market research services at CEO GPS. We will quickly get you on the right track and grow your small business. Leave your growth plan to CEO GPS, Roswell, GA's best and most affordable digital marketing company. Call us at (470) 897-0703, and let's get started.