I know there are a lot of cool ways to do market research using google trends, keyword researcher, and a whole bunch of other tools like the ones listed here:
Therefore, I would like to know if you have a service where you can do digital market research for us, if we have an idea, you can research the potential demand or give feedback on pivots based on your analysis of digital marketing. This would be one stage of our due diligence for new businesses ideas that could be done in conjunction with:
- Consulting a lawyer to see if there would be an legal issues
- Doing a financial analysis to determine if we can make enough money
- Working with a realtor in case we need physical space
- ETC.. so there are multiple steps for us when we analyze a new business, and quantitative market research study is an important part of that. This would also pair with our more traditional qualiattive research which would include calling people, feedback from our network etc.
In my mind (maybe you have other input) a digital market study would be conducted using the following process:
Phase 1: Market Research:
I have a basic understanding and know you can use the following to do research:
- Google Keyword planner
- Google Trends
- And various other analytical web tools. Like the ones found here: http://blog.hubspot.com/marketing/market-research-tools-resources#sm.0001eyuzqhcqldy4to316y9fttzdt
From this, I would want to obtain the following:
- Is there demand (from a digital analytics perspective)
- What are the trends? Increasing, decreasing?
- What areas of town is the problem worse?
- Are people who are searching for this problem, also searching for another problem which could be paired with the business?
- Essentially a professional opinion which answers, "from a digital marketing perspective, there is demand and this is a worthwhile business to pursue"
I would expect these questions to then allow us to denote:
- Is there enough demand to go after this business?
- What should the branding/messaging/marketing be based on what people are searching?
Phase 2: Testing:
Again, in a digital marketing sense, is there a way to test demand for a new business idea? For example, setting up 6 landing pages which describe a made up business (it could even come complete with a fake address) and a phone number and seeing if anyone calls for this service?
Phase 3: Marketing Plan Development & Implementation:
Once we have done research and testing, I would assume we would have excellent insight and knowledge to then build a website with a clear idea of:
- What the business name should be?
- What markets we should target?
- What copy/wording to use etc?
- Build out the website
- Start digital marketing
- Build landing pages
- Whatever else is required..
- I feel that this should be done in phases. Reason being, you might have to perform 3 market research studies to find a problem to go after, or do 2 testing sessions. You might do several market studies and not build out any websites because you realize non of them are feasible.
So can you:
- Do you or a partner you work with complete these digital marketing reports, and can do testing? (I assume you can build out a website etc once we know we know what business we want to go after).