Market research is probably one of the most crucial process that people tend to overlook when they start out in the business or when they go to branch out with new products or services. There’s really no excuse for this though and you can check out this video where I will show you two tools that you can use to find out what’s actually going on in your market.
Online Market Research Tools
Now one of the first tools that you can use to check out what is actually going on in your market is the Google Keyword Tool. Most people are probably aware of it by now but if you are not, you can just do a search in Google for “keyword tool” and you should come across the Google Keyword Tool webpage. To use it, what we want to do is type in a word that we think is related to our market. It could be a product or a service, something that describes what you do.
For example in the case of Think Big Online, we are an online marketing agency so we can use the words “online marketing”. Click on the search button and you’ll get two columns – global monthly searches and local monthly searches. This is going to depend on where you are and where your market is. If you are trading globally, then you can look at the figures under global monthly searches. If you are trading locally say for example we are in Australia, you have the option to set the location to Australia.
You can change options on the Google Keyword Tool to a country specific to yourself and check out the information under local monthly searches. An important thing to add for all these is that you want to be looking at exact match and avoid using broad ones. Phrases are okay but it would be best to use exact match because it gives you a better idea about what people are actually looking for. Now for the terms “online marketing”, we can see 74,000 monthly global searches and 3600 local ones at the time writing. Based on the said results, we found that there are more people looking for the term “marketing” compared to internet marketing.
Now as an online marketing agency, we can also use other terms that’s relevant to the product or service that we offer such as online marketing, search engine marketing and search engine optimization. The Google Keyword Tool can provide you these terms as well. Social media marketing is also of course in there as well as small business marketing. There are quite a number of people searching for small business marketing as well. All these information are aimed at giving us a good idea of what people are actually keying in when using search engines. We can use these keywords and put them in to Google Insights.
Google Insights for Market Research
Google Insights is actually another free tool by Google. You can look it up in the Google search engine by simply searching for Google Insights. At a glance, it’s fairly similar to that of the Google Keyword Tool. To use it, you simply come to the page and type in a keyword that’s relevant to the kind of business that you are running online. In the case of Think Big Online, we can use the same keyword we first used in the Google Keyword tool – online marketing.
Now we can either search worldwide or limit search results to a specific country. After clicking on search, it will give you a graph telling you how many people are searching for it online and the trends that are happening in the market. Search results indicate the trend concerning online marketing to be relatively flat. Google Insights can also tell you which countries your keywords are popular in or where you are getting the most searches from. You can also check out some related terms and of course the “Rising Search” which is what you ought to really pay attention to.
Rising Searches and terms to use for market research online
As the term may already imply, rising searches refer to search terms that are rising in popularity among online users. If you see an incline there, it means that a particular keyword is becoming popular for whatever reason. You may also see little drop points which indicates that some news has been put up about it. When news comes up about certain things, you’ll often see a huge spike in traffic for all relevant keywords pertaining to it.
In Google Insights, you’ll also encounter the term “Breakout” which basically means that the popularity of a particular search term has rapidly taken off – more and more people online are searching for that particular term. Think Big Online offers internet marketing blogs so we target the keyword “online marketing” to attract people searching for blogs featuring information about online marketing.
The term “social media marketing” is an excellent example of breakout keywords. As an online marketing agency, it is certainly one of the services that we offer. We also offer search engine optimization, pay-per-click advertising, video and e-mail marketing. It’s certainly important for us to know what social media marketing is and the trends that its generating in the market. Try keying it in on Google Insights and you’ll see how rapidly its taking off.
This would let us know that there is a huge growing demand for social media marketing as opposed to most of the other relevant search terms pertaining to the services that we offer like online marketing which was relatively flat. We want a hungry growing market and for online marketing agencies, that’s exactly what social media marketing offers with all the huge inclines presented by graphs on Google Insights. Needless to say, this would enable us to figure out which market to go after.
Likewise, Google Insights can also tell us which terms had dropped off in popularity. For example, e-mail marketing is another service that we offer here at Think Big Online. You can put in e-mail marketing on Google Insights and you’ll find that its popularity has become relatively flat line. This is because e-mail marketing had dropped off quite a bit over the years. This tells us as an online marketing agency that we shouldn’t invest much effort and money on promoting such services because it’s a fairly static market. Another quick search on the services that we offer – pay-per-click advertising reveals that it is also a term that’s trending downwards.
Market Research – In Conclusion
Now we’ve gone through a couple of services that we at Think Big Online offer which include pay-per-click marketing and e-mail marketing which we found to be a fairly static market and identified social media marketing as among the market that’s generating massive inquiry at the moment. This should give you a general idea of how to do market research online and its significance. Business owners often have multiple categories to focus on as they run their online business.
Market Research enables you to identify verticals that we should be focusing more of our attention to on the growing marketing. In our case here at Think Big Online, these tools for market research tells us that we should be spending more time on targeting social media and SEO clients. All the things mentioned above was but a brief overview of market research and tools that you can use to effectively do market research. Go ahead and have a look at your market and see what you can do to better market your business online with valuable research or data that only effective online market research can give you!
Samuel Junghenn is the Managing Director of Think Big Online and has over 12 years experience in Online Marketing. He is passionate about building businesses using the power of automation and the Internet along with the thrill of motor racing.