digital-marketing

Benefits Of Online Marketing

The Benefits

The internet has helped numerous businesses develop in the online market place leading to saturation.  The need for online marketing is more evident for any business to beat out its competitors.

Here are some of the advantages of online marketing:

Affordability

Internet marketing is an extremely cost effective way of getting the word out on your products with little or no capital. You might use social media or send emails which when compared to other forms of marketing such as newspaper, radio and television, have a significant cost difference.

Easily Accessible To A Wide Audience

Marketing through the internet, leads to a much wider reach. It has a global audience with millions of people being able to view the advertisements, whether it’s via an email campaign or a blog/social media marketing.

Round The Clock Marketing

A major advantage of online marketing is the fact that it is 24 hours a day 7 days a week. There are no business hours and no personnel to pay. The consumers can browse at their own convenience, for whatever time period they choose.content-is-king-thumbs-up

Time Effective

Another advantage is how much time it saves for the marketer. It is possible to begin an aggressive campaign within a few hours. In a few minutes or so marketing can be started with a single subscriber.

Target Markets

Internet marketing is amazing because it has the ability to reach the audience that are most attracted to the products. The ad can be filtered to targets certain demographics, like girls between 15- 22 for certain products and the elderly men for certain products. For instance for make up your target might be a younger audience whereas for an investment scheme your target might be middle aged males.

Convenience And Ease Of Use

Internet marketing is one of the most convenient ways of marketing ever conceived. As long as consumers have access to the internet they can reach the markets anywhere in the world from the convenience and safety of their homes. Once the items are purchased all the details concerning delivery can be tracked using online resources.

Finally, one of the major benefits of the internet is the multitasking effect. It is possible to serve millions of consumers at the same time. A big amount of transactions can occur within the website without any of the consumers feeling dissatisfied with their interactions. Even better, the business owner can handle numerous transactions at once.

Enjoy these and many more advantages of online marketing.

pie-chart-market-research

Market Research – Basics to Marketing Goods and Services

Market Research

Detailed and accurate data is the foundation of all successful businesses. This is because a business is able to achieve a wealth of information regarding the competition, existing and prospective customers; and the industry in general. In a nutshell, it allows the business owner to determine the feasibility of business before committing any considerable business resources. Market Research offers relevant information aimed at helping any marketing challenges that a company is most likely to face; which is an integral part of the business planning process.

What Is Market Research?

This can be defined as the process of analyzing, gathering and interpreting market information about the service or product behavior in a particular market or industry. The data will show more about the past, present and possible future, customer expectation, market trends, market characteristics, location, spending habits and not forgetting competition.

Market research is quite important; – in a matter of fact, marketing strategies such as:

• Unique Services (These are services that separate you from your competitors)
• Product Differentiation (This is the process of creating a product or service identity)
• Market Segmentation (A technique of identifying a specific group within a particular market)

are impossible to achieve or develop without market research. The market research purpose is to observe the market linked with a particular business. Also, to identify how the audience will receive the business and its product or services. Keep in mind that this may include information gathering for the purpose of market segmentation as well as product differentiation. The data can be used to tailor ad efforts as well as determining which features should be considered as a priority to the consumer.

Types Of Market Research

Market research can be divided into two major categories, which are:

1. Primary Research

Primary research is a market data that you compile on your own, through your efforts; and mainly considered as original information. You may also hire someone to collect and research more about your firm’s market.

Primary research is divided into two categories;

• Quantitative Research (Exploratory Research)

According to Wikipedia, “This is a methodical empirical analysis of observable occurrences through Mathematical, statistical and computational methods.” In other words, quantitative analysis is achieved through computerized methods, surveys or market calculations. The method’s objective is to employ and develop theories, mathematical models as well as market hypotheses.

• Qualitative Research (Specific Research)

This is a technique whose approach encompasses many research techniques. This method does vary with the disciplinary back around, like using psychologist with an aim of getting an in-depth human behavior understanding as well as a particular reason(s), which directed such actions. Qualitative research mainly aims at understanding your customers and the industry in general.

For example, knowing why your customers prefer your product, reasons for them buying your product, the reason they bought it at that particular time (do they impulse buy? purchase due to a particular story or buy only when they need it) and much more.

Real business applicable Example (Putting It in A Particular business or product): – Assuming that you are selling camping products and items. Trying to identify your customer purchasing behavior such as, do a majority of them buy these items because they are about to go on a camping trip, or simply buying them in advance? Which season does your camping items gain demand and in which way?

2. Secondary Research

Secondary research is market information that has already been conducted by other parties, such as government and non-government entities. This is data that has already been collected for you. Such information might include, location security, data, and growth; population data, purchasing methods, and market demands.

market-analysis

Many educational institutes conduct researches in various ways, which range from faculty-based projects to student projects and assignments. Therefore, never ignore such sources because they may contain information that you actually need or benefit you in a great way.