Market Research & Competition Analysis
Researching the online market and presence and strength of competition is the basis of all digital marketing activities e.g. planning marketing campaigns and budgets.
Online market research
This research represents an analysis of keywords or key phrases relevant to a particular business activity. These are the words and phrases used in internet search that would lead to your products or services. The analysis determines the average monthly demand (taking into account the period of previous 12 months) and also includes potential seasonal demand fluctuations. With a business oriented towards a narrower niche, it is possible to isolate all relevant key phrases with the initial analysis and through further digital marketing tasks, to appear in the complete niche. For businesses that offer a large number of products, rough analysis is done first and then, in consultation with the owner or management, the priorities and individual market niches are determined.
After researching the market and prioritizing the keywords, the second stage, competition analysis, begins. Due to the very nature of the digital environment, online competition is different from the competition in the physical world. In the digital world, in addition to direct competition from the physical world, you also compete with various blogs, portals, and forums for the top spot on Google, covering the same business or containing the same key phrases. Additionally, not just the website is a competitor, but every page on the site optimized for a particular keyword. So, a competing website can also have multiple pages, each occupying a specific position and representing competition for a given keyword. On the other hand, blogs and portals highlighted in the analysis can be useful in further digital marketing activities - in the form of associates and places where you can advertise, provided they are not developed by real competition.
By comparing the figures obtained from the keyword analysis and the competition analysis, taking into account the aforementioned keyword convertibility and business goals, the primary keywords are chosen and the right strategy is created.
The key phrase “Wedding Decoration Price” in relation to the keyword “Wedding Decoration Pictures” has greater convertibility or potential to translate a site visitor into a buyer or client.
... Online Florist Example
The performance strategy depends largely on the budget and customer orientation, e.g. commitment to faster results that can be achieved through paid advertising techniques or a long-term brand-building approach.
Based on years of experience, a complete and planned online appearance, using carefully selected digital marketing techniques, produces the best and long-term results. Many large companies still don’t have a unified strategic performance, while small businesses and start-ups, are budget-constrained, so we continue to find volatility and a market space in various niches where business success is still possible, especially if it is done analytically and continuously.
Lastly, let's not forget that keyword and competition analysis not only provides the foundation for all of your digital marketing activities, but also gives an insight into the current market situation, the amount of investment you need, but also opens new perspectives and allows space for progress, which is especially significant for start-ups that are just entering the market.