You’ll find Yada Yada spends a lot of time doing market research. It might be a survey of consumers, it might befinding all competitors, it might be finding all the search terms possible to find your type of product or service, but put together, this increases the potential for success exponentially. If you are off, let’s say on a price point, you might have a great product or service, but you will fail. The more research done on the front end, makes all subsequent steps more effective.
Our motto is know before you go. It makes more sense to spend the time and effort researching a market before you build anything. You will find out what works, what doesn’t and you’ll know this before you put much time and effort into your project. As much as we want all of our clients and our own projects to be wildly successful, that is an unreal goal. Finding out what doesn’t work is sometimes just as valuable to know as to know what does.
Market Research means different things to different people, and there are many ways to accomplish the same goals depending on your budget and what it is you wish to bring to the market. At Yada we have tried many methods and have settled on what we believe is the best combination of speed and cost effectiveness.
Our basic method is as follows:
1) Keyword and competitor research
Before we enter a new market, we take various tools that identify which keywords people are currently searching relating to that market, the relative volume of each, and which competitors are showing up for both organic and paid searches for that market segment. By looking at the relative value of those keywords and even the “free” traffic, we then get a pretty good estimate as to the size of that market, and even the relative value of the main search terms of that market.
Next we look at the relative effectiveness of the sites and landing pages of those competitors, with an eye to designing a competitive site in this market. Even though we’ve seen and designed literally thousands of landing pages, we don’t assume that we know the market yet or presume how sites should be designed. We watch and learn from the top competitors first.
If all is good so far, we then design a specific market research survey that is sent to our survey communtity and get further feedback on that product or service. We attempt to identify price points and pain points with consumers, as well as what their idea is for the chief benefit of that product or service.
This gives us much further data to use to optimize and build much better landing pages and web sites, or to advise whoever is designing the site.
We then continue on and do further surveys as needed to see how the product should be positioned in the marketplace. This is more than simply tagging something as “luxury” or “cheap”. We mean how should this product ideally be positioned in the minds of consumers, and how is it actually positioned now. This data is then used to further refine the marketing campaign process.