How to do a basic market study
Many times when our clients do well they ask for a market study to see if it is profitable to increase their investment, our job is to give them the answer to their question.
This does NOT mean boring them with a bunch of numbers!
The numbers are for us and what we must do is analyze them and reach conclusions. When presenting the study to your client, do not make a very long presentation full of numbers and technical terms that do not answer their question directly.
Your client wants the answers, he does not need or want to know each and every one of the data ... make the presentation of the market study as short and concise as possible.
A good advice is to go from the most general to something very specific to your niche, a good introduction is to show the results of surveys or studies on the growth of the Internet in your area ... to a greater number of people using the Internet, theoretically the possibilities also grow of all markets.
There are a very good number of free tools that we can use to do our studies.
Market Research Tools
1) Google Insights: We can use this tool to see the progress of the main keywords of the client's niche and thus be able to give an estimate of the growth that could be presented this year and see in which seasons the traffic peaks occur and in which others the traffic is reduced.
2) Keyword Tool External: Google Adwords tool that allows us to estimate both local and global traffic volumes.
We can use the data from this tool in conjunction with the data that we have been collecting with Google Analytics to be able to give an approximation of what percentage of the total local traffic that we are capturing and how much more we could get.
3) Measure the competition: The simplest way to see what your competition is doing is to search for the generic and long-tail keywords that most represent the customer's niche and see what style of ads the competition uses, in how many searches do we find the same company as the competition , positions in organic results, etc.
If we use a base of 10 generic keywords and 10 long-tail keywords derived from the generic ones, we have a total of 110 keywords to analyze ... which is a significant sample to make estimates and approximations.
What the client wants to know is the following: «Last month you invested X to earn Y, which means an ROI of Z» and then explain that this was capturing a certain estimated percentage of the total traffic and that increasing it can reach more people.
Although this is not a complex study, in many cases it is sufficient to define investment budgets and set reasonable objectives for the campaign.
