What is market evaluation?
Market evaluation is the process of activities conducted by a business for the purpose of gaining new clients. Market evaluation is conducted with the help of marketing metrics. Marketing metrics refer to the set of measures that help marketers to quantify, compare, and interpret marketing performance.
There are various different metrics in which the market is measured such as behavioral metrics, memory metrics, financial metrics, customer profile metrics etc. but the what I am going to be forced more on are the modern techniques of market evaluation.
Marketing evaluation used today…
We belong to the information age where technology is improving and the world is shrinking. Consumers have more choices than ever and the first place they usually start looking is online. Most companies today have a website helping market their brand as well as gain potential customers.
I previously worked for an organisation, one of Melbourne finest creative agency. I learnt the in’s and out’s of the digital world. Everything is so much more complicated than anyone could imagine and there is so much work that actually goes into creation of a website before the audience can actually view it.
Business have to first find your online niche by using tools such as: –
- Amazon.com, which helps businesses search for their key works therefore finding different books or different products that are available online for sale. It is usually a broad competitive online space. When you think of amazon.com you usually think of books but they also sell different online products. You don’t dive in really quick with amazon but it is usually a good place to start.
- Ad words – Google ad words is a tool that helps business identify what products and services people are using, more importantly what they are spending their advertising dollars on to try to drive traffic to their website or sell products or service online. Even if businesses are not ready to do actual pay per click advertising, it lets you evaluate what is going on and what are people searching for. Ad Words is an amazing tool for research.
- Forums are essentially back door Internet forums that help businesses find what people are saying about different markets. It’s a great resource to meet new people or see what’s out there in an undisclosed fashion.
- Key word search analysis is essentially when businesses look at the various websites that are in your niche and actually see what key words other businesses are targeting, which they are putting into their blog posts etc. to therefore get the results and start showing up.
- Search engine analysis is the amount of results that come up when you type your niche into any search engine and the amount of results that come up shows you how competitive your niche is going to be.
SEMrush is a great website to get an exact sense to see what’s out there and see what other websites are doing and what’s effective. It is one of the most popular SEO tools that helps you improve your organic rating in Google.
One more tool that can be used to amplify your business is through social media. There are many different ways that social media can help you grow your business. These are the various aspects that will help you grow and improve your business using social media.
- Word of mouth marketing business
- Social media helps companies with market research.
- General marketing of your business
- Idea generation
- Customer service is very important when it comes to social media marketing. Because when it comes responding to customers when they comment on their Facebook or twitter account, you should always make sure that your reply is prompt and concise as possible.
- Public relations – there are different causes you can support through Facebook, you should take a couple of pictures with your company shirt on it and post it up. It is an awesome, easy way to market your business while your doing something nice for the public.
- Employee communication- anything being put up on social media campaigns is generally follows by the employees. It is also a subtle way to communicate your strategy to your employees
- Overall reputation of the business.
I personally believe that businesses today need to have an online presence. If businesses don’t understand how to take advantage of Internet search engines then many of your prospects and customers will not find you, hear of you and more importantly buy from you.
Get online today!