There are several advantages of carrying out market research when starting a new PPC campaign. Some of these advantages are—
1. A lower risk factor
With PPC marketing, the primary risk is that your campaign won’t deliver the results you were expecting. As I have already explained, market research helps you figure out what will and will not drive results for your PPC marketing, amongst other things, and avoid the risk of wasting your time and money on a situation that could easily have been avoided.
2. Increased conversions and sales
If your PPC advertising is saying the right things to the right people, you are going to see an increase in conversion rates and sales. The only way you can do this, though, is by carrying out in-depth research that will help you pitch your products or services in an effective way that will encourage people to click through and seal the deal.
3. Higher business growth
Market research doesn’t just tell you useful information about your target market, but it also helps you uncover and explore new opportunities that will contribute to business growth. Diversifying and exploring different challenges and opportunities helps increase the stake for your business and keep delivering exciting and fresh products and services.
4. Increase your overall reputation
When you have a better understanding of your target market and competitors, you can offer products and services that fall in line with the wants, needs, and interests of your customers. When it is obvious that you know your audience, even through PPC advertising, your reputation begins to improve.
These are not the only factors, though
Market research in business and for PPC is not limited to these four factors, though. When you start taking market research seriously and carry it out, you will learn what works for your business and benefits your bottom-line.
How to Start Performing PPC Market Research: 3 Useful Tools
Getting started with this form of market research is quite easy and there are several tools you can use to help you. This is a mixture of free, freemium, and premium tools that you can use for not only market research, but competitor analysis, keyword research, and other elements that form part of digital marketing.
SEMRush is a software service that provides marketing analytics software subscriptions. Their tools are trusted worldwide by millions of individuals, businesses, and marketing professionals.
The tool provides you with plenty of information to help your PPC marketing efforts. This information includes competitor analyses and statistics, your competitors’ competitors, the average position of the top performing PPC keywords, and money spent per keyword, amongst other things. It can also be integrated with Facebook, Bing, and other sites.
It is a very powerful and versatile tool that is a must-have for anybody performing target market and competitor research for PPC.
Just like SEMRush, KeywordSpy lets you see what keywords your competitors are spending and how much money they are spending on their PPC ads. KeywordSpy also provides you with keywords and ad combinations that the software thinks will work well for you and provide a measurable ROI by using data in real-time.
There is a free trial on offer that lets you see 10 ads and keywords which should be enough to help you get somewhat familiar with PPC market research and get comfortable with the process.
3. Google AdWords Auction Insights
AdWords has an Auction Insights section that helps you figure out what your competitors are competing with you for the same or similar keywords. This data from Auction Insights is very useful because it helps you see if your competitors are spending more on targeting a certain keyword than you.
Using this information, you can make strategic decisions more easily and avoid wasting money on upping your competition and aggression when there is no need to.
4. Google Analytics
Good old Google Analytics is every digital marketer’s best friend. Google Analytics lets you explore consumer behaviour by analysing data collected from Google searches that relate to your product or service.
To use Google Analytics you will need a Google AdWords account, however, this is something you will need to engage in PPC marketing anyway.
It’s not all about tools
Whilst these are great at helping you learn about end-user search intent, see your competition clearly, and improve decision-making, these tools are not the be all and end all for PPC market research; it is your general market research that will help you figure out the best way to approach a PPC campaign.
These tools alone cannot teach you about your target market.
Market research, as I have already mentioned, is an essential part for any business. Without market research, how can you know whether or not your target market is going to like your product or service? You can’t!
If you develop a product or service that isn’t suitable for your target market because people simply will not be interested in it, no amount of PPC is going to deliver the results you want.
Don’t Be Intimidated by Data
When you begin market research both in general and for PPC, you will quickly become inundated with lots and lots of data (well, you will if you are doing it right at least!)
Although this can feel intimidating, you shouldn’t be put off by it. As you begin to learn more about digital marketing, the processes and strategies it encompasses, and what is and isn’t relevant to your business, you will begin to find it easier to process this data and make sense of it all.
After all, it is data that makes digital marketing what it is and without it, the digital marketing landscape would be very different indeed.