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The Challenge of Conducting Market Research – Doug Bell // Searchmetrics

GUESTS & RESOURCES

Episode Overview:

In today’s episode host Ben Shapiro speaks with Searchmetrics’ CMO Doug Bell about market research challenges in the current marketing landscape. In part one of their conversation they discuss when is the best time to perform market research and why. 

Conducting market research helps large corporations understand their total addressable market (TAM) and the variables and dynamics affecting the market. SEO keyword research gauges consumer appetite for a particular product, and market research functions similarly in that aspect. Obtaining a substantial sample size is a particular challenge when research delves into examining niche markets. Research firms with experienced data scientists can dive into niche markets but it can be an expensive investment.

Another challenge with market research is how reliable and timely the data remains as markets can experience sudden volatility from several variables. Larger corporations with deep pockets have options available to circumvent these issues, but some smaller corporations and brands find themselves priced out from them. Keyword research is a great, cost-effective way for smaller brands to gain some immediate market insights.

Relying on search data and SEO analysts to interpret it are key for smaller brands looking to acquire a sizable portion of market share.