It’s always the first step that is hard, once you take the first step right you can run seamlessly. The same goes for the marketing of your business, brand, product, or service, you have to take the first right step and the further journey will be seamless. When it comes to making important decisions for the business, companies always rely on data to determine the best course of action.
The first step of marketing starts with (is) analytics/analysis. The most important one as it will help you to get a clear idea and vision of how to move forwards. Analytics set a foundation for marketing, based on which you can plan your complete marketing strategy for your business/brand.
Below are the process involved in the analysis of your business/brand/products/services.
1. Competition Analysis
Do everything you can to know your competition almost better than they know.It’s very important to thoroughly analyze your competitors. Competition analysis helps to identify your competitors and evaluating their strengths and weaknesses. Answering the below questions will help you to analyze your competitions.
- Who are they?
- Where are they?
- What are they doing?
- What is their USP?
- Whom are they targeting?
- How are they targeting?
- How are they selling?
- Who are they selling to?
- What is the price?
- What are people saying about them?
- What are their strength and weakness?
You will need to find answers to all the above questions. Feel free to add more which you think will help you understand your competitor better and also comment below so that it can be of help for others.
The idea of a competitive analysis isn’t to steal what they’re doing, it is to understand where your business stands in the market and find new opportunities to make your product stand out.
2. Market Analysis
Analyzing the market whether it is favourable for your business or not is very important. In market analysis you get a clear idea of how big is the market for your products/services and what value will it provide. You also get to know the current industry trends and demand. It looks into various customer buying patterns and competition. The major advantage is it helps you to stay ahead of the competition by helping you analyze the demands for the products/services that you are offering.
- Some of the tools use for Market Analysis are
- Personal interviews etc…
3. Your Target Audience/customers/consumers/buyers
All your marketing efforts will go in vain if you do not target the right audience. It is very important to know your audience thoroughly. Building an Audience Persona will help you to understand the audience and target the right one at the right place.
Define your Customers
- Describe each person
- What’s their Age
- What’s their gender
- What type of education they have?
- Describe their career facts
- What is their profession?
- How long have they been working there?
- Would their career motivate them to need your product?
- Describe their technology traits
- What technology do they use daily?
- How do they access the web?
- How much time are they dedicating to the internet?
- Write a short biography.
3-5 sentences as if you were introducing them. What elements of their persona would you highlight?
You can answer the below to get the answer
- What are they motivated from?
- Where are they spending most of their time?
- Why are they interested in your products?
- What will convince them to buy?
With market analysis, you will be in a better position to make informed decisions.
4. SWOT Analysis
It is a simple yet most effective framework for analyzing your strengths, weaknesses, opportunities, and threats. It will help you build what are you good at to understand/identify what you’re week at, to take advantage of the chance for success, and to reduce or minimize risk.
The above analysis will help you get valuable insights into the competitors, current market trends, audiences, demographics, which will be the vital components to help businesses with information for making business decisions.
If you are not sure if you can do the analysis, we are here to assist you.
We at WeCraft Interactive Solutions Private limited will help your businesses in doing the market analysis, which will help to build an effective marketing strategy and business decisions.