Analysis in marketing has been discussed a lot lately. Of course, this is not without reason.
Analysis in marketing is much needed to see customer behaviour in a business. But the problem is, customer behaviour is very changeable due to many things. Especially during a pandemic and after a pandemic.
So, have you done a marketing analysis for your business? If not, let’s follow the article below to find out the strategies and steps to conduct analysis in marketing.
Definition of Marketing Analysis
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Analysis in marketing is the activity of conducting market analysis in studying customer behaviour, and competitor activities, and looking at consumption trends in the market in order to sell products or services.
Marketing Analyst is a term for someone who works on analysis in marketing, will collect data, study, and interpret data to become a new insight for business.
These insights can be in the form of the customer’s decision selection process in buying a product or service, how much is the appropriate price for the product or service, the advantages and disadvantages of competitors, and so on.
How Marketing Analysis Can Impact My Business?
Before answering the question above, we must first agree that customers are the most important part of the business. Do you agree?
You agree. Okay, let’s continue.
So, customer behaviour and market trends will continue to change over time. Especially when there are major events such as during the pandemic and after the pandemic.
So, in order for your business to survive and stay relevant to your customers, you have to do an analysis in marketing.
This analysis in marketing must also be carried out continuously and within a certain time so that your business remains relevant, used, and sought after by customers. So your business is living, so is your money.
3 Techniques of Marketing Analysis
You will find many techniques to analyze in marketing. Here we provide 3 examples of techniques to analyze in marketing for your business.
1. Competitor Analysis
Competitive analysis is a valuable analysis in a marketing approach that places emphasis on studying a company’s competitors rather than solely focusing on their customers.
Given the technical and intricate nature of conducting such an analysis, numerous businesses opt to engage professionals to carry out these assessments on their competitors.
2. SWOT Analysis
SWOT stand for strengths, Weakness, Opportunities, and Threats.
The SWOT Analysis framework is a valuable tool for assessing your company’s strengths, weaknesses, opportunities, and threats. It enables you to identify areas for improvement and capitalize on favourable prospects for your business.
In the realm of analysis in marketing, the SWOT Analysis plays a pivotal role in ensuring the success of your marketing campaign and guiding your future marketing endeavours.
3. PESTEL analysis
PESTLE is like a cool acronym that stands for Political, Economic, Social, Technological, Legal, and Environmental factors.
It’s an analysis in a marketing tool that helps a company figure out what stuff might affect a new business or industry. Different businesses care about different things, so doing a PESTLE analysis helps you spot any risks for the SWOT analysis.
