How To Conduct A Marketing Analysis

Shopping doesn't mean throwing your kitchen sink against the wall to see what you need. An effective marketing strategy relies on thorough research and marketing efforts to your target audience. Consider conducting a comprehensive marketing analysis of your business to better understand your customers, your strategies, and how your marketing dollars are spent.

What is Marketing Analytics?

Marketing analytics is a process that helps you understand different target audience demographics and segments, effective engagement strategies, and ways to improve the customer journey and conversions. Performing marketing analytics can help you optimize your marketing campaigns, improve the return on investment of your marketing budget, increase brand awareness and customer loyalty, and generate more leads.

“Marketing analytics determines the success and failure of marketing campaigns,” says Esther Paulson, CEO of Rayer Solutions. "Customer engagement programs should be built with the expected results, then analyzed in detail to determine whether the results are being met or exceeded."

How to conduct a marketing analysis?

You can use methods such as surveys, polls, and focus groups to conduct in-depth marketing analysis of your business. Check user comments on your social media pages and online reviews. Use a SWOT analysis to identify your business strengths, weaknesses, opportunities, and threats from marketing and general operations. Use your social platform's analytics tools to better understand your audience's behavior on social media.

Additionally, there are many tools available to enhance your marketing insights and analytics. Here are some free or cheap tools for businesses.

• Ahrefs: Ahrefs is an SEO tool that allows you to analyze and optimize your existing content before publishing new content. An SEO tool is essential for improving your rankings on search engines like Google and Bing by ensuring that more users find you when they search for relevant keywords and phrases.
• Crazy Egg : Crazy Egg is used for website analytics and helps you know which users are visiting your website and from where. This tells you which audience facing your outbound marketing efforts is most likely to search or click through to your website.
• Google Analytics: Few tools are as popular as Google Analytics for understanding web traffic sources and behavior. It can show you how users find your site and what they do when they visit it. This high-level view helps you identify why users are leaving your website so you can increase the time they spend on pages and optimize the things you want them to interact with. Best of all, Google Analytics is free.
• Semrush: Semrush is an SEO tool that allows you to optimize your online content and test your competitiveness. It offers a variety of pricing plans for businesses of all sizes, and you can continuously assess your business and marketing needs as they grow.
• SpyFu: SpyFu is great for helping you achieve your goals by tracking your competitors' performance in online advertising and search engine rankings. Your marketing efforts don't happen in a vacuum. Knowing what your competition is doing can help you beat them or do something unique to avoid chaos.

What should a marketing analysis contain?

For a marketing analysis to be truly comprehensive, it should look at all the important aspects of your marketing efforts. At a minimum, your business marketing analysis should include the following.

SMS marketing is a relatively new and effective tool for increasing engagement in your business.

Leadership and potential

Targeted marketing campaigns to generate new business can help you understand where to find valuable new customers and how to attract them to your brand. Market analysis can identify the best ways to nurture those leads, convert them into a buying decision, and drive them through the pipeline.

changes

Conversion refers to any decision you want an audience member to make, whether it's to open an email, click on an ad, or log into your social media account. While converting a lead or prospect to a paying customer is the most common metric, it's not just about sales after a marketing campaign. Consider your goals and key performance indicators (KPIs) to determine which conversions are most important to you in the campaign.

audience

Marketing analysis should focus on the needs of your audience, including how and how your products or services meet those needs. The more demographic information you collect about your audience, the better you can segment your audience and target each segment for the types of content most likely to drive conversions.

"The more a brand knows about who is or isn't interested in a product or service, the higher the chance of conversion," Paulson said. "This ensures the company is investing in the right kind of customer. Ultimately, it allows marketers to talk to consumers on their own terms and in the way they want."

risk

Once you understand your audience, you can design your brand messages and different marketing campaigns to capture their attention. Marketing analytics examines your audience's current relationship with your brand using metrics such as open rate, click-through rate, and speed of your email campaigns.

Your analytics should consider user behavior after interacting with your content. For example, when a user clicks on a paid ad that takes them to your landing page, what do they do? Once you understand the reasons behind these metrics, you can improve your marketing campaigns to appeal to more demographics of your audience and drive greater engagement.

An overview of the industry and competitive landscape

It is important to understand the competitive marketing analysis in your field so that you can adapt your strategy to the market. You need to understand not only market shifts and other industry trends, but also what you're outperforming against your competition. Competitive marketing analysis allows you to understand where your business stands against direct and indirect competitors. "A basic overview of the industry includes size, trends, and projected growth," says Anthony Mooney, digital marketing expert at Qualified Online Traffic. It focuses more on the industry as a whole than on your business or your customers. Is the industry growing, high/low demand, more/fewer competitors, new technologies/products/services, etc. ?

During your marketing analysis, take the time to gather enough information on each of these points. A sketchy marketing analysis often yields biased results, or worse, insufficient data to draw meaningful conclusions.

"The most common mistake is not taking the time to carefully collect and analyze your data and results," said Kelly J., chief executive of the Hinge Research Institute. “Many neglect to allocate enough time, which limits their results. At such an early stage of the overall process, this limitation affects every future strategy and decision.

Learn more about strategies that will help you stand out from the competition.

How to write a marketing analysis

Writing a marketing analysis is an important part of bringing the data you have collected together in an assessable format. How you write your marketing analysis will determine how useful the results are for improving your marketing strategies. Ideally, your marketing analysis should include a clear description of the data points you explored, the results of the analysis, and how you can positively influence your KPIs in the future.

"The marketing plan should include a draft form," Paulson said. "The organization typically determines the target audience, timing, number of marketing campaigns (email, direct mail, and digital), and investments that will be made in the program."

Additionally, marketing analysis should include key performance indicators to measure the success or failure of particular strategies. For example, if you are running an email marketing campaign to drive engagement, your KPIs might be open rate, click-through rate, and bounce rate. Similarly, if you're evaluating a content marketing campaign, your KPIs might include Google's first page rank, user time on page, and click-through rate to accompany your calls to action.

Set benchmarks for each KPI and track them across your various marketing campaigns. Marketing analytics show how effective these campaigns are in achieving your goals. Remember that not all goals have to be directly related to sales. Sometimes brand awareness and engagement are the payoffs that bring a customer closer to becoming a customer.

“It helps determine whether or not the campaign is as successful as expected,” Paulson said. "Market analysis is not only about reporting results, but also knowing why it works or does not work."

How important is marketing analysis in a business plan?

The biggest benefit of marketing analytics is that it shows you how to spend your marketing dollars effectively and efficiently. You'll better understand where your audience is active and what messages resonate with them. By using this information in a comprehensive analysis of your audience, as well as identifying gaps in your current marketing efforts, you can understand how to increase your marketing ROI.

"They say a lot of marketing effort is wasted because they don't understand how well it works and why it works," Paulson says. “The greater the number of ideas and insights, the greater the ability to fund a future marketing vision and the greater the return on investment.”

A small business marketing plan can help you connect with your customers and get them to buy your products or services.

What conclusions can a marketing analysis draw?

Marketing analytics should help you improve your future marketing efforts by understanding what works and what doesn't in your current marketing campaign. It can give you the following ideas for your business.

Understanding ROI

Every aspect of marketing analytics has a return on investment. For every dollar you spend on marketing, how many sales do you make? While not all marketing activities are directly related to sales, they should all be related to driving new leads through the funnel and moving existing leads to a purchase decision.

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"If you're offering new products or services, you'll need to update your marketing analytics," says Waffle. "If you're trying to reach a new market or a new audience, you'll need to do a new marketing analysis."

If you've never done marketing analysis before, now is the time. A thorough and comprehensive marketing analysis can help you spend your marketing dollars in ways that engage your audience more and increase conversions. Whether you're launching a new marketing campaign, launching a new product, testing a new feature, or trying to improve your marketing efforts, marketing analytics is essential if you want to increase your return on investment.

Mike Berner contributed to this article. A source was interviewed for an earlier version of this article.

Marketing concept: customer analysis