A good marketing strategy is a benchmark for a successful business. A business needs its customer base to know about the products and services. How they do that is with effective marketing.
But what’s the difference between a marketing plan that brings in the customers and one that falls flat? The key to good marketing is analysis.
Comprehensive marketing analysis tells the business who is their customer, what do they want and need and what they are willing to do to get it.
So, if you plan on doing any marketing in your business, read on to learn what you need to know when you do marketing analysis.
Know the Answers
One step in creating effective marketing plans is to ask questions and know the answers. Start with the basics
Let’s start with the why. Why are you hoping to do marketing? Know your objectives for tackling a marketing plan.
The when question is connected to both when you want to market and for how long. Is the marketing you hope to do time-sensitive? When do you want to roll out a plan?
The where is important because of the cost factors. Where will you put your marketing? Since the return on investment is so important for businesses, knowing where to get the biggest bang is key to a successful plan.
Who is your target audience for marketing? It can also be the who you might need to implement the marketing plan, whether that is employees, clients, investors.
What will it take to implement the plan you are creating? Here you will consider financial needs, staffing, and outside resources.
The how part of the plan will explain how you will execute the marketing plan once you have an answer to all your marketing analysis questions.
An effective marketing plan should know the answers to the 5Ws and H. It will give the necessary analysis to help develop a successful plan.
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Do Your Research
You can’t possibly plan without doing your research. That means digging into who is your potential customer and how do you reach them? As a business, you want to understand the demographics of a customer so you can best reach out to them with your marketing.
You also have to know some things about your own business. Why are you doing marketing? Is there a particular product or service you hope to launch? You have to make careful decisions (some would say assumptions) about your business.
So, in short, you need to know and understand both your business and your customer.
Things to Consider
When implementing a marketing plan based on quality analysis, you want to consider the following:
- How will you create traffic from your marketing, whether to your business or website?
- How does the traffic convert into leads?
- Are they converting into customers?
You want to know if the customers or clients are new or steady customers. Once you get their attention, can you retain it?
Role of Marketing Analysis in Your Marketing Plan
The truth is a good marketing plan is only as good as the marketing analysis that was used to create it. As a business, doing your homework matters so you get the most from your marketing initiatives.
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