Why it is essential for your company
“Did you know that 75% of companies that are successful in their industry have done a marketing analysis first?”
A very high number, right?
But not that surprising.
Indeed, in recent years, this practice has become increasingly important for companies, due to growing competition and the need to better understand their customers and their competitive environment.
Only the most prepared companies, therefore, are able to move in the right way and prevail over their competitors.
Marketing analysis is a process through which companies collect and analyze data on the market, their customers and competitors in order to define the most effective strategy to achieve business objectives.
In fact, thanks to it it is possible to better understand the needs of consumers and satisfy them in the best possible way, to understand what drives their purchasing behavior and what are the factors that influence their choices.
For this reason, data has become like a second currency for our age and the ability to collect it from different sources, such as surveys, focus groups, sales data and social media data is an important asset for any business.
Of course, it is not possible to spend them on shopping at the supermarket, but they are indispensable for improving one’s offer and therefore one’s economic results (which then means more income for the company and for those who work there, and therefore more money to make shopping).
Furthermore, thanks to the spread of digital tools, it has become possible to study the market much more accurately and precisely monitor the progress of one’s online activities, thus making marketing analysis even more reliable.
But why is marketing analytics so important for companies?
Marketing analysis represents a strategic tool to answer some of the most significant questions for any company:
who are our customers?
what are they looking for?
do our products/services satisfy them?
how do our competitors behave?
How can we stand out and improve our offer?
Some examples of (huge) success
Many well-known companies have used marketing analytics successfully to achieve their current success in their target market.
For example, Netflix has used data analysis to develop personalized content for its users, thus offering the right series or film in the most appropriate way for each person, increasing customer satisfaction and loyalty.
Another streaming giant (this time musical), Spotify, uses data analysis to recommend new songs or podcasts to listen to based on users’ tastes, thus increasing playback time and introducing emerging artists and more.
Obviously, a marketing analysis alone is not enough to guarantee the success of a company, but it represents the first step towards a “new” (and more effective) way of doing business.
However, if you are thinking that only large companies can use this tool for their business, I have good news for you: it is not.
In fact, even small businesses can carry out a marketing analysis and obtain great benefits from it, greatly improving sales and customer satisfaction.
As you may have guessed from this article, therefore, marketing analysis is a fundamental step for the success of your business, providing the information necessary to develop winning strategies to achieve great goals.
If your company wants to remain competitive and occupy a leading position in its field, marketing analysis is a practice that you should strongly consider in the future planning of your business.