It is the systematic collection and analysis of qualitative, quantitative, and internal data in the effort to effectively plan for a business goal. The more we know the better the strategy.
Today's market has made it quick and easy for an audience to check on a brand’s product, customer service, and overall reputation. Consumer distrust and poor reviews are the among the biggest killers of sales. Knowing where a company stands in the eyes of the public will determine when and where to amplify the brand or create a plan of repair.
Understanding shifts in the economy, competitor offers, demographics, and market trends empowers a company to make smarter business decisions. Companies are able to create market-aligned products, understand their customers, and can better forecast and navigate market fluctuations.
Market analysis and its benefits would all be for naught if it didn’t directly impact sales and revenue. Smart business planning through market analysis increases sales and sales metrics: shorter sales cycle, increased average engagement/order, higher close rates and a greater rate of repeat sales.
Knowing competitor offers and initiatives gives insight to what is working and what is not from a wide breadth of areas: product, marketing tactics, branding, strategic alliances, and channel development. Reverse engineering competition, learning from their successes and mistakes gives business planning a step up from ground zero.
Market analysis identifies customers needs, cost tolerance, and where/how to market to them. Persona development is the foundation of a user-centric methodology.