After a marketing plan is created and implemented, it must be analyzed to understand what worked for your company and what didn’t. An article by the U.S. Small Business Administration illustrates what should be included in a marketing analysis.
Describing the industry, life cycle stage, projected growth rate, etc., is an optimal starting point in creating a marketing plan. As much information about the target market should be included as well, including characteristics (What do they NEED? What do the demographics tell you about the market? What are their trends you can analyze?) and the size of the market.
Analyzing the competition by defining their target market (Are they the same? What are they doing differently?), their strengths and weaknesses, their place in the market share, etc., can help determine how you can successfully enter the market, or if there are any barriers you may encounter.
It is also important to consider government regulations currently in place that may affect your business. Constructing a solution to such problems is also an important part of analyzing.
A blog by Mike Nale, managing partner at The Brand Management Group, LLC, discusses what should be included in a market analysis, shedding light on a few features that are commonly excluded.
The first is an overview of the current economy. Studying trends and how your current market relates to them can help you understand where your business is going and where it is currently.
The next is regional and local competition: What do the other companies have that you are lacking? Do they make up more of the market than you, and why? This can help make changes to the market.
Companies who fully analyze their market will be privileged with strategic advantage. Understanding as much about the market you are submerged in can only benefit a company and will give them knowledge on how to surpass the competition.