Business Analysis in Marketing:
Being in the marketing domain over the years, have noticed that it’s pretty important to wear Marketing glasses to analyse business trends and brand of your organization. Often marketing and related analysis is confused with Sales within the organisation, particularly the small Business. It should not be so on both accounts.
Over the years, I have noticed that Business Analysis is strong pillar to design effective campaign and it creates strong possibility to build foundation as a brand whether it’s competitive analysis, contact and prospect discovery, potential client list building or simply presales campaigns. Here are few pointers to conduct business analysis from the view of marketing.
- Getting the information
- Market Size and Growth
- Market Trends
Manager(Presales & Marketing)
Years back, we wanted to initiate expansion around IoT across globe; I initiated my work to provide strategy and analysis to sales team. 1st thing came up to my mind was to understand more about IoT, related investments and target market. In such cases, the market you need to look at is your potential market, not the actual market served, the one that’s limited to your existing customers.
Your target market is much wider than just the people you already reach. It’s the people you might someday reach, or people you could reach, that you need to be concerned about. While conducting such analysis, always try to divide your target market into useful slices or segments. Segmentation helps you target specific people with specific messages and helps you focus on user needs. For me thumb rule of analysis was pretty clear; investments are directly proportional to expansion and hence instead of investing my time around finding all over about IoT, I segmented it. I targeted government initiatives and investments; that’s where I noticed that Germany invested billions for ‘Smart Factory Concept’ where manufacturers and production companies are attracted. Next question was how to go about it? Research team tracked 500 sr. level authorities and researched around them and came to conclusion that VP R&D and Production Planning can be Go-to-Guys. We executed it and campaign boomed. In this particular case, marketing glass of this particular thumb rule was on my eye and related analysis boomed the campaign.
Business analysis is a prediction but not a myth and it works even if you apply simple thumb rules seriously.