How to Write a Marketing Analysis in Google Docs
A marketing analysis is used to assess and to formulate a marketing strategy in running the business. Most of the businesses use SWOT analysis to define adequate business strategies. SWOT analysis stands for strengths, weaknesses, opportunities, and threats. Mainly, marketing analysis is known to be the documented investigation of the market to establish plans, competitors, products, scenario planning, decisions of the inventory, purchases, expansions, promotional activities, and other aspects of the business.
It is important for most businesses to assess their marketing strategies through a marketing analysis for them to be able to focus on the attention of the target market, look through the better version of the company, and help determine sales proposition. In order to do so, we will provide you with the information you need so you will be to conduct a simple marketing analysis by using Google Docs.
1. Determine the Purpose of the Marketing Analysis
Determining the purpose will essentially help you deal with the different information that you are going to acquire. Are you doing it to assess your target market? Or you are doing it to learn more about your business's marketing state? The purpose will help you with the main subject throughout the process of marketing analysis.
2. Understand the Current Market Situation
Understanding the current market situation will help you understand your business's state. Look into the different areas of your business that involves the marketing flow. Make a checklist for you to enumerate the following strengths and weaknesses of the current market situation. Also, list the things that you have managed to keep control of.
3. Know Your Target Market
In establishing a business, the first thing to focus on is the target market. You must be able to figure out your business's target market. With this, you will be able to evaluate if you are actually promoting your business to the right people. Check the current customer base and analyze if the business was able to reach out to your main target market. According to a trusted source, 33% of elite marketers are saying that having the right data collection and analysis is the most useful thing to do in understanding customers.
4. Gather the Data
In this part, you will be gathering the different data for your marketing analysis. List down the different possible opportunities and threats of your business. It is important for you to know the different marketing strategies that your business is currently implementing. You have to assess how effective they are in your intended target market. Provide salient descriptions and elaborate if they are successful or not.
5. Establish Competitive Analysis
Understanding your competitor will help you improve your marketing strategy. By using Google Docs, establish a competitive analysis for you to identify your competitors and evaluate their marketing strategies that are relative to your business. This will help you see if there is something that they are doing might also be useful to your business as well. You can also observe if there are some things they are doing wrong that you can avoid.
6. Come Up with Marketing Strategic Plan
Now that you are able to analyze all of the necessary information that you have gathered, it is time for you to build a wise marketing strategic plan. Come up with the different suggestions and actions that you should be doing next based on the following information that you have deduced from the entire marketing analysis. Make sure that the plan will help improve and gain some progress in your business's marketing situation.