In brand marketing, there is something called market analysis. This helps a brand decide what actions to take when entering or leaving the market.
A market analysis of your products and (or) services leverages on your knowledge of the market to make revenue and gain for your brand.
In this article, we will give you TEN vital advantages of a good market analysis to your brand.
1. It helps you better understand the market: Most times, marketing strategies may seem volatile and incoherent and if you lack a comprehensive understanding of the market you wish to penetrate, you might end up doing the wrong things when you finally penetrate the market with your marketing strategies.
2. It provides statistical facts for operations: The best way to study a field is with the aid of statistics. Market analysis provides the statistical data required to activate brand operations. For example, it tells you how many men use a certain product and how many men within a certain age use the same product. This way, your products can be more “user” targeted than market targeted. It helps your marketing when you know exactly who you’re marketing to.
3. It gives a clear timing regarding product release: In brand marketing, timing is everything. An effective market analysis provides you with an accurate recommended timing for your product release. Market analysis tells you what day of the week or what time of the day or what day of the month or what month of the year is best to release your product or service to a market. Carrying out product release at the wrong time might just be the ruin of your brand.
4. It shows you the best way to market your product: Market analysis also provides and analysis of the different marketing strategies and highlights the best strategy to use in your brand marketing. This ensures standard procedures are met and marketing targets are fulfilled by your brand.
5. It reveals hidden trends in making income from products: I’m brand marketing, some actions have been proven to constantly work for some brands to yield profitable returns for such brands. Good market analysis reveals these trends which yield profit and shows you how to bank on these trends to ensure you also make gains from your product.
6. It shows what other brands are doing and what you should do: This is otherwise known as a creative imitation. Your market analysis will show you what other similar (or even different) brands are doing in the market and how you can successfully avoid a direct imitation of their processes while making a creative imitation of such procedures. This way, you have a unique brand product and an even more unique process of marketing your product.
7. It helps you avoid certain marketing mistakes and errors: Mistakes have been made by countless brands in the market. Some mistakes have even ruined these brands and most times, brands repeat these mistakes because of a poor market analysis or a total lack of market analysis in general. When you decide to market your brand, a market analysis provides you with the mistakes these brands have made to help you avoid such mistakes and keep your product above sea level.
8. It protects your brand values: Your brand and products can even be analyzed to determine your market values and brand market level. A market analysis can be done on your brand to protect your brand values and figures in such a way that you remain aware of your product’s performance so you do your best to always perform higher than your last product in the market.
9. It allows for profitable actions in branding: In brand marketing, a standard market analysis will always ensure you take actions that bring profit to your brand because it is the vision of every brand to make a profit. An effective market analysis will help your brand meet such goals in the market.
10. It provides data regarding the do’s and don’ts of an enterprise: Because everything you do is crucial to your brand’s survival in the market, a market analysis will provide you with data concerning what you should and should not do in the market when going in for brand Marketing. These are rules that should never be taken lightly because the truth is that any brand product can be successful in a market just as long as the rules of such products provided by effective market analysis are followed.
This goes to show that there can be no effective marketing without a market analysis.