Consumers are hard to understand and very complicated, and their buying decision process is no different. The situation is not made any easier by the thriving digital era. Digital Marketing really keeps marketers on their toes by their unique sets of rules that are ever-changing. Needless to say, it is high time to truly step up your digital marketing game if you haven’t already. You need to understand digital marketing is not only about a strong online presence, but there are also a lot more components that come into play, hence the Digital Marketing External Analysis.
Our team of experts at Cyrusson understand the importance of digital marketing and the effective incorporation of all its components. From analyzing to control, there are many steps that are included in a successful digital marketing plan. So, we are introducing a 6 part series of articles regarding ‘Digital Marketing Planning’. Cyrusson wants to see your investment in digital marketing be fruitful, therefore, we are ready to provide you with all the information you need.
In this article, we will be analyzing the external landscape. Your company’s digital marketing external analysis should include the following:
1. Market Analysis:
As the name suggests, this is where you analyze the market your business is operating in. Your data may include the size and growth rate of the market, and noting the market leaders. Gathering such information is important as it will help you understand what strategic decisions to make in order to proceed with your product.
2. Target Analysis:
Obviously, your target here is the consumers and analyzing them is a huge part of understanding their buying behavior and decision-making process. In target analysis, you will analyze the trends, and why, where, when, and how they buy your products. In addition to that, it is also important to understand any feedback that they might have towards your product or service.
SWOT Analysis is very important for your company. Not only does the SWOT analysis provides you with insight into internal affairs but also on external affairs. SWOT stands for strengths, weaknesses, opportunities, and threats. It is important for us to know what strengths and opportunities are present to us that will help us achieve our goals and objectives, along with the weaknesses and threats that may stand as barriers.
4. Competitor Analysis:
Analyzing your competitors will help you understand a lot about the market and consumers. But most importantly, you will know what you are competing against. Through your analysis, you will know how they operate, their promotional strategies, the products they offer and how they deliver it, and why consumers are buying from them.
5. Performance Analysis:
Performance analysis is a way of measuring any success generated from your company’s efforts on a particular action. Depending on the activity we are trying to measure, there are various ways to go about it. We, at Cyrusson, have the right tools to measure and evaluate your company’s performance. Do not hesitate in booking an appointment with Cyrusson to understand the Digital Marketing External Analysis.