Prima facie, there may appear to not be much in common between the two but in truth most organizational functions, including marketing, practice business analysis. For example, marketing teams try to understand their customer’s wants and desires so that they can package and promote their offering the best way possible. Understanding customer demands and needs is an example of business analysts articulating the business need in respect to external drivers, using it to define a future state that satisfies those needs.
As such, marketing teams need to investigate problems, explore new opportunities, and there are many business analysis techniques they can employ. read more : topworldzone
Business Analysis Techniques that can be used in Marketing
Although it is not necessary to have a business analyst in the marketing team, there are some business analysis techniques which can be used to perform the marketing function better. Let’s look at some of those:
Benchmarking and Market Analysis:
Benchmarking and market analysis help the marketing team understand the needs of customers better, what the competitors’ offerings are, to design products that help improve customer satisfaction.
Benchmarking involves carrying out studies of the competitor’s product’s especially ones that are regarded to be best-in-class or industry leading. This helps the marketing team evaluate where their offering is lacking vis-à-vis the competition and relay this information to strategic management.
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One drawback of benchmarking is that this does not allow for the idea of innovative products as the studies are limited to what the competition offers.
Marketing analysis helps identify the customers, their demographics as well as opportunities to explore, so that the marketing can target segments of the market better by tailoring marketing campaigns specifically for a segment.
Marketing analysis also involves studying competitors and to evaluate whether the market is saturated enough or not for new products.
Focus groups are the process of creating a group of qualified experts about the product to get their opinions. Focus groups are tasked to meet regularly to discuss opportunities for new product features, deficiencies in current product or service or also to get their feedback on proposed features.
Marketing teams can use focus groups to capture ideas and relay them back to the product teams. It can also help the marketing teams re-evaluate their perception of the product and changes that need to be made in their marketing strategy to be more efficient.
Surveys and Questionnaires
Surveys and questionnaires can help the marketing team get feedback on the product or service, use it as a tool for sentiment analysis or also use it to identify new product features.
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Marketing teams must be experts in designing the right kind of surveys and questionnaires depending on the objective of the survey, the target survey group among other factors. Using the right mix of open-ended and closed-ended questions help gain valuable insights from the target demographic.
Surveys and questionnaires can be distributed using existing marketing channels or new channels can be explored depending on the survey objective.
SWOT is one of the most popular techniques, which marketing teams can also use to gain insights on the (S)trengths, (W)eakness, (O)pportunities and (T)hreats for a product or service.
Porter’s 5 forces
Porter’s 5-forces model allows organizations to understand the ecosystem of entities that influence strategic decisions. Using it ensures that the external landscape is considered as part of decision making.
Marketing teams can use it effectively as well to tailor marketing exercises and pricing decisions based on the ecosystem. For example, in case of a threat of a new player or consolidation in the competitor space, marketing teams can then brainstorm on how marketing needs to change to differentiate from these external factors.
So, these were some of the business analysis techniques that can be used in marketing. If you are inclined towards the business analysis field, then you can opt for various business analysis certifications to get industry recognition and open new job opportunities globally. You can opt for business analysis certification training programs like CBAP Certification Training Program, ECBA Training Program, CCBA Training Program etc. If you need to hire the best marketing talent in other regions you may find interesting the EOR Services.