You already know that before developing any given marketing strategy, it is important to conduct some form of analysis. Most marketers are familiar with—and regularly use—S.W.O.T. analysis (strengths, weaknesses, opportunities and threats), which focuses on current opportunities that are available in the market, the main threats that business is facing and may face in the future, the strengths that the business can rely on and any weaknesses that may affect the business performance.
According to Alex Margarit, manager of member services for GlobalX Information Services, there are other important factors to take into account when conducting an analysis. These factors include:
• Product situation: This analysis takes into consideration what your current product is and which of your clients’ needs this product is meeting. Margarit recommends breaking this down into parts, such as the core product and any secondary or supporting products/services that make up what you sell.
• Competitive situation: This is a features/benefits analysis that evaluates your main competitors in terms of how they compare to your company.
• Distribution situation: This is a review of how you are getting your product to market. It takes into account whether you need to go through distributors or other intermediaries.
• Environmental factors: This is an analysis of all external and internal environmental factors, for instance, economic or sociological factors that impact on your performance.
Once you have taken all of these factors into account, you will have a much clearer picture of your current position and what can be done to improve it.