Here we include:
Competitor and brand analysis. Regular market analysis helps you quickly respond to changes and adapt your business strategy. Forewarned is forearmed. It is important to monitor your competitors' activities in order to adopt best practices and stand out from them. Comparing your business with your competitors helps you identify strengths and weaknesses, highlighting things you haven't yet applied or are doing worse. This way, you will follow current trends and offer your customers something unique and attractive.
Comprehensive target audience analysis and market segmentation. This analysis allows us to divide potential customers into groups with common characteristics. Understanding the characteristics, preferences and needs of the audience allows us to more accurately target marketing efforts in order to effectively promote the desired products or services. When products truly meet consumer needs, demand and business conversion grow.
CJM visualization of the current and ideal customer italy telegram data journey. This is a visual representation of the interaction of a potential buyer with your company. It helps to identify barriers and difficulties on the way to performing a target action. For example, these may be doubts about the quality of the product, the absence of the necessary product in the assortment, problems with online payment, etc. Identifying “holes” in the customer’s journey allows them to be corrected in time without harming the conversion.
Formulating goals and metrics. This step is often overlooked by managers when creating a marketing strategy or is accompanied by too high expectations. Defining specific goals and metrics helps to evaluate the effectiveness of the future strategy. Decide whether you will rely on social media metrics or track leads received from them. Knowing what results you need to achieve will help you make timely adjustments to your strategy and allocate resources more effectively.
ABC and RFM analysis. With these analyses, you can develop more targeted and effective marketing campaigns. ABC analysis shows which customers bring the most value to your business in order to focus your advertising campaigns on them. RFM (Recency, Frequency, Monetary) analysis allows you to segment customers by how often and how much they buy. This gives you an understanding of the effectiveness of future tools to increase customer loyalty and retention.
How to triple your business performance in 3
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