How do you update your marketing analysis when market conditions change?

1 Monitor the market

The first step to update your marketing analysis is to monitor the market constantly and identify any changes that might affect your business. You can use various sources of data, such as surveys, interviews, focus groups, online reviews, social media, web analytics, industry reports, and news articles, to gather insights about your customers, competitors, and the external environment. You should also track your own performance, such as sales, revenue, profit, customer satisfaction, and loyalty, to measure your market share and growth. By monitoring the market, you can spot any emerging trends, opportunities, threats, or gaps that require your attention.

2 Review your marketing objectives

The second step to update your marketing analysis is to review your marketing objectives and see if they are still aligned with your business goals and the market situation. You might need to adjust your objectives based on the changes in the market, such as increasing or decreasing your market share, expanding or entering new markets, launching or modifying products or services, or improving or maintaining your brand image. You should also review your key performance indicators (KPIs) and see if they are still relevant and realistic. You might need to change your metrics, targets, or benchmarks to reflect the current market conditions.

3 Revise your marketing strategy

The third step to update your marketing analysis is to revise your marketing strategy and see if it is still effective and efficient. You might need to change your marketing mix, such as product, price, place, or promotion, based on the changes in the market, such as customer needs, preferences, behaviors, or expectations, competitor actions, or regulations. You should also review your marketing channels and see if they are still reaching and engaging your target audience. You might need to adopt new or different channels, such as online platforms, social media, or mobile devices, to communicate and deliver your value proposition.

4 Test and evaluate your marketing actions

The fourth step to update your marketing analysis is to test and evaluate your marketing actions and see if they are achieving your marketing objectives. You should conduct regular and systematic analysis of your marketing data, such as customer feedback, sales figures, web traffic, conversion rates, or return on investment (ROI), to measure the effectiveness and efficiency of your marketing activities. You should also compare your results with your competitors and the industry standards to assess your competitive advantage and market position. By testing and evaluating your marketing actions, you can identify any strengths, weaknesses, opportunities, or threats that might affect your marketing performance.

5 Implement and communicate your marketing changes

The final step to update your marketing analysis is to implement and communicate your marketing changes to your internal and external stakeholders. You should inform and involve your employees, partners, suppliers, and investors about your marketing changes and explain the reasons and benefits behind them. You should also communicate and persuade your customers, prospects, and influencers about your marketing changes and demonstrate how they meet their needs and expectations. By implementing and communicating your marketing changes, you can ensure that your marketing analysis is up to date and that your marketing actions are consistent and coherent.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?