Does your business have a product, marketing or brand problem?
Flavilla Fongang
CEO of Black Rise. International Keynote Speaker. 4x Founder with Branding & Marketing Psychology Expertise. UN Brand Partner
The SVB catastrophe is reminding us of the importance of understanding our data to ensure our business thrives and so we don't put people who rely on us at risk. Determining the root cause of a business problem can be challenging, as there are many factors that can contribute to a decline in sales or other issues. In this article, we will discuss several ways a business can determine if it has a business problem, a product marketing problem, or a brand problem.
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Understanding your data is crucial for making informed decisions and optimising your business operations. By analysing your data, you can identify patterns, trends, and opportunities for growth, which can help you stay ahead of the competition and drive long-term success. It can be challenging to know where to start. Flavilla and Samir will discuss how to understand your data to effectively scale your business.
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Sales data:
Analysing sales data is one way a business can determine the root cause of a problem. If a business is experiencing a decline in sales, it could be due to a business problem, a product marketing problem, or a brand problem. By comparing sales data to marketing efforts and brand performance, a business can identify any trends or correlations that may be contributing to the decline in sales.
Customer feedback:
Gathering customer feedback can help a business understand how its brand is perceived by customers and whether there are any issues with its products or services. By analysing customer feedback, a business can identify any problems that may be affecting its sales or reputation.
Market research:
Conducting market research can help a business understand how its brand compares to its competitors and how it is perceived by its target audience. If a business is struggling to differentiate itself in the market or is not resonating with its target audience, it could be a sign of a brand problem.
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Competitor analysis:
Analysing the marketing and branding efforts of competitors can help a business identify any weaknesses in its own marketing or branding efforts. If a business is losing market share to its competitors, it could be a sign of a marketing or brand problem.
Internal analysis:
Examining internal processes and operations can help a business identify any issues that may be causing problems with its products or services. This could include issues with supply chain management, product development, or customer service.
In summary, there are several ways a business can determine if it has a business problem, a product marketing problem, or a brand problem. By analysing sales data, gathering customer feedback, conducting market research, analysing competitor efforts, and examining internal processes, a business can identify the root cause of any issues and make the necessary adjustments to improve its products, marketing, and branding efforts.
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