Strategy AnalyticsWhat are the best marketing strategy analytics?
Analytics for building a successful marketing strategy are numerous. Market research in its many forms and analytics based on real and verifiable data are two broad classes of activities that can help marketers and strategists develop and refine a marketing strategy. All of these methods can be classed under the title of Strategy Analytics.
Developing a strategy has many facets, of course, but strategy analytics are critical to building a firm underpinning to any decisions that might be made in building or changing a marketing strategy.
Although a marketing strategy is often confused with the annual marketing plan, a new strategy is defined by making one or more major change to one of the 4Ps (Product, Price, Place or Promotion). Simple and small changes don’t necessarily rise to the level of a change in strategy. For example, a price increase of 5% would be more of a tactical change. A price decrease of 50% would be a strategic change. Somewhere in between this could also be a temporary price reduction of 50%. You could argue that this is a tactical change if it is one of many. It would be a strategic change if the brand is a premium brand and has never resorted to temporary price promotions in the past.
Strategy analytics could include a price analysis, a media mix analysis, a brand tracker, a segmentation analysis or a potential concept test for a line extension. Depending on the objective these could be considered near strategic or fully strategic analytics. A complete repositioning of the brand or product is the only way these types of analytics would definitely rise to that level.
Other Strategy Analytics
Often analyses such as SWOT (Strengths, Weaknesses, Opportunities, Threats) or a value chain analysis are considered as a major component of strategy analytics. Because the SWOT analysis looks deeply into the competitive position of the brand it is defined as strategy analytics. The value chain analysis is considered strategic because it typically relates production costs to the value delivered to the consumer. Others analyses include blind spot analysis, segmentation analysis, and environmental analysis.
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