The Importance of a Market Analysis
A solid market analysis is the cornerstone for a successful marketing and advertising campaign. Without one, you are just left guessing where you think your marketing dollars should be spent with the hope that they will produce a positive return on investment.
A market analysis is the best way to get a third-party perspective of all of the best options for your marketing campaign, and to ensure that your marketing dollars are spent in the most effective way possible.
First, a market analysis should help your business answer the following questions about your customers:
- Who are they?
- Where are they?
- What do they need?
- How do they make their buying decisions?
- Where do they buy?
- How do you reach them with your marketing and sales messages?
Knowing the answers to these questions is critical no matter what industry you are in.
Many business owners make certain assumptions about particular areas and media outlets based off a personal bias. They might create marketing materials from their own preferences and not what their customers want to see. Other businesses have been swayed by "advertisers" who recommend certain forms of media for advertising, when they really aren't at all the most effective outlets for that particular market.
At Epic Marketing, we use a targeted approach to place marketing materials based on your target demographic and what we have seen to give good returns for similar industries. We fully research all of the media options in your area to determine how effective they are in reaching your audience and maximizing your marketing budget. By choosing carefully where we place your ads and creating a targeted message, we are able to produce more qualified leads using the same or a smaller budget.