What is the importance of market analysis in a business plan and project management?

A plan with no prior analysis is like a house built on a sand foundation. It can be a beautiful plan and strategy, but it has no foundation and will fall once the market storms begin to beat on it. Good analysis provides a solid foundation that takes into account the market climate (competition, audience, media, etc) similar to how a foundation is built differently in a flood or earthquake zone.

Define marketing analysis and its importance

A marketing analysis is an in-depth review of current marketing efforts, competition, and market perceptions and interest in a given industry. An effective marketing analysis creates a performance baseline and a plan for future marketing growth and evolution, based off of competitive and market insights.

Describe two uses of market analysis

Market analysis results are often used to determine the viability and interest in a given market for a specific product/service. This data can direct advertising, messaging, pricing, and potential obstacles.

What is the importance of advertising copy?

A picture may convey a thousand words, but copy can get a consumer to focus on the most important words. A picture of a burger can convey a lot of perceived words, but effective copy helps us focus on the desired elements: flame broiled, have it your way, we have the meat, and more. An effective marketer always wants to guide and persuade the perceptions. Good copy helps consumers to mentally connect the dots between the product/service and their specific needs.

What affects advertisements negatively?

Being seen as too broad or generic can hurt your advertising efforts. People want to feel like the ads they see cater to them.

What makes a good advertisement?

Compelling content, strong call to action, clean design, connecting imagery, emotional connection, supporting content, social proofing, right targeting (right message for right audience in right medium at right time), etc. For more information about what makes a good advertisement, continue reading here.

What makes an ad successful?

See above. A successful ad is one that motivates a desired (and tracked) action. Some campaigns primary goal is to motivate media coverage (IHOP changing name to IHOB), while others want to motivate bottom line performance (Call Today, Buy Now, etc.). Clearly defined goals, expectations, and understanding of media channel’s strengths play into success. If you want to get your phone to ring, don’t put it on a billboard (no one should call while driving). Or if you want huge exposure, don’t run your ad in a neighborhood mailer (not a big enough audience).

What services do advertising agencies offer?

Agencies are like doctors, each with own background and specialized skills. Some agencies are CREATIVE shops that primarily deal with logo, identity, and creative elements (typically focused on industry awards and hip office environment). Other agencies are DIGITAL shops that focus on SEO, PPC, Social Media and more, but spend little time with print, TV, radio, or other traditional channels (typically young and hip groups who love buzzwords – engagement, influencers, impressions, shares, etc). Finally, there are a multitude of FULL SERVICE type agencies that focus on the entire marketing & advertising approach. But even within this group, there is wide variation in skills and approach. Some will be giant powerhouses that will enlist entire teams to a single campaign, while others will be small and nimble (but without the extensive resources of the mega-agencies). A giant campaign (i.e. McDonalds) would break a small agency, while a local dentist could never afford a mega-agency.

What are qualities of good content?

Along with helping you build your reputation with search engines as an expert in your niche, content also helps keep your site at the top of the SERPs as long as it’s relevant and useful. By incorporating calls to action, local relevancy, internal links, SEO components and up-to-date content you can kill the content game.

Good quality vs good advertising – what really works?

Consumers need to believe that you can solve their problems. They need to know you offer a quality solution at a fair price. You may drive early success with a compelling campaign, but if your product/service does not deliver on promised expectations, you will bleed out. Good marketing is critical to driving interest, but good quality that delivers on expected results will deliver long term client satisfaction and referrals.

How important is it to share my content on social media?

If you are creating content (blogs, videos, news articles, etc) and not sharing via social channels, you are in effect not talking to a large chunk of your audience. Having messaging consistency to your audience promotes message penetration. If XYZ store is having a sale, that should be broadcast through all viable channels (media, email, social, etc). Plus, sharing on Social Media allows friends of friends to see posts and engagements, which is a type of social proofing (if my friends likes XYZ store, then I might like it too).

What are the benefits of Google My Business?

Whether through search or map queries, over 5 billion searches are made every day through Google. Improving how your business appears on Google can have a big impact. GMB is a free listing on the biggest search engine on the internet and gives you the potential to show your customers your hours, phone number, website, directions to your location and review ratings.

What does mobile-friendly mean and how can I implement it?

Years ago, businesses would operate both a desktop and a mobile version of their website. This caused tremendous user headaches, plus internal frustrations in trying to keep them both up to date. For the past several years, the best practice to build sites in a mobile-friendly, responsive environment that adapts depending on the user’s device (phone, tablet or PC). Since more and more consumers are using phones to research options, the design of a webpage must be optimized to give them a simple, cohesive environment that does not distract or frustrate. Many websites are now designed “mobile first” to focus on this ever growing segment.