Market Assessment

Tuesday, December 20th 2022. | Sample Templates

Market Assessment – “What is a marketing assessment?” (short): A marketing assessment, or audit, examines your company’s assets and activities to determine your strengths; what are your weaknesses; and make recommendations on what you should do to best position your brand to take advantage of your market and audience.

Why do businesses need marketing assessments? The answer is quite simple—it will tell you where you stand and what you need to include in your strategy to get new leads and generate more business.

Market Assessment

Market Assessment

If you’re wondering about the key elements of an assessment and what marketers look for when auditing a business, you’ve come to the right place.

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Today, we’ll give you an overview of what Impact’s managed marketing team does when conducting client assessments.

For the purposes of this blog post, we will discuss marketing assessments when it comes to digital marketing versus traditional marketing.

Therefore, the components that make up this type of assessment are almost strictly limited to digital marketing and branding as far as the business is concerned.

When we talk about “consultants” or “auditors” who perform assessments, we are referring to teams made up of different professions, including design, copywriting, UX (user experience), research and insight, and management.

Conceptual Hand Writing Showing Market Assessment. Concept Meaning Evaluation Of The Market For A Product Or Service Hand Gesturing Thumbs Up And Holding Round Shape With Arrows Stock Photo, Picture And Royalty

The first step of a marketing assessment is for the auditor to gain a better understanding of your business.

What are your long-term goals? Is it to build credibility within your industry or do you have financial goals you set for yourself?

How do you want to develop the service or product you offer to customers? What are your short term goals? These are the questions the assessment needs to answer.

Market Assessment

The consultant wants to know your values, your mission and what sets you apart from other businesses in your industry.

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They will also analyze your overall business challenges, as well as your marketing challenges. Do you have the right data and processes in place to get qualified leads?

To get a clear understanding of what makes your business tick, the team will make judgments about your character and brand identity while you’re talking to them yourself.

This will be judged by looking at your branding; your slogan; how you present your company’s history—every part responsible for presenting your organization to customers and prospects.

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Identifying and understanding consumer behavior is crucial for marketing analysis and strategy. This is where your assessment will uncover what drives and motivates your sales and target setting.

Your marketing analysis will help you develop a picture of who you are targeting and what your typical customer is like.

For example, it can dive into the demographic makeup of your audience, including age, race, gender, marital status, home ownership status—all aspects that together help you effectively market your campaigns to your target.

Market Assessment

This is where you’ll gain a better understanding of what your audience wants from businesses like yours and what their online behavior is like.

What Is A Marketing Assessment?

A consultant who analyzes what your potential customers are looking for online will expand on this. What are their interests? What questions do they ask and which brand can best help your audience answer them?

Only by understanding your audience can you meet their expectations and position yourself to maximize their interest in what you have to offer in a way that appeals to them.

The only way to beat your competitors in the marketplace is to recognize their strengths compared to yours. The question for businesses then is how to do the market valuation.

In this assessment phase, your consultant will review your competitors’ offerings and conduct a market analysis to compile a document that shows their value proposition to customers, what you offer, and where potential for you to improve your existing services. and market what you do best.

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This competitive analysis will also examine various aspects about your competitor’s market, including the strength of their website, which will take several different considerations. Among them:

The consultant will review their brand message. How are your competitors communicating their vision to potential customers? What is the tone of their voice? What do they emphasize in their message and how?

In this audit phase, your competitor’s domains will be compared and a gap analysis will be performed to see which website has the most authority.

Market Assessment

Understanding this is important, as businesses with the most authority on their sites will have the easiest time ranking for keywords and will appear first to prospects in search engine queries.

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A gap analysis will show you which terms and keywords your competitors are ranking for, what terms they’re targeting, and where you stand in comparison.

For example, if you are an IT repair shop and competitors outrank you locally for relevant terms, they will attract more attention to their site than yours.

This will help you understand what terms you should be fighting to drive more prospects to your site and will also help direct your strategy as far as content goes.

Most of this digital analysis will focus on your website. The reasons are quite simple because in 2021, your website will be your storefront, the first port of call for potential customers, and, often, the number one reason why these same prospects can be- off from a brand.

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The consultant will use analysis tools to analyze your site’s traffic. Driven from where? Is direct traffic responsible for the majority of visitors? Or organic traffic (from search engines)? Or referral via a shared link? Or from social media?

Marketers can see where traffic is coming from in different countries, helping you develop a strategy that can target a geographically specific audience.

They will also show you the path visitors take to your site. Did they see one page and leave? Are they progressing through an effective sales funnel?

Market Assessment

Is it modern, fast and competitive by today’s standards? Is it optimized for mobile? Your consultant will use a diagnostic tool to determine how many error codes your site has, how much duplicate content you have, and other things that could be negatively impacting your site’s performance.

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Also audit your social media—how many impressions are you generating? Are you using social channels to reach your customers effectively?

28% of Americans with social media accounts prefer to interact with brands on social media over going to a physical location.

These are the key questions to review, ask and answer during an audit of your current digital marketing activities.

This is the final stage, and the point where your judgment ends and recommendations are made based on the findings.

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Each business will have its own strengths and weaknesses, so the final recommendations will largely depend on the company receiving the audit.

For example, if your business isn’t effectively communicating its mission to prospects, you may be tempted to do a brand refresh, which helps you position yourself better for customers.

If you’re not meaningfully connecting with your target audience, they may recommend the profiling process, which involves a more extensive piece of research into what your audience wants.

Market Assessment

This can be taken a step further by developing a value proposition, where the team will determine the content and messaging that will most appeal to the target group.

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For businesses with websites that need upgrading, a technical refresh may be desirable, while continuous content creation for blogs, email campaigns and social media can be used to drive more engagement, cross-selling, lead generation and better SEO performance.

These are just a few examples of the many recommendations and changes that can be made following a sales and marketing analysis.

While this blog serves as an overview, for most businesses, their own judgment will differ from that of any other organization, and the recommendations for strategy will also differ.

We started this blog post by asking, “What is a marketing assessment?”, and hope that reading it will give you a better idea of ​​why sales and marketing assessments are important and why modern businesses need them.

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This is as true today as ever, especially when you consider the many different aspects of today’s digital marketing landscape and the strategies and tools available to address them.

There are many different aspects to an audit, but for a business to get a true indication of where they are and what needs to be adjusted and changed to adapt, an assessment is definitely the best place to start.

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Market Assessment

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The Market Assessment Tool

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