Important Information to Know About Marketing Analysis

Laura Angelica updated on 2024-06-06 13:46:06

There are many essential steps to keep in mind when creating a product. One of the steps is finding information about your status in the competition. Marketing analysis is a necessary element of the product design process. This way business gets valuable ideas of the market, strengths, and weaknesses of a product are recognized and produce compelling new strategies for satisfying results. So how to know if your product will stand a chance with competitors? Begin by knowing about your competitors. Today we will give you all the information about marketing analysis, why it's so important and how to do it.

What Is Marketing Analysis?

Competitive analysis in marketing is something that UX designers experience every day in a new environment. It doesn't matter if there is already a special and unique product running in the market, it will be surely replaced with a new product. That's why it's beneficial to conduct a marketing mix analysis before launching a new project. With the help of analysis, you can evaluate the current experiences of your potential client's competition from your expert point of view as a UX designer. You can support your stakeholders and clients on competitive marketing grounds. You will also get an idea about user experiences and what standard you are working on.

You can think creatively with a UX analysis and get innovation with your UX design. You can look into competitor marketing strategy and features to add or avoid any elements. When you dream about giving your best to every opportunity for your new project, most of the clients will take inspiration from products already competing in the market. If you carry out a competitive UX analysis, it will give you data that will allow you and your client to work with the same goal of examining the market and getting to know of user experience and how it can be beneficial for your project.

Situation analysis marketing is one of the effective UX research methods. With the help of the analysis, you should know the product or service your client is offering like the back of your hand. You will have to stack that up against the other competitors in the market. There are standard policies for user interface layout that can be integrated when conducting a competitive analysis. UX designers can use these principles as a general guide and doesn't bound users, so you can work with your own standards.

Marketing analysis

Why Is Marketing Analysis So Important?

Carrying out a marketing environment analysis will enable you to make critical business choices. There are many reasons why marketing analysis is important.

1. Find Marketing Gaps

Competitor analysis provides UX designers a chance to find any gaps in the market. For example, with the help of proper research, you may find a trait that your competitors’ product lacks. Think of identifying such a feature that would assist an underserved market, take students in such a case. By understanding the dislikes, interests, likes, and budget you can plan a better feature and assuring its value among targets.

2. Identify Features to Avoid

While there are competitors doing their best, there also be some competitors not doing very well at their end. There are many reasons why competitors fail with a bad user experience such as challenging interaction to understand, confusing navigation system for a product, and outdated functionality. These particular cases will guide you on what not to do regarding your project.

3. Identify Unique Features

Working as a research marketing analyst, you may see some unique features you never think about before. It's worth it to taking note of such unique features. Consider adding them to your UX in order to achieve maximum results.

Competitive analysis in marketing

How to Do Marketing Analysis as A UX designer

1. Identify Your Goals

In predictive analytics marketing first, you should decide what your goals are. Assure that you are aware of the purpose of conducting an analysis. Once you start assessing your competitors without an objective, you will be instantly stunned by the information you will get from a website, application, and product. You can prevent this from happening by pointing out your objectives first. For example, if you want to create an application that allows users to stream movies and TV shows, you should understand beforehand how other competitors attract user's attention and what will be their choice.

2. Identify Your Competition

Make sure you include competitors in your marketing analysis. It will be best to arrange a meeting with the client and stakeholders and get information about top competitors. Don't forget to automatically include these competitors in your marketing analysis. You can focus on your competitors and give your own suggestions also. A perfect analysis should include both direct and indirect competitors to cover the same market area and audience on social networks. You can keep the count to five to ten competitors but it might not be possible due to resources or timeframe.

3. Take Important Notes

Now you will understand your goals and competitors, you can examine each product provided by the competitor and note the appropriate parts that can be useful. You can keep track of everything by taking screenshots and notes. You can do it in a simple way by creating and folder to save screenshots and edit a spreadsheet for important notes. You can manage the spreadsheet as a tool and in such a way, that all the competitors will be lined up with their products and relevant information you are trying to evaluate. This step may seem not so important but it can be very advantageous.

Situation analysis marketing

4. Arrange Your Conclusions

Once you are finished examine your competitors, utilize all of your obtained data, information, notes, and screenshots into a presentation. You don't need to add every single detail you found in the presentation, but don't forget to mention the most important and noteworthy points. Keep in mind that, a list of credentials containing all the key points to improve your experience and learning should be available. Give a brief explanation of how your project can benefit by adopting that practice. You can hear out clients and stakeholders also if they have an idea in mind.

A Prototyping Tool For All Your Professional Needs

If you are a digital professional and looking for a reliable prototyping tool then you can consider Wondershare Mockitt. After doing the marketing analysis, designers can make a rapid prototype and create intuitive graphics on this platform. Users can create process data graphs, tables, and charts. This tool allows its users to operate it efficiently without any experience. Users are free from worrying about writing a single line of code.

Marketing environment analysis

Wondershare Mockitt is a tool that encourages many web developers with their web and UI/UX projects. This is a perfect platform to get your important project related task delivered cost-effectively. This tool allows its users to work in an organized and sleek workplace. For ease of access, a quality pre-defined library full of built-in templates and UI assets is free.

Wondershare Mockitt also provides timeless collaboration and witness real-time changes made by the team members. You can use the interaction link and link area to display the relationship between screens and widgets. A list of custom-sized layouts with flexible drag and drop features is already added. The blending of object templates, add combos, and predefined widgets and icons into your graphic design projects are made easy. Users generate a QR code or URL and share their project details with clients and stakeholders. Don’t hold up, try it for free today!