A good market analysis provides comprehensive information about industries, customers, competitors, and lots of other market variables. With the help of such data, you can determine the specifics of demand and supply for a product or service. These insights give a clear blueprint of featured programs of budget investing, facilitating more informed decisions about possible marketing strategies.
The bottom line of any business is to make money, and marketing is an essential avenue to reach that end goal.
Marketing analysis can help you to identify opportunities for better sales of your products or services through a detailed study of vast reams of data collected from traditional as well as digital sources. The analysis of accumulated data allows you to determine the value of your product or service and can help you reach a larger audience through better-devised sales strategies.
The following are some of the common areas defined by a comprehensive market analysis that give you an upper hand in driving positive business outcomes:
- Knowing the product demand in the current market
- Finding the customer needs or requirements that match your offerings and pricing
- Impact of similar products or services on your target market
- In-depth data on your main competitors with their strengths and weaknesses
When marketing teams fully embrace AI to automate their most tedious and laborious analysis-oriented tasks, it frees up time that can be spent on core activities that require a higher level of attention. Additionally, when you use AI to automate the sourcing and study of data, the market analysis toolbox expands and so does your ability to develop actionable insights.
Evaluating marketing prospects
AI-based tools can have a huge impact on your marketing initiatives by providing foolproof opportunities to increase your ROI. Through AI you can leverage data to find out better ways of lead nurturing so that your business goals are preemptively met with machine learning-based metrics and analytics. AI automation enhances your digital marketing efforts through a potent mix of data science and real-time campaign analysis. The use of Natural Language Processing to understand the target market can ultimately lead to a boost in sales as AI automation can help gather, sort, and comprehend vast pools of data in a much shorter time than your human business analysts.
Planning smarter marketing campaigns
Approaching marketing campaigns with AI-based analysis helps you gather vital insights, which in turn help you churn out better ideas for business development. Implementing automation for marketing analysis is a comparatively new-age market strategy with stages like accurate identification of client nature, identifying competitors and their market strategies, and acquisition of predictive metrics. These can help you exponentially harness the best possibilities for your product with a scientific assessment of where your potential customers are in the buying lifecycle.
Securing excellent customer experiences
Recent studies say that automation in marketing analysis is key to competing effectively, especially for grabbing customers’ attention. Approximately 75% of enterprises are using AI automation to drive marketing campaigns and they have seen up to a 10% increase in customer satisfaction. AI-based marketing analysis improves customer experience, through a well-thought-through and optimized marketing strategy. This, in turn, allows companies to reach the most potential customers with relevant content through different campaigns running on multiple channels.
Marketing analysts have always played a key role in unlocking sources of growth. But, to deliver top performance, they need to own and enhance the entire customer journey across the enterprise. This requires a lot of digital maturity, which many organizations are still trying to attain. The good news is that periods of disruption give organizations the chance to shake things up and emerge smarter.
Incorporating AI in the field of marketing analysis helps enterprises become more reflective, responsive, and relevant with reliable marketing insights, recommendations, and predictions.
Automate Marketing Analysis with E42
E42 is an AI-NLP-powered platform that creates intelligent AI co-workers to help enterprises build cognition into businesses. E42’s solutions in the marketing analysis and business development space help businesses communicate with customers at any given sales funnel stage, saving time and effort for enterprises by evaluating prospects, gathering information, and providing worthwhile analytical metrics – leading to business profit through an increased ROI!
To embark on your enterprise automation journey and explore the range of AI workers built on E42, get in touch with us at firstname.lastname@example.org.