Marketing Analytics helps you assess what’s happening on your brand, looking at what’s driving and inhibiting your brand’s growth. As a senior leader, I will confess frustration when I knew the details better than my Brand Manager. And it’s not just that senior leaders micromanage, it’s really that they can just analyze situations faster. They taught themselves the fundamentals of analysis.
Opinions are great. Every brand leader should have one and be able to articulate their views. But it’s best when you can layer it in fact.
The fundamentals of marketing matter
The marketing fundamentals that we show in this article are part of what we use in our marketing training programs. Marketers will learn strategic thinking, brand positioning, brand plans, writing creative briefs, advertising decision-making, marketing analytics, and marketing finance.
Marketing Analytics Tools: SWOT, PEST, FORCE FIELD
A good Marketing Analytics tool helps to separate out attributes on the brand that may contribute positively or negatively, are happening vs could happen.
A SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Use where you have untapped strengths. Or, when you have to overcome certain weaknesses. Always force yourself with strengths and weaknesses to look at it through the lens of impacting revenue.
PEST stands for Political, Environmental, Social, and Technological. Use in a highly sensitive market. Use when competing in a high conflict market, where there are many controversies.
Force field analytics
A force field marketing analytics tool is best served for those brands in a sustaining position where marketing plays the role of driving innovation and creativity within a box. Always keep in mind that Drivers and Inhibitors are happening now. You can see the impact in the current year. Anything in the future gets moved down to opportunities and threats which are not happening but could happen. Invariably, people mix this up, and things that could happen move up when they really shouldn’t.
The best thing about the force field marketing analytics tool is you can easily take it into an action plan because you want to keep the drivers going and overcome the inhibitors. Then take advantage of the opportunities and minimize or eliminate any serious threats. It’s a great simple management tool.