Tech Revolutionizes Old School Marketing: Analyzing Markets - Essay Sample

Introduction

Technology is the procedures, abilities, and processes used in the production of goods or services (Andriole, S, 2015,4). The marketing expressions state technology as a medium which helps dealer publicize his or her products to customers. They use technology through television advertisements and internet marketing as techniques to target a market opportunity. Through technology, these techniques bring a new dimension and a revolution to old school marketing. To analyze a market, one should understand that marketing requires communicating skills where one talks of the value of a product to customers, as a way of promoting or selling that particular. Market analysis and segmentation by choosing target markets are some of the marketing techniques. Understanding the consumer preferences and advertising significance of a product to the buyer are some of the methods a marketer can use in the marketing process.

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Use of technology, many businesses are at an advantage of innovations through development and growth. A primary key for a company to succeed despite the stiff competition in the market (Adatia, N, n.d) is the use of technology. Technology is viewed by many marketers as a vital tool for the overall effectiveness of business operations. Ti is also a way of staying on top of their competitors. Technology helps businesses to grow and prosper, and it also creates relationships between the marketers and customers by allowing those who are doing business to understand their customers. Technology strengthens the effectiveness of business operations and dramatically affects the way marketers communicate with potential customers. Technology such as the web and mobile phones brings in new customers hence enhancing the customer relationship management, helps to automate follow up in case of a complaint or a recommendation, social media helps in participating in the online decision.

Social Media Marketing Analysis

A market analysis studies the desirability and the dynamics of the distinctive market within a particular industry. Social media analysis is the process of collecting the most valuable data and drawing actionable assumptions as a way of developing a successful social media campaign of a new business an entrepreneur intends to start(Zarrella, D, 2009). Using the right social media platform helps a marketer to form a campaigning site for his product that will reach the right customers at the right time using the channel when promoting his products. Social media platforms such as Twitter, Instagram, and Facebook had become one of the strengths of marketing. The social media platforms presented opportunities for better-targeted when looking for new customers. An entrepreneur has the opportunity to become more creative by carrying out interactive marketing campaigns to address the products in detail.

Social media marketing offers tons of data that an entrepreneur who wants to start a new business should make conscious decisions. To have a thriving market campaign, a marketer should understand the needs of his customers. This factor helps an entrepreneur in finding useful data from the tons of information presented on social media channels (Zarrella, D, 2009). Correct analysis and interpretation of data collected from social media accounts is a challenge many entrepreneurs face because there is a ton of information to collect and analyze. During the collection of data, an entrepreneur is encouraged to use a media monitoring tool since some data may seem impossible to obtain.

One of the social media analytical tools is Tableau so that he can assess various information on his customers (Birn, R, and Robin B, 2002). As an analytical tool, Tableau introduces multiple choices of new and aesthetically pleasing methods to data visualization. It sets an entrepreneur up with the right business data to make marketing decisions before starting a new business. Tableau provides a marketer with in-depth understandings of his potential customer decisions on the product. Understanding his customers helps an entrepreneur to find it easy to start a new business opportunity and sell to them. Tableau is considered centralized social media analytics. An entrepreneur has to log in using his social media profile and those of rival brands to a single dashboard for Tableau to work. A marketer is in a position to analyze key metrics from his consumers, campaigns, competitors, and business operations as a whole. Tableau will open the imported data file and explore its contents. These contents are found in spreadsheet tabs. They include settings sheet, the Archive sheet (which contains your primary dataset), and any copies of previous archives an entrepreneur may have made. Tableau enables an entrepreneur to explore trends in Tweeter and also monitor the followers by looking at the activities of the users on Tweeter. The picture also helps a marketer to examine the retweets done by his customers, who he considers his followers.

Benefits of Social Media Analysis

When an entrepreneur has more understanding of his customers from the data collected from the social media platform, the better opportunities for marketing campaigns and an increased number of those who want to know more details concerning the products he or she deals in. According to Zarrella, D (2009), an entrepreneur who wants to start a new business, he or she should consider social media analysis as part of marketing planning. Some of the benefits include measuring the social media return on investment, also known as ROI. ROI is the sum of all social media actions such as brand awareness, customer satisfaction feedback, among others that create value. Here an entrepreneur is in apposition to decide after considering his social media goals which social media metrics he wants to focus on the business. Different merit enables a marketer to identify sales from social media channels rather than determining brand awareness as a way of assessing the effectiveness of his marketing activities. For an entrepreneur to know whether he is targeting the right customers, he or she should approximate the social media reach, analyze the total number and type of interactions, and evaluating the opinions around the product. In case the results of social media analysis are not acceptable, entrepreneurs implement changes to his marketing tactics.

An excellent social media analysis has a positive impact on where an entrepreneur finds ways to improve his social media strategy. It indicates which social media channels will bear the fruit and deliver your social media ROI. Social media analysis gives an entrepreneur the chance to create better content that is attractive and engaging his consumers. Better content also brings in new customers. Social media analysis processes favor the content that inspires interactions. The more likes, shares, or comments your products generate, the better. Social media analysis informs an entrepreneur which type of material he should focus on when marketing.

Social media analysis enables an entrepreneur to reach the right customer on the right platform. These platforms will allow him to understand his audience by knowing who a market interacts with when marketing his new business. Social media analysis gives an entrepreneur the chance to spy his competitors and stay one step ahead of them. It is one vital way of knowing what your rivals are up to, and it also highlights any differences between you and your main competitors. Entrepreneur leverage his position by looking at his strengths and exploiting his rivals' weaknesses by pinpointing both your advantages and disadvantages.

Market Analysis Techniques

Starting a new business requires an entrepreneur to understand the various classifications of market analysis techniques. The methods are classified into four groups. The primary market research and this is research undertaken by the marketer to gather information from the grass-root level on how to improve the products he or she is dealing with (Raja, S, 2020, 494). The secondary market research is where a marketer relies on the evidence that is already available from different sources collected by various people after sometimes, and he does not collect information on his own. Qualitative market research is an analysis technique where an entrepreneur tries to get insight into the opinions of the consumer concerning the products he sells. Quantitative market research an entrepreneur focuses more on the essential facts and statistics for the data and not to the opinion of the consumer. The overall goal of market research analysis is to improve the quality of goods given to consumers.

Use of the Various Market Analysis Technologies

Market research analysis technique entails both the analytical and the statistical research methods used to connect and interpret information about a business operation in a systematic way( Keegan, S, 2012). Analysis technique involves asking for other people's opinions and conducting joint research to get information that is needed. Market analysis is undertaken by a marketer not only compete with other rivals in the business but also to gain analytical information on the competition, market size among others ( Raja, S, 2020, 494). Through the use of the market research analysis technique, different information about the consumer and the market is easily determined. Some of the information gathered after the analysis include: prevailing trends in the market, market segmentation, market information on product prices, analysis of the business strength, weakness, opportunities as well as a threat ( SWOT) and report on products, consumer accounts, and competitor.

Advantages of Using Market Analysis Research Techniques

As an entrepreneur planning to start a new business, some of the benefits a marker gets when one uses market analysis. They include effective utilizing of the leading market opportunities by identifying and using them, encourage communication with consumers enabling one to know their preferences, likes, and dislikes. It helps in taking immediate and timely actions in certain areas of the business. Hence helping in the reduction of the business risk makes one study the market trends and set up newer trends in the market. It helps a marketer to identify the existing problems and work on them(Davis, D, Golicic, S, and Boerstler, C, 2011, 470).

Advanced Technologies for Market Analysis

An entrepreneur should carry out an in-depth market analysis of the technology value and its market potential, competitive landscape, barriers to entry, etc. For a successful positioning within the market(Davis, D, Golicic, S, and Boerstler, C, 2011, 475). Through management innovation, entrepreneurs are provided with a variety of independent market researches, inquiry and consultancy services, technical information, and an overall understanding of strategies within the markets, which are vital to current and future business activities. The analysis focuses on assessing the strengths, weaknesses, opportunities, and threats and evaluating alternative technologies.

Some of the advantages an entrepreneur has when he uses advanced technology are understood business priorities, discover market opportunity, competition analysis, developing the innovation roadmap, and defining the solutions. To be successful despite the constant changes in the market, entrepreneurs need to understand the global trends impacting the market research industry and the technologies used during the analysis procedures. Examples of advanced technologies in the market analysis include; survey application and data collection, Amazon echo, and other virtual assistants, social media's compe...