This semester, I’m taking a marketing research class and I have to say I’ve learned quite a bit. When I first started using google analytics for my blog I was just trying to keep track of subscribers and how many views I was getting but now that I’ve taken the class I realized just how much information I can get from collecting data for my business. I want to make it a point to use more data research in both my blog post and overall planning process when it comes to creating content and developing new ideas. I’ve done plenty of SWOT analysis for NEW VIBEZ the different industries it’s apart of (which are photography, marketing and graphic design) and I’ve genuinely taken an interest in the marketing trends and development in each. To really understand where your business fits on the scale of competition; collecting data and analyzing it is essential.
Collecting and analyzing data is a great way to understand and determine what the next moves for your business should be. I really love the concept of doing a SWOT analysis before starting a business and periodically throughout the year to make sure business is moving in the right direction.
A SWOT analysis is an acronym or research method uses to help you figure out your company’s (S)trengths, (W)eaknesses, (O)pportunities & (T)hreats. . A SWOT Analysis allows you to build a strong business strategy by evaluating and creating awareness of your company’s strengths and weaknesses which can be found by looking internally, as for the opportunities and threats, those can be found by conducting research externally.
By knowing exactly what’s doing well in your business and what isn’t, can save you tons of money and time on the things that aren’t profitable or beneficial to your company. Knowing where you need to make improvements and how to not let your weaknesses stop you from growing is a major key. You can’t win a race you don’t train for and just like with business, if your not prepared and fully aware of what you need to do to reach your goal, you can’t be successful.
You can even take it up a step and conduct an industry analysis; this will help you analyze other companies within your same market. This helps to provide you with insight on how complex the industry your in, is . An industry analysis involves reviewing economic, political and market factors that influence the way the industry changes or evolves. This paired with a SWOT analysis is a great way to start your data collection process.
Take me for example with NEW VIBEZ; as a blogger, I want to get eyes on my content and engagement across my platforms. So, I look at my current content and see which post or videos have the most views, where the views are coming from and if there’s any repetitive questions or suggestions that my current views are interested in. I try to make it a point to create post around the content that’s already doing well.
Being a marketing major, I’ve been assigned the task of creating both industry and SWOT analysis at least once each semester and I always use my blog as my “chosen brand”.
here is a list of free tools you can use for your business:
Google Analytics: connect the software to your website, channel and it will collect data on each post you create, how much engagement it gets and where your audience is coming from. I’m not familiar with the other analytics tools out there, google analytics is free and does a great job at analyzing my blog’s traffic.
Below is a list of data collection tools that allow you to create free surveys. Once your survey is up and running and people submit their responses; these free form builders will collect and organize them into small graphs and charts to help you better understand what your looking at.
Analyzing can help you to better understand which post are popular, which products sell out the most and ranks high with your audience. By knowing exactly what’s doing well in your business can save you tons of money and time on the things that aren’t profitable or beneficial to your company.
Theres two forms of data you should consider; internal which refers to the information within your company and the second form of data is external, this is all the research and information you find on your competitors in the industry . This is where a SWOT analysis is becomes valuable; SWOT analysis allow you to organize your companies research and become aware of whats going on within the company and on the outside ie: change in market trends, top competitor, new resources, patents, market plans etc.