As mentioned in a previous blog post on market research, there are several options for gathering information about customers and their buying preferences and purchase intentions. But what are some of the strategic tools that can be employed to assist in marketing decision-making?
Below we will share several popular strategic marketing tools including internet-based competitive intelligence, market segmentation, perceptual maps, the growth-share matrix, and product life cycle analysis.
Internet-Based Competitive Intelligence
Internet tracking tools range from simple Google Alerts for competitor brands, keywords and topics, to social media monitoring tools like Radian6 or Sysomos that identify keyword mentions in blogs, Tweets and other social posts.
Also, consider using some of the measures discussed in our Marketing Measurement blog, for example, Google Analytics. We use Google Adwords daily to identify keyword search volume, and competitive keyword analysis. Some related keyword analysis tools include SEMRush, SpyFu and Compete. The free Marketing.Grader.com tool identifies competitor search engine optimization with a detailed report.
Market Segmentation
Market segmentation for construction and business-to-business categories can be accomplished via assigning Standard Industrial Classifications (SIC), or the North American Industry Classification System (NAICS). As an example, categorize each of your customers by SIC code, and conduct some basic sales analysis to determine your top-ranked market segments.
Perceptual Maps
When analyzing your brands and/or competitor’s advantages or relative positioning, use a perceptual map to quickly visualize points of differentiation, with two-dimensional, numeric scales. See a perceptual map for the plumbing category below. This examples compares product range and level of innovation between companies.
Another strategic marketing tool that assists in competitive comparisons and positioning analysis is SWOT analysis (Strengths, Weaknesses, Opportunities and Threats). This simple appearing grid is based on a company’s analysis of itself and its competition.
The Growth-Share Matrix
The Growth-Share Matrix was coined by the Boston Consulting group, and helps analyze business units or product lines to allocate resources. Based on evaluations of relative market share and market growth rate, a scatter graph is formulated that breaks down items under consideration into categories of cash cows, dogs, question marks, and stars. This matrix helps users quickly sort through the available financing options.
Product Life Cycle Analysis
The product lifecycle diagram helps understand what stage your product is in – introduction, growth, maturity, or decline – and how that compares to your competitors. This is one of the strategic marketing tools that can affect the decisions you make on how much emphasis to place on marketing your product or service.
Despite all of the sophisticated new methods of gathering information, strategic marketing still goes back to making decisions about product, price, promotion and placement. What these strategic marketing tools do provide is the ability to gather sound information and analyze it in a way that will support solid decision-making for your construction brand.
Which strategic marketing tools do you use? What is most effective? Please share your thoughts in the comment box below and share this post with those interested in strategic marketing!
These are some great tools, we really like HubSpots marketing grader tool. Compete looks interesting. One thing that many firms fail to do is conduct a SWOT analysis.
Thanks for sharing all of the great information! We can’t wait to implement some of these new techniques.