Why marketer need to be familiar with business analysis tool?
Nowadays business analysis tools deals with all business activities. Any marketing activities depends on reliable analysis tools. It does not matter this marketing activity is online or offline. In this regard for online marketing activities, digital marketers use all digital channels such as:
- Social media,
- Mobile apps,
- Search engines,
and many other digital channels, to promote and endorse goods, services and companies’ brand. The fact is;
marketing is not only analyzing website and social media, but also, deals with offline marketing efforts like networking, printing publications, speaking engagement, direct mailing. Business analysis deals with real business issues, using advanced tools and methods, solve business problems. It proves why marketers need to be familiar with business analysis tools.
Professional business analysis needs; skills, experience and right tool. Skills and experience help business analyst understand the business structure, policies, strategies and operation. These abilities empower business analyst make changes in different ways adding more value for stakeholders. In this process they need right business analysis tools to improve business activities and create more value as well.
Business analysis tools enable the company re-consider and evaluate what they did and they should do!
Who is business analyst?
Practitioners define business analyst as “a person who is responsible for checking and analyzing business activities, also to be ensure all requirements of business growth are fulfilled”. The other important duty of business analyst is considering and evaluating:
- Market Environment
- Business Process
- Business Systems
The role of business analyst includes; internal and external business analysis, budgeting and forecasting, even pricing, and report those analysis by reliable documents to the stakeholders.
As a brief, a good business analyst covers the gap between business problems and technology potential solution. As a result, business analysis needs to be innovative, problem solver, knowledgeable and experienced. Those mentioned skills would help business analyst solving businesses problems by using right tools and techniques.
What are popular business analysis tools:
S.W.O.T. is a strategic management technique which helps situational analysis. SWOT is divided into two different parts:
- Internal factors: (Strength, Weakness)
- External factors: (Opportunity, Threat)
SWOT is not only strategic management tool, but also one the most important business analysis tool. This framework can help different business with different perspective, analyzing; internal and external data factors.
Strength of company deals with the factors which indicates internal advantages of the firm over other competitors. Some business strength factors are: company brand, company employee, company technology, customer service, etc.
Weakness of company is classified as the activities and actions which indicate disadvantage of the firm and creates internal problems for company to grow. Some factors reflect weakness are: weak technological structure, clumsy employee, bad customer service, bad company reputation.
Opportunities are external factors which create chances for company to project or exploit to its advantages. Some related examples are; export incentives, low interest rate mortgage, etc.
Threats are external factors, refers potential harm and disadvantage for company. Some major treat for any companies can be; rising cost of raw materials, increase labor wage, increase competition, …
M.O.S.T. is the abbreviation of;
– Strategy and
MOST analysis deals with internal company factors and culture. That is why, MOST is another important business analysis tool. MOST analysis technique helps for top analysis, and enables businesses with new sense of empowerment toward its goals and purposes.
This business analysis tools helps the organizations to understand what they want to achieve through organization’s mission and objective, also how this achievement come trough with strategies and tactics.
Mission is the organization statement and what is enduring process. It is important each organization division contribute to mission statement and its process, because the success key point here is collaboration.
Objectives are one step after organization mission. Each organization’s department needs to achieve goals to complete the mission. Objectives should be measurable, specific, and attainable for decision making.
Strategies are methods and action (medium and long term) that should be taken in order to achieve organizational objectives. In this regards, the safest and productive ways should be taken into account.
Tactics are considered as short-term activities in terms of carrying out strategies. Tactics are designed in a simple manner so organization’s team members could be able to accomplish them properly.
Business Model Analysis
Business model is a company successful operation plan and core-profit making sources that defines, which products or services will sell to target market in lower cost.
The model gives company an eagle view to make a better decision on its;
- Market approaches,
- Revenue model,
- Value proposition
And all cost involved in the process.
In this analysis, critical issue is identifying the path and interconnection between;
- Production process,
- Marketing strategies,
- Financial department,
- Research and development,
- Revenue model,
Marketing relies on market feedback data. It captures and analyze customer activities and interest (online and offline). Finding optimize and proper solution for business problem, companies use business analysis. As a result a professional marketing staff needs to be familiar with business analysis tools.
Companies could use different business analysis tools, in terms of their business issues. The Business analysis tools are not concluded to available data, these tools could help business to develop and move up to the next level.
Business analysis tools can help business to have better observation of;
- Production process,
- Prospect customers,
- Future state,
- Core values,
And many other aspects. It shows they need to take necessary action for their improvement.
Bluebox business consulting CMO