Find out what's going on in your industry for better business strategies
15 Oct 2019
Industry analysis helps the business to predict changes and further allows the business to react strategically. Industry Analysis provides the business an in-depth understanding of the industry and its competitors, this further helps the planners to position their companies in the market. Therefore, it's easy to conclude that Industry analysis is part of good management, that’s not just for the business planning, but rather for business survival, beginning to end. Industry-wide research and analysis is a way to understand the position of your company relative to other companies that produce similar products or services. Also, to understand the forces at work in the overall industry is an important component of effective strategic planning.
One of the common ways to understand what is happening in your industry is through Industry analysis, in which can be covered by finding out trends within your industry, both general trends or trends in the way your peers or even competitors are marketing their brand. As well all know all too well, the age of social media has shifted the stand point of traditional marketing, not completely abandoning it, but instead adding to it by taking a more online or digital approach.
This is why online-based industry analysis can also play a pivotal role in business strategies. Take the time to find out what your online audience are talking about and how they communicate on these social or online platforms, find out what brands alike are doing on social and their social marketing strategies, take notes of how your competitors are presenting themselves on social media. Another important note, start tracking the issues or viral trends emerging within your industry, you may learn or benefit from it to gain more recognition or awareness to steer the audience to your brand’s direction.
Traditionally, a proper industry analysis consists of three major elements:
- The underlying forces at work in the industry,
- The overall attractiveness of the industry,
- The critical factors that determine a company's success within the industry.
Sonar Platform's digital based industry analysis can help companies with these elements mentioned above. Sonar’s industry-wide coverage enables companies to identify the threats and opportunities facing their businesses, and to focus their resources on developing unique capabilities that could lead to a competitive advantage while finding out the attractive factors and trends within specific industries.
Why venture out to the industry through online industry analysis? Well, the internet has had an enormous impact on the state of business information. Finding information isn’t really the problem anymore, after the information explosion and the huge growth in the internet beginning of the 1990s up until the modern day era of social media and big data that we all know and experiencing now.
Even more than a decade ago, dealing with information was more a problem of sorting through it all rather than a problem of finding raw data. That’s where we come in. Our new upgraded, automated and integrated Sonar Analytics dashboard serves for your analytical research for social data insights, giving companies better analytical insights by harnessing from those large amounts of scattered data, providing users with only the relevant data for insightful social reports.
Deep dive analysis on industry trending topics, social media trends, digital movers and shakersand other need-to-know developments on social