Marketing Strategy Analysis
Market Strategy Analysis is a best practice to identify the effectiveness of a marketing effort based on ROI and market impact.
Project Description
This project focused on increasing market share in the Caribbean Region with expectations to expand to international markets.
Client
A manufacturing company was trailing in market share in the Caribbean Region. This region was projected for growth in the next 5 years.
Challenge
The traditional mass marketing methods were not delivering the increase in market share. Total marketing budget for the region was $1M annually and the return on investment needed a lift. The executive responsible for the region wanted alternative options to invest their marketing spend.
Solution
Designed and implemented a market analysis of the region to determine additional methods to penetrate and increase market share with no increase in marketing budget. The outcome of the market analysis planned to spend 75% of the existing marketing budget and increase market share by 5%.
Benefits
The executive responsible for the region worked with the team that produced the market analysis to implement the recommendations. The outcome was an increase in market share from 5% to 16% in one year. This result was unprecedented in company history. The market analysis methodology was leveraged throughout the global regions.