If we compare marketing to a road, we are just standing at the starting line. However, it is not easy to take a step without hesitation because we do not know where we are.

Then how can we know where we are?

The word that needs to appear here is 'analysis'. We are analyzing to recognize the reality (location) we are facing. If we don't know where we are, what if we do marketing without analyzing? Marketing without an analyzed situation does not increase the probability of success, but rather increases the probability of failure. Therefore, analysis is a step that must be taken.

Then how do we analyze to do marketing?

First, we basically analyze based on 3Cs.

Here, 3C refers to the company (Company), competitor (Competitor), and customer (Customer). This refers to analyzing these three things first. It is a signpost that allows you to gauge the distance from the starting line to the goal by recognizing your current location, preventing you from getting lost, and even discovering new opportunities.

Company (Company)

In the chapter of The Art of War, there is a saying, "Know yourself, know your enemy, and you will not be imperiled in a hundred battles." This is a saying that means if you know your opponent and yourself, you will not be in danger even if you fight a hundred times, and it is a regular customer that appears in numerous marketing books. Likewise, we must accurately recognize the company we belong to in order to traverse the battlefield of the market.

Most people agree that they need to know their company, but they are lazy about analyzing. This is because information is easily available, so they can do it anytime. However, what is important is not to collect information, but to cultivate an objective eye to see the company. And the analysis of the company can be frequently used in company introductions, proposals, etc., so it is important to collect information periodically and back it up.

So what information do we need about our company?

Company Goals or Vision: This is also important because it provides direction for marketing.

KPI (Key Performance Indicator): Key performance indicators refer to indicators for checking the achievement of tasks in order to approach the goal. (Mainly numerical ones).

3M (Men, Material, Money): It refers to manpower, resources, and capital necessary for management. Especially in terms of manpower, it is very important to identify the number of people in each department and their core competencies. And resources and capital are essential, needless to say.

※SWOT analysis is also available, which will be covered separately in the future.

Competitors (Competitor)

Knowing competitors is a very important factor in analyzing the market. In particular, the number of competitors (potential competitors) can be used to judge the 'entry barrier', that is, whether it is easy or difficult to enter, and to implement a differentiation strategy to help customers make rational purchases. And for beginners, such as startups, it can be an opportunity factor that can be benchmarked, so it is an area that must be checked.

Competition Intensity: Check if there are many or few competitors relative to the market.

Price Range: The most monitored thing is the price. Promotions, such as how much they are done and for how much, are monitored frequently as they change frequently in markets with intense competition.

Competitor List: If you list potential competitors and summarize their strengths and weaknesses, it will be very helpful.

Customers (Customer)

As seen in the sales formula, sales cannot exist without customers. It is such an important area of analysis that it is never too much to emphasize and repeat, and in my case, I always say that my salary is given by customers.

Through a number of consulting experiences, I realized that when asked, "Who are your customers?", most people answer by drawing an imaginary customer in their imagination. But we can't do that. If you know your customer accurately, you just have to go to where your customer is. Instead of shouting 'please buy' in a wasteland, it is more efficient to show your goods where potential customers gather, and even more efficient to take out your goods only where customers who need your goods are.

In order to understand customers, you first need to know about the market. You need to look at the market size, market structure, growth potential, etc., and then identify the characteristics of customers, customer needs, and purchase processes.

• Demographic Characteristics: You can classify them by dividing them into groups with similar characteristics by region, gender, age, age, occupation, etc.
• Customer Journey Map: This is a task of classifying the elements of the path that customers take to purchase one product.
• Market Size, Structure, and Potential: This is a task to identify the size and structure of similar business groups and confirm their potential.

Analysis is the fundamental of marketing. To this end, let's develop a habit of reading the market frequently through various newsletters and reports and quantify it. This will be the foundation for the marketing we will do in the future, allowing us to develop a solid marketing strategy, at least with fewer failures.

In reality, you need to analyze more details than what is briefly listed above. In the next article, we will take a closer look at the company, competitors, and customers, and learn how to collect and record data in a digital environment.