As a marketer, you are constantly looking for ways to improve your marketing performance and gain a competitive edge in your industry. One tool that can help you achieve these goals is a GAP analysis.
What is a GAP analysis?
GAP analysis is a process that involves comparing your current marketing performance to your desired performance. The analysis looks at several key factors, including sales performance, customer satisfaction, brand perception, and market share. The purpose of GAP analysis is to identify areas in which you are falling short of your goals and develop a plan to bridge the gaps.
Why is a GAP analysis important for enterprise marketing?
A GAP analysis can provide several benefits to enterprise marketing teams. Here are a few:
Better resource allocation: A GAP analysis can help you identify areas in which you are overinvesting or underinvesting in marketing. This can help you allocate your resources more effectively and efficiently.
Improved decision making: By identifying areas in which your company is falling short of its goals, you can make more informed decisions about where to invest your resources.
Increased competitiveness: By improving your marketing performance, you can gain a competitive advantage over other businesses in your industry.
Improved customer satisfaction: A GAP analysis can help you identify areas where you are not meeting your customers’ needs. By addressing these areas, you can improve customer satisfaction and loyalty.
How to conduct a GAP analysis for marketing leaders
Here are the steps to conducting a GAP analysis for enterprise marketers:
Define your marketing goals: The first step in conducting a GAP analysis is to define your marketing goals. What do you want to achieve through your marketing efforts? Examples of marketing goals include increased revenue, higher customer lifetime value, and improved brand recognition.
Gather data: The next step is to gather data on your current marketing performance. This can involve gathering data on sales performance, customer satisfaction, brand perception, and market share. You may need to use a combination of internal and external data sources to get a complete picture of your marketing performance.
Compare your performance to industry benchmarks: Once you have gathered data on your current marketing performance, the next step is to compare your performance to industry benchmarks. This can help you identify areas in which you are falling behind your competitors.
Identify the gaps: The next step is to identify the gaps between your current performance and your desired performance. This can involve comparing your performance to your marketing goals and industry benchmarks.
Develop an action plan: The final step is to develop an action plan to bridge the gaps between your current performance and your desired performance. This may involve making changes to your marketing strategy, investing in new marketing channels, or reallocating your marketing resources.
A GAP analysis is a valuable tool for enterprise marketers looking to improve their marketing performance. By identifying areas in which they are falling short of their goals, marketing leaders can develop a plan to bridge the gaps and improve their marketing effectiveness.
- Forbes, Conducting A Gap Analysis: A Four-Step Template, Aug 2022