In a fiercely competitive industry the ability to carve out a new market can be the key to success. But launching into a new market requires an understanding of the opportunities, risks, competitors, potential customers and other key players via market opportunity studies.
To make an informed decision about a new market, you need to quantify the potential demand for your product or service and find out how this need is currently being met; a Market Opportunity Study will determine which geographical or industry segments should be targeted for future investment.
Research into the potential of new markets can enable you to:
- better understand your current market
- identify other niches within this market
- identify a new market altogether
- understand characteristics/needs of prospects in the new market and plan a marketing strategy
- understand the threats you will face and plan to counter them accordingly
- ultimately – achieve the objective of increased revenue.
Learn all these things via market opportunity studies.
Firstly write down and agree the ultimate objectives of your target market plan. For example they could be any or all of the following or something else:
- increasing your sales
- increasing your market share
- increasing your brand awareness
- raising your company profile
- achieving competitive advantage.
With the focus on your marketing objectives then ensure you understand the needs of the target market. Identify Continue reading Identify your Target Market
In this 9 part series of blog posts titled, “Your Guide to Market Analysis for B2B Business Growth” we’ll present an up-to-date overview of how to use Market Analysis to prioritize and validate business growth ideas that make the most sense financially, rationally, emotionally and the best way to implement them for success while also minimizing business risk.
The 9 parts of this blog post series are:
- Introduction and What Do You Need to Analyse
- Identify your Target Market
- Market Sizing
- Market Segmentation
- Market Opportunity Studies
- Competitor Analysis
- Voice of the Customer
- Conclusions and Case Study
Enjoy! And let us know what you think… Continue reading Your Guide to Market Analysis for B2B Business Growth – What Do You Need to Analyse (9 Part Series)