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A good strategy is understanding where your opportunities lie. Market analyzes tend to be too comprehensive and complicated. We break down the process into four simple steps to help you understand how to conduct a market analysis for your organization.
1. What is happening in your market/industry? Identify the megatrends in your industry that will help or hinder your organization.
2. Who are your competitors and how do they win and lose? Take your top five competitors and analyze their strategy.
3. What customers do (or can you) serve? Develop knowledge of your current customers while paying attention to new customers and emerging trends.
4. How is your performance today and what types of new opportunities do you have? Look inside and outside your current markets to grow and strengthen your dominance.
To create this four-step framework, you will need to collect internal and external data.
Internal data sources include profit and loss statements, forecasts, marketing performance, sales performance, staff and customer information.
External sources include consumer data, labor data, economic forecasts, supply chain information, local data, and census data.
Define your framework, gather data and fill it with useful information. What does this information tell you? The idea is to discover opportunities and formulate a plan on how to exploit them. Conducting a market analysis doesn't have to be difficult, but it does need to be focused and strategic.
More information is available at https://www.OnStrategyHQ.com
Download the guide here – https://onstrategyhq.com/strategy-storyboard-download-2/
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