Whether your brand is trying to break into new markets or stay competitive in existing ones, market analysis is a key component of your business plan. Unlike marketing analytics, which studies the results of specific marketing efforts, market analysis is a thorough examination of your industry’s structure at any given moment.
Identify current and emerging market trends. Examine what the market is looking for now, how that might change in the future, and who your customers are right now. This helps brands like yours better tailor their products to fit customer expectations and gain a competitive edge.
Look for any gaps in the market. Based on the research you’ve conducted so far, identify any needs in your target marketplace that aren’t being met by any existing players. You can then examine these opportunities further to develop your product offerings and differentiate your value proposition.
Conduct both primary and secondary research to collect and evaluate data. This can include interviews with industry experts as well as statistical information from sources such as BMI research and professional associations.
Make sales forecasts based on your findings. Use data from previous years to predict how high or low your projected sales will be for the coming year, taking into account seasonality and other external influences such as economic shifts and competition.
Invest in regular, comprehensive market analyses to inform strategic planning. With reliable, relevant insights at your fingertips, you’re more likely to grow your market share, find new customers, and increase revenue.