Market analysis generates business opportunities. It’s that simple! By properly researching your market, you get one step ahead. You have an advantage against your competitors. The power of information is outstanding when it comes to market analysis. The information you find can guide your most important strategic business decisions and usually, if done properly, the findings and conclusions you reach have a value that exceeds the cost of the research itself.
So here are top 10 benefits of market analysis:
- Guides your communication with current and potential customers. Once you have your results, you should have enough ammunition to formulate the most effective way to communicate to your customers.
- Helps you identify opportunities in the marketplace. A new product you have planned may not be what your market wants or needs. You may then decide to make modifications on what you are going to offer to suit your audience.
- Helps you minimize risks. You may find all the information you need to decide whether to take action on a particular subject.
- Measures your reputation. Finds out just where you are and then, according to the results, you can take action to change perception.
- Identifies potential problems. You can get consumers’ reactions to a new product or service when it is still being developed. This should enlighten any further development so it suits its intended market.
- Helps you plan ahead. Estimate the likely sales of a new product/service and the advertising expenditure required to achieve maximum profits.
- Help you establish trends. You’ll have a lot of data to analyze your customers and establish any trends.
- Helps you establish your market positioning. Information helps you benchmark and monitor your progress, which can be useful to make decisions and take action.
- Determine the most persuasive ‘promise’. It needs to be simple and the analysis can help you define what your brand’s promise is.
- Find that compromise. By going straight to the target audience, you will gain thoughts and opinions. It helps gain a new angle, hopefully a compromise in just how you are going to go about a new launch, a new brand or a brand repositioning.
In a nutshell, market analysis is an invaluable tool that, at first, might seem expensive and slow, but it’s nothing more than an investment. As one of our very good clients always says, “Best to measure twice and cut once to maximize your returns”.
You want to seize more business opportunities and gain market shares? Contact us to review your objective.