A market opportunity analysis can be utilized in order to identify and assess the market viability of one’s products or services. It’s intended to help inform efforts to increase ROI and grow one’s revenue share. It provides data that can inform a business’ or agency’s approach to finding optimal places to focus their ad spend.
Why Conduct a Market Opportunity Analysis?
There are several reasons why you might want to conduct a market or business opportunity analysis. The first is market research and market analysis.
Perhaps you want to find new markets for an existing product or service, but you’re not sure whether there is a demand for it in those spaces.
How might you assess the attractiveness of these opportunities in the minds of your consumer segments?
How can you be sure that your product or service will be successful, providing you with an increase in market share, brand awareness, and other competitive advantages?
A market opportunity analysis can help you make any number of potential decisions about whether to move forward with your plans.
Products and Markets
A market opportunity analysis can also help you fine-tune your marketing strategy. This can be accomplished by identifying market demand from your potential customer base. This in turn can help foster an understanding of what they are looking for in a product or service like yours. In short, it’s a way of understanding market trends and, again, your ability to gain market share.
Additionally, a competitor analysis can help you understand two more things. First, what your competitors are doing well. And second, where there might be opportunities to distinguish your brand, product, or service in the minds of consumers.
A market opportunity analysis is but one part of a process in which a business determines the strengths and/or weaknesses of overall business and marketing strategies. It’s also how one determines whether those strategies will lead to engagement with potential customers.
If you’re thinking about entering new markets or increasing your share of an existing one, launching a market opportunity analysis is critical. A market opportunity analysis will help you understand the size and growth potential of the target market. It should also identify your target customers, assess the strength of the competition, and develop your value proposition.
Market opportunity analyses of the current market landscape, target customers, and competitors illuminate ways in which one can enter or expand into a new market. Recommendations based on this analysis should be specific, actionable, and achievable within a reasonable timeframe.
Need help analyzing data, identifying potential markets, and developing recommendations? Contact Leavened today. It’s what we do.