Understand your customers’ needs and the competitive landscape.
Use market research and marketing analysis to gain valuable insights about your customers, the market conditions and the competitive landscape. Use this knowledge to build a more effective marketing plan. Explore our collection of market research articles written by the experts..
Assessing your firm’s strengths, weaknesses, market opportunities, and threats through a SWOT analysis is a very simple process that can offer powerful insight into the potential and critical issues affecting a venture. The SWOT analysis begins by conducting an inventory of internal strengths and weaknesses in your organization. [...]
A market forecast is a core component of a market analysis. It projects the future numbers, characteristics, and trends in your target market. A standard analysis shows the projected number of potential customers divided into segments. This example of a simple market forecast defines two target market segments and projects the potential customers in each of [...]
Who competes with you for your customers’ time and money? A good competitive analysis varies according to what industry you’re in, but a comprehensive competitive analysis does have some common themes. Begin by explaining the general nature of competition in your type of business, and how customers seem to choose one provider over another [...]
Every Web plan should include a clear explanation of the market segmentation, target market focus, and a market forecast. It should include detailed information about each of the target market segments. To develop an effective plan based on your customers’ needs and nature, you should be able to answer these questions: Who are they? Where [...]
Most every organization will benefit from even the most elementary market research. If it does not provide new information, it will confirm what is known. Market research is the process of gaining information about your market. Preferably, this is specific information about your target market and the key factors that influence their buying [...]
Market Data for Other Countries As the power of the Internet spreads throughout the world, demographic and economic statistics are becoming more available. If you’re working on market data for your own country, check with your local business development agencies, business schools, and industry trade associations for help in finding the information [...]
Relatively few marketing plans are blessed with budgets for professional market research. When you can’t pass the problem to professionals, then you have to make some intelligent estimates. Get comfortable with the idea of making good educated guesses. Many people think there is something magic about this, some technique they don’t know [...]
Unless you are a new business without a customer base at all, your market research should begin with learning as much as possible about your present customers. Who are they? How did they find you? What do they like about you? What don’t they like? Use customer surveys, random interviews, feedback sheets, and a lot [...]
Relatively few marketing plans are blessed with budgets for professional market research. When you can’t pass the problem to professionals, then you have to make some intelligent estimates. Get comfortable with the idea of making good educated guesses. Many people think there is something magic about this, some technique [...]
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