Magnitude is a marketing and advertising company with offices in Tucson, Phoenix, and Los Angeles. We offer services in paid search, SEO, and SMM. Moreover, we can help develop your brand with opportunity analysis, business plan, and product mix analysis.
What is Opportunity Analysis?
Marketing analysis is defined as a part of a business plan in which you identify the future opportunities for your company. Also, you assess whether your brand is ready to exploit them in terms of finances, tech, and competitors. Hence, to perform your market analysis, you’ll need to look at such factors as the target market, customer needs, resources, and an edge over competitors.
This analysis is especially relevant when your company wants to introduce a new product or service. In particular, by performing a market analysis, you’ll know the current trends and your customer needs. As a result, you’ll be able to tailor your new product or service to fit the needs of your target market.
Steps to follow in market analysis
When you want to ensure the success of your growing business, a proper market analysis is a vital part of your planning. Moreover, we’ve listed these steps here to help you make it go smoothly.
Research market trends
First, look at any trends or social changes that could have an impact on your business. Moreover, update yourself on the legal situation in your state to be ready for any changes. Finally, keep up with IT, so your business can use the latest tech to your benefit. If anything can limit your growth, find it.
Define the industry
Second, you’ll need to do thorough research on the industry trends over the years. See what has changed, what worked and what didn’t. Besides, look at your competitors and notice what strategies they use. All of these will help you make sure that your brand is going in the right direction.
Research your target audience
This point is very relevant today. If you can’t create a detailed profile of your target audience, your marketing efforts will not reach your customers. Hence, define your target audience, their product needs, media channels they use, their buying habits, changes in the market, and so on.
Who are your competitors?
Of course, you want to impress your customer by offering a new product. Moreover, if you’re going to stand out from the crowd of similar brands, research your competitors. Look at the products they offer and compare them to yours. If you identify your product’s strengths and weaknesses, it will be easier to provide the customer what they’ll really want to buy.
How can we help you with opportunity analysis?
Not every brand has the tools to perform a market analysis. That’s why Magnitude would like to take over your project and make your business move one step forward. We Think Total Business, and we know that brands are growing more quickly than ever before. Moreover, we understand the urgency of today’s business world. Schedule your free consultation today, and let’s talk about how we can help.
If you are looking for more info about opportunity analysis, check out these resources.
“Market Opportunity Analysis: Find What Customers Really Want.”
“8 Ways to Identify Market Opportunities for Business Growth.”
“How to Write a Market Analysis.”
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