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A good strategy comes from insight into where your opportunities lie. Market analyzes are often too extensive and complicated. We divide the process into four simple steps so that you understand how to conduct a market analysis for your organization.
1. What is happening in your market/industry? Identify the megatrends in your industry that will help or hinder your organization.
2. Who are your competitors and how do they win and lose? Take your top five competitors and analyze their strategy.
3. Which customers do you (or can you) serve? Build knowledge of your current customers and pay attention to new customers and emerging trends.
4. How are you performing today and what new opportunities do you have? Look inside and outside your current markets to grow and build dominance.
To build this four-step framework, you need to collect both internal and external data.
Internal data sources include profit and loss statements, forecasts, marketing performance, sales performance, workforce insights, and customer insights.
External sources include consumer data, labor data, economic forecasts, supply chain information, local data, and census data.
Set up your framework, collect data and flesh it out into useful information. What does this information tell you? The idea is to discover opportunities and formulate a plan on how to take advantage of them. Carrying out a market analysis does not have to be difficult, but it must be goal-oriented and strategic.
More information is available at https://www.OnStrategyHQ.com
Download the guide here – https://onstrategyhq.com/strategy-storyboard-download-2/
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