Post on 08-Jun-2015
description
!
MARKET ANALYSIS
presented by Alex Reilly
vic president + principal
!@alexreilly
alex@mbpiland.com
!
“A goal without a plan is useless.” —Antoine de Saint-Exupery!
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4 LEARNINGOBJECTIVES
1. what is market analysis
2. how to do a market analysis
3. applying it to your business strategy
4. tips
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© MB Piland Advertising + Marketing. All rights reserved.
MARKET ANALYSIS
WHAT IS IT?
competitioneconomy peoplegeography
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MARKETANALYSIS
MARKETANALYSIS
How do you fit in?
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MARKET
PROSPECTS CURRENT
CUSTOMERS
COMPETITOR
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COMPETITOR
YOU
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geography
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economy
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people
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DEMOGRAPHICS
age!gender!ethnicity!HHI!education!marital status!occupation
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PSYCHOGRAPHICS
habits!interests!wants/needs!attitudes!barriers
“Keep your friends close and your enemies closer. “!
“My own business bores me to death; I prefer other people’s.” —Oscar Wilde, Lady Windemere’s Fan!
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COMPETITION
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competition
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HOW-TODO YOUR OWN
MARKET ANALYSIS
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quantitative vs. qualitative
INTELLIGENCEGATHERING
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INTELLIGENCEGATHERING
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telephone directories association/trade group databases and research catalogs real estate reports internet searches surveys
Get creative!
INTELLIGENCEGATHERING
“Designing your product for monetization first and people second will probably leave you with neither.” —Tara Hunt!
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QUALITATIVE
LEARN TOLISTEN
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interviews intercepts observation focus groups yelp, Angie’s list, etc. social media mining
INTELLIGENCEGATHERING
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CRAFTING STRATEGY
PRACTICAL APPLICATIONS
!
“Drive thy business or it will drive thee.” —Benjamin Franklin!
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PUTTING ITTOGETHER
PRICING
PEOPLE
TRENDS
THE SWEET SPOT!
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PRICING: what do prospects currently pay for similar products/services? what do key competitors charge? what do you need to charge to break even, to make a profit?
PUTTING ITTOGETHER
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BEST PROSPECTS: where do they live? where do they work? where do they play? which media do they consume? where does media intersect in your product/service buying cycle?
PUTTING ITTOGETHER
!
“There’s no business like show business, but there are several businesses like accounting.” —David Letterman!
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WATCH FORTRENDS
STOCK MARKET/
ECONOMY
NATURAL DISASTER
ENVIRONMENT
REGULATORY
GROWING POPULATION
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NEW COMPETITORS
NEW TECHNOLOGY
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DOs AND DON’Ts
PRACTICAL TIPS AND RESOURCES
!
“In the business world, the rearview mirror is always clearer than the windshield.” —Warren Buffet!
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DOs:
ReviewUpdate/modify Talk to customers/prospectsListen to employees, suppliers, repsReadNetwork!The market is always changing; you’re never done
TIPS
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DON’T: !Rely on only one source !Only listen to “the choir”!Get too comfortable!Rely solely on “facts” from wikipedia!
TIPS
BEWARE OF ROSYTUNNEL VISION
Don’t just talk—listen, too!It’s not all about you—it’s a relationship: conversation and building community
WEB+SOCIAL
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!
“The big secret in life is that there is no big secret. Whatever your goal, you can get there if you’re willing to work.” —Oprah Winfrey!
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THANK YOU
@alexreilly
alex@mbpiland.com
© MB Piland Advertising + Marketing. All rights reserved.