Market analysis

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MARKET ANALYSIS

presented by Alex Reilly

vic president + principal

!@alexreilly

[email protected]

mailto:[email protected]

!

“A goal without a plan is useless.” —Antoine de Saint-Exupery!

© MB Piland Advertising + Marketing. All rights reserved.

4 LEARNINGOBJECTIVES

1. what is market analysis

2. how to do a market analysis

3. applying it to your business strategy

4. tips



MARKET ANALYSIS

WHAT IS IT?

competitioneconomy peoplegeography


MARKETANALYSIS

MARKETANALYSIS

How do you fit in?


MARKET

PROSPECTS CURRENT

CUSTOMERS

COMPETITOR


COMPETITOR

YOU


geography


economy


people


DEMOGRAPHICS

age!gender!ethnicity!HHI!education!marital status!occupation


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!


COMPETITION


competition


HOW-TODO YOUR OWN

MARKET ANALYSIS


quantitative vs. qualitative

INTELLIGENCEGATHERING


telephone directories association/trade group databases and research catalogs real estate reports internet searches surveys

Get creative!


“Designing your product for monetization first and people second will probably leave you with neither.” —Tara Hunt!


QUALITATIVE

LEARN TOLISTEN


interviews intercepts observation focus groups yelp, Angie’s list, etc. social media mining



CRAFTING STRATEGY

PRACTICAL APPLICATIONS

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“Drive thy business or it will drive thee.” —Benjamin Franklin!



PUTTING ITTOGETHER

PRICING

PEOPLE

TRENDS

THE SWEET SPOT!


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


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

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“There’s no business like show business, but there are several businesses like accounting.” —David Letterman!


WATCH FORTRENDS

STOCK MARKET/

ECONOMY

NATURAL DISASTER

ENVIRONMENT

REGULATORY

GROWING POPULATION


NEW COMPETITORS

NEW TECHNOLOGY


DOs AND DON’Ts

PRACTICAL TIPS AND RESOURCES

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“In the business world, the rearview mirror is always clearer than the windshield.” —Warren Buffet!



DOs:

ReviewUpdate/modify Talk to customers/prospectsListen to employees, suppliers, repsReadNetwork!The market is always changing; you’re never done

TIPS


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


!

“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!


QUESTIONSTHOUGHTS?

@alexreilly

[email protected]

… hmmmmm


THANK YOU

@alexreilly

[email protected]



Market analysis

Marketing

Transcript of Market analysis