市场分析分步指南

Five Steps to Actionable Insights INTRODUCTION A long-term growth strategy rooted in deep market understanding is keyto determining which products and services to sell, where to sell them,and how to expand offerings. However, ongoing economic challengesrequire companies to revisit their growth and expansionstrategies. As shifting economic factors affect customers’ needs and priorities,growth strategies backed by past data, assumptions, and what hasworked previously will fall short of goal. To successfully adapt to newmarket trends, organizations must rely on recent, relevant data, notguesswork, to inform smart growth decisions that reduce risk andmaximize returns. of companies conductmarket analysis research A comprehensive market analysis provides businesses with an in-depthunderstanding of their target markets, enabling them to drive growth,sales, and revenue — and outperform theircompetitors. Hanover’sStep-By-Step Guide to Market Analysisexplainsthe crucial elements businesses need tounderstand about their target markets and breaksdown the five critical steps companies should follow: 1 Quantify the Opportunity of businesses that use datato inform growth strategiessaw increased revenue 2 Understand Market Dynamics 3 Examine Market Limiters Analyze the Competitive Landscape of companies reporteda 4x or higher return ontheir investment Monitor the Market (Source: Hanover) © 2024 Hanover ResearchCORWP0324 WHEN SHOULD YOU CONDUCTA MARKET ANALYSIS? A market analysis presents a comprehensive picture of your target markets, including market size, trends,limiters, competitors, and growth opportunities. Knowing the current and future trajectory allows companies toadapt or divert their strategies and offerings to the most profitable and viable markets. The findings from this analysis provide companies with actionable data that they can use to inform the four Psof marketing success. With insight into a market’s customers, needs, and obstacles, companies can evaluate andoptimize their products, prices, promotions, and placement of their offerings. Below are a few situations thatbenefit from market analysis insights. EXPLORING NEW MARKETS DEVELOPING GROWTH STRATEGIES Analysisof new and adjacent markets helpsdetermine whether sufficient opportunity existstoday — and in the future — to make expansionasmart investment.It also provides a clearassessmentof regulatory and legal hurdles,relevant market dynamics, and other issues thatmay slow or stall market entry, allowing you tonavigate these challenges or pivot strategicallyto pursue a more desirable market. In-depthdataensuresyourgrowthanddevelopmentstrategiesaregroundedinsoundinsights to minimize risk and raise thepotentialfor success.With targeted insights,your organization can spot levers to revitalizeyour growth through new products to launch,new markets to enter, and potential merger oracquisitiontargets that capture new productofferings or a new customerbase. EVALUATING COMPETITORS IMPROVING SALES Generating quality leads can be time consumingand costly, yet going after the wrong leads isa waste of time and resources. With a marketanalysis, your company can identify viable leadsandtarget them effectively within specificmarkets, market segments, and industries. Categorize and evaluate current and emergingcompetitorsto locate the biggest threats toyoursales,market share,or brand position.Understandtheir strengths and weaknessescompared to your own and identify how you canadjust your strategies to gain market share. ALLOCATING RESOURCES ADJUSTING TO MARKET CHANGES A market analysis helps identify new or emergingthreats, declining product demand, and changingcustomer needs. By identifying these challengescompanies can allocate their resources where itmatters most. Athorough market analysis identifies currentand future trends, innovations, restrictions, andcompetitors. This insight allows your company tobuild both short- and long-term strategies thatensure continued growth. HOW TO CONDUCT AMARKET ANALYSIS Marketanalysis is a five-step process that assesses amarket’s opportunity, dynamics, limiters, and competitorsand develops a foundation for ongoing market evaluation. 1 Quantify the Opportunity 2 Understand Market Dynamics 3 Examine Market Limiters 4 Analyze the Competitive Landscape 5 Monitor the Market Quantify the Opportunity Evaluating the potential of your chosen market is the foundation of a market analysis. Doing sohelps determine whether the market offers enough opportunity to make the costs and effortassociated with entry or expansionworthwhile. Market Size and Demand The market size and demand for your offerings will provide a picture of what is possible. HOW TO MEASURE: •Calculate total addressable market (TAM)This is the maximum amount of revenue you can obtain by selling your offering to a specific market. The TAM equals the total worldwide revenue of a type of offering. For example, if acompany is selling