How to Conduct a Market Opportunity Analysis

I have most of my best ideas at 3:00 AM or in the shower. But turning those shower ideas into a business opportunity requires further investigation. That’s where market opportunity analysis comes in. While you and your team may have many new business ideas you want to explore, you don’t have time to head down every path. Some of those paths may even end up being dead-ends. How do you choose which ideas to pursue, and which ones to let go of? Market opportunity analysis can help you narrow down your options to the ones with the greatest potential. Who…

How to Run a Focus Group for Your Business

When you’re developing or launching a new product, service, or business, you’ll want to have a general sense of how receptive your target market will be to it. Typically, this is done through extensive market research — and one key component of the research process is running a focus group. A focus group is a small group of people, typically representative of your target market, with whom you share ideas and ask questions about your product, service, or business. The individuals who make up the focus group should be a mix of current customers and people who’ve never made a…

17 Tools & Resources for Conducting Market Research

We are creatures of habit, especially when it comes to buying behavior. We know the location of our favorite products in the store, and we trust that they’ll work year after year. According to McKinsey, nearly 3 out of 4 Americans stick with the same brand — and 8 out of 10 stay with the same retailer. People don’t like change. It’s a battle to get someone to switch to an unknown brand, especially during times of crisis. When a client wants to launch a new product, get into a different market, or open a new store location, the odds…

What Is Market Share & How Do You Calculate It?

Growing up, I used to play “grocery store” with my sister. We’d go into our pantry, take out all the food, and set up a grocery store in our living room. I would typically “buy” goldfish. You might be thinking, “What does this have to do with market share?” Well, let’s say that I bought 10 bags of goldfish from various “companies” that my sister, mom, and dad owned. If three of those bags were my sister’s goldfish, that would mean that she had a 30% market share of my goldfish. Put simply, that is market share. But how does…

A Marketer’s Guide To Competitive Intelligence

Across all industries, it’s gotten harder for brands to stand out among the competition. According to a 2020 survey by Crayon, businesses have, on average, 29 competitors — a 16% increase from 2019. Small and large companies alike are fighting for consumers’ attention through targeted marketing campaigns, persuasive sales teams, and competitive pricing structures. The question is, how can a brand stay competitive as new companies emerge every day and threaten its position? One solution is competitive intelligence (CI) – a process that can drive revenue and keep brands ahead in their industry. Let’s get into what CI is, what…

The Beginner’s Guide to Share of Voice

If you’ve ever been in charge of gathering reports for your marketing team, then you know there are a plethora of metrics you can measure. One metric that you might not think to use for several channels is share of voice. However, this is a versatile metric that you can use in a competitive analysis for social media, organic traffic, or even paid advertising. As a marketer, share of voice is important because it helps you understand how well your brand is performing against the competition. Below, let’s review everything you need to know about share of voice. While share…

The Beginner’s Guide to the Competitive Matrix [Template]

Have you ever been playing a game with your loved ones and you have to look around to suss out the competition? Whether you currently own or you’ re looking to start your own business, you need to do the same thing. A competitive analysis will help you identify your competitors and research their products, sales, and marketing strategies. By doing this, you’ ll learn your place in the market, how to differentiate yourself from your competition, and how to improve on their processes. Below, let’ s learn what a competitive matrix is, and review some templates and examples. Before…

In some circles, market research is a catch-all term for asking the industry what it wants. “Do we know what the demand is for this product? Who’s even looking for our services? Let me do some market research to find out,” someone might say. But what does that actually mean? Here’s a simple definition of market research that encompasses all the possible goals of this practice, in fewer than 100 words: Market Research Definition Market research is the process of examining an industry’s buyers, the product these buyers want, and where they’re currently getting it. By engaging the right people…

How to Do a SWOT Analysis [With Template & Examples]

As your business grows, you face more obstacles, challenges, opportunities, and projects in general. It’s a good and natural part of scaling an organization, but how do you determine your priorities? Which initiatives should you execute on first, and which challenges should you address right away? Enter the SWOT analysis, a framework that can help you develop a roadmap for moving forward with your business, maximizing opportunities and minimizing roadblocks along the way.  While it may seems simple on the surface, a SWOT analysis allows you to make unbiased evaluations on:  Your business or brand Market positioning A new project…

When was the last time you ran a competitive analysis for your brand? And most importantly, do you know how to do one efficiently? If you’re not sure, or if the last “analysis” you ran was a quick perusal of a competitor’s website and social media presence, you’re likely missing out on important intelligence that could help your brand grow. A competitive analysis can help you learn the ins and outs of how your competition works, and identify potential opportunities where you can out-perform them. It also enables you to stay atop of industry trends and ensure your product is…