Successful brands need to have a solid understanding of the landscape they operate in, including knowledge of their competitors and customers. Market analysis is the process of researching the market to understand the threats and opportunities and how prospects and clients will react to your products or services.
Market analysis can range from an in-depth research dive employing specialists who will cover as many aspects as possible. Alternatively, brands may adopt a simpler approach using more readily available data.
Market analysis can examine all or some of the following points :
● Market size and competitive analysis - How large, and how competitive, is the market? Who are you competing against?
● The growth of the market - Does the market have a history of growth that is likely to continue into the future?
● Market trends - How is the market changing? What are the most important factors going forward?
● Demographics and segmentation - Who are you selling to? There may be sub-categories within the market, allowing multiple product lines.
● Market profitability - There are several factors that affect profitability, and each industry will have different margins. How attractive is your market?
● Key success factors - The elements that will produce success in the market. This could be technological advances or access to resources.
● Distribution channels - An analysis of the current and potential distribution channels. How does your distribution model affect your business?
● Industry cost structure - The fixed and variable costs that the brand incurs. This can be further broken down by products, region, and so on.
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