Planning to introduce new products or moving into new markets? It’s easier to sell in a market where your product meets the demands so, the one with the best market fit. How do you find this market? With a thorough insight in the market and how well your approach aligns with those market needs.
What are Market Insights?
Market insights is the support to increase customer satisfaction, understand the factors that affect your business, and elevate your performance. Market insights provide valuable information about the potential of a particular market segment, during a specific time, for a particular product or service you are offering. So, you can devise business strategies that keep you ahead of your business rivals.
Which direction to move in
As in any good strategy, your growth strategy requires making choices. Resources are limited and can only be deployed at one place at a time. So, you’ll want to be careful how to allocate them. With market insights, you’ll be able to determine the specific directions you want to grow with more confidence. Once you know which products and markets are your best fit, you’ll be able to achieve quick wins among your current target audience. And if you know which are the ones with more potential you’ll know which ones are worth investing in to improve your fit for future profits.
How to grow
Once you’ve defined your direction you can decide how you want to grow. That’s where you’ll get into the tactics. For example, grow your customer base via a new untapped market segment. Knowing your target customers’ wants, needs, and frustrations allows you to address them properly in your marketing materials. And create compelling content in the channels where they’re most likely to see your message. If done well, this can even give you a competitive advantage!
Other business opportunities
Reliable insights will also help you spot additional business opportunities. For example, learning about who your customers are, and their needs, allows you to find other businesses that serve them in a complementary way to your portfolio. Making for interesting partnerships that’ll be mutually beneficial. And knowing other products and services that your customers tend to buy can help you come up with add-ons, product bundles, and upsells that increase the average value of each order. Only with the complete picture will you be able to compare market-fit amongst potential markets properly and choose your path confidently. In all business areas.
Not sure which factors to include in your market analysis? SpotOpp organizes, digitizes and visualizes all relevant data showing you your market-fit and sweet spots. Clear interpretation and results for strategic success. Please don’t hesitate to contact us if you want to know more.