“Good companies will create needs; great companies will create markets.” – Philip Kotler
Market analysis is the most crucial element in every B2B business. In fact, regardless of being a B2B or B2C business, companies should understand that their business strategy is, in fact, no strategy at all if they fail to understand their target audience inside out. It is in this context that market analysis becomes all the more important.
The best way to go beyond the rat race and build a reputation of one’s own is by deep diving into market research. The latter makes it easier for businesses to push new ideas and annex new user bases – a top priority with any profit seeking entity.
Market analysis for B2B growth, what’s the secret sauce?
The eight steps which need to be taken for conducting foolproof market analysis are :
- Knowing what needs to be analyzed
- Identifying your target market
- Understanding the market size
- Knowing which market segment does your business fit into
- Getting a clear picture on the exploitable market opportunities
- Running a competitive analysis
- Benchmarking
- Grasping the client’s voice
Often, it is seen that businesses confuse market analysis with marketing. Rather, it is market analysis which assesses the target audience, the level of competition involved, and provides a clear-cut marketing strategy for retailing a product. One popular tool which facilitates in-depth analysis of the market is the PEST analysis framework. This is basically a political, economic, socio-cultural, and technological analysis framework which derives questions important to the market potential and situation of the company. Though the level of importance is different for different businesses, this analysis throws up options based on how relevant it is for the organization.
For instance, while B2C companies pay a lot of attention to the social factors, it is the technical factors which affect the technological companies. In case of companies which deal with a wide range of products, the analysis helps in zeroing in on factors to be considered before launching various kinds of products. The PEST analysis framework also analyzes pointers like global, national, and local relevance for a product, making it easier for manufacturers to plan their product launch accordingly.
Market analysis, thus, is the key to success for any business. More so in case of B2B enterprises wherein it is very important that the competitor landscape is well defined, and potential challenges and opportunities are clearly lined out.
Profitable market insights with Technavio
Understanding a new business proposition, annexing a new commercial domain, dominating your existing specialty or fending off competition, may seem a hard nut to crack. However, with Technavio’s exhaustive market research reports, information and insights will help you realign your resources and exploit every available opportunity. Reports are FREE to sample, and specific reports can be customized to suit your individual business.
Or, you can talk to us about your business here and we can suggest the most apt market research solutions.
