All businesses need to adapt and evolve in order to achieve long-term success, and there are various considerations to take into account. How can we best change what we offer? How efficient are our processes? Do we have the right price point? Which changes in our customer interaction would create the best impact?
A market analysis can be performed when you want to explore new possibilities in the existing markets. It can also be used if you are planning on entering a new market. In order to assess the various risks and possibilities involved when targeting a new customer segment or market, a fact-based marketing analysis is the way to go.
One of the fundamental elements of Hubbster’s market analysis is that we not only collect market data, but also help you analyse the information in order to provide specific conclusions and recommendations.
One of the most important takeaways for a market analysis, is that it should be adapted to the situation you and your company are currently facing. Some examples of strategic and commercial questions that you can get the answers to through an analysis include:
The questions listed above are quite common for decision-makers to ponder when they are presented with the opportunity to enter a new market or customer segment. Our model has been developed for many years and can be adapted to ask questions that provide clarity to your unique challenges.
We will listen to your needs, and will adapt our work to contribute to the right questions being asked and answered, in order to decide if you should invest or pass on the opportunity.
Based on your specific goals and with the help of externally collected data, we measure and analyse the market conditions from multiple angles.This includes size, potential, competition, maturity and, last but not least, what investment is required in order to succeed.
We argue that every situation is unique and that preparations are the keys to achieve the most optimal results. In order to establish a solid foundation for your decisions, you need to define what are the core questions that you want answers to, what is the desired outcome, what change do you want and what are the relevant targeted customers and markets like?
We are firm believers that all decisions should be based on facts. Some questions can be answered through desktop studies, but this can be quite a superficial method that only provides simple indications and may not really address the deeper challenges.
To create a complete picture you must turn to the market for answers. . This is key to understanding what the customers want, in terms of what their needs are and how those needs can be met. What are they displeased with and what improvements would they like to see? Get in touch with us if you want to learn more about this and how we can help your business conduct a market analysis.
How do you do a market analysis? Our experience has taught us that the best results require accuracy and planning. Using a standardized template is not a good approach. The reason is that each market and customer segment is unique.
Therefore, we tailor all our analyses based on the situation that you and your company find yourself in. The execution takes place in three stages.
1. A solid preparatory work based on one or more work meetings with you as a client. Here we set out, among other things, goals, core questions to answer, scope and method.
2. Desk-top studies to produce the facts that are available and that create a basis for the next step.
3. By far the most important step is external collection of data. This is usually done through interviews, but can be combined with surveys and customer panels. Here, the data produced in step 2 is validated and the basis for answering most of the core questions is collected.
With Hubbster market analysis linked to customer research, we can identify customer needs and read needs in our different markets global markets "We would like to be able to analyse our different markets to further strengthen what is good and work on what is less good.
