Conducting market analysis
Posted: Wed Jan 22, 2025 8:11 am
There are different ways to assess the capacity of a segment. Among them, there are two main ones, the combination of which will allow you to collect the most accurate information:
Top-down market analysis. Collect data from Google statistics and other publicly available sources. This could be government statistics, competitors' marketing research, Wikipedia articles, annual public reports, etc. Using this information, you first create a picture of the overall purchasing power of the audience, then identify the segment you are interested in, then select your ideal customers from it and evaluate this indicator specifically for them.
Try to approach the issue as realistically as possible, estimate what profit they can bring you (remember that someone will buy from competitors too).
Bottom-up market analysis. Here vnpay database you start to act "from below", that is, carefully study your real clients. First, figure out how much income they can bring you now, and then estimate how many more similar people might need your product. If it turns out that many, then you are building the product positioning strategy correctly.
Conducting market analysis
Competitor Research
Why study your opponents? Mainly for two reasons:
This will give you a more complete picture of the market size. Knowing who your competitors are and how big they are, you will understand how widely you can expand in this segment. If we are talking about entering an already established, old market, then analyzing competitors is a particularly important point.
Understand how potential customers solve their problems without your product. If the market is still young and there are no competitors as such, see what you can offer buyers. Maybe, for example, they are still using spreadsheets, and you with your ultra-modern SaaS panel will be just right here. Knowing what the target audience already has and what needs it has, the company will convey its own offers to it more accurately and simply.
Read also!
"Marketing Tips: How to Show That Your Product is the Best"
Read more
Creating a USP
It is a big mistake to think that a unique selling proposition must necessarily include the coolest qualities of a product. In reality, the most important thing here is:
Promise of value to the customer. Convey to the consumer that with you his life will change for the better.
Explain why this won't happen with competitors. Show why competitors (without naming who exactly) are unable to make the client happy. And if there are no direct competitors, then emphasize your own stability.
Honest delivery of information. Don't try to embellish everything too much, convey the idea that it is with your product that the client will solve their pressing problems once and for all.
You can create not one, but 2–3 USPs in each segment: here everything depends on what exactly you are selling and what are the characteristics of your target audience.
Top-down market analysis. Collect data from Google statistics and other publicly available sources. This could be government statistics, competitors' marketing research, Wikipedia articles, annual public reports, etc. Using this information, you first create a picture of the overall purchasing power of the audience, then identify the segment you are interested in, then select your ideal customers from it and evaluate this indicator specifically for them.
Try to approach the issue as realistically as possible, estimate what profit they can bring you (remember that someone will buy from competitors too).
Bottom-up market analysis. Here vnpay database you start to act "from below", that is, carefully study your real clients. First, figure out how much income they can bring you now, and then estimate how many more similar people might need your product. If it turns out that many, then you are building the product positioning strategy correctly.
Conducting market analysis
Competitor Research
Why study your opponents? Mainly for two reasons:
This will give you a more complete picture of the market size. Knowing who your competitors are and how big they are, you will understand how widely you can expand in this segment. If we are talking about entering an already established, old market, then analyzing competitors is a particularly important point.
Understand how potential customers solve their problems without your product. If the market is still young and there are no competitors as such, see what you can offer buyers. Maybe, for example, they are still using spreadsheets, and you with your ultra-modern SaaS panel will be just right here. Knowing what the target audience already has and what needs it has, the company will convey its own offers to it more accurately and simply.
Read also!
"Marketing Tips: How to Show That Your Product is the Best"
Read more
Creating a USP
It is a big mistake to think that a unique selling proposition must necessarily include the coolest qualities of a product. In reality, the most important thing here is:
Promise of value to the customer. Convey to the consumer that with you his life will change for the better.
Explain why this won't happen with competitors. Show why competitors (without naming who exactly) are unable to make the client happy. And if there are no direct competitors, then emphasize your own stability.
Honest delivery of information. Don't try to embellish everything too much, convey the idea that it is with your product that the client will solve their pressing problems once and for all.
You can create not one, but 2–3 USPs in each segment: here everything depends on what exactly you are selling and what are the characteristics of your target audience.