Build your AI transformation Strategy in 30 Days ➝ https://onstrategyhq.com/aicontact2/

Great strategy comes from understanding where your opportunities are. Market analyses tend to be overly comprehensive and complicated. We break down the process into four easy steps to help you understand how to conduct a market analysis for your organization.

1. What’s happening in your market/industry? Identify the megatrends in your industry that will either help or hinder your organization.
2. Who are your competitors and how are they winning and losing? Take your top five competitors and analyze their strategy.
3. What customers do you (or can you) serve? Build knowledge of your current customers while paying attention to new customers and emerging trends.
4. How are you performing today and what kind of new opportunities do you have? Look within and outside of your current markets to grow and build dominance.

To build this fourstep framework, you’ll need to collect both internal and external data.

Internal sources of data include profit and loss statements, forecasts, marketing performance, sales performance, staff insights, and customer insights.

External sources include consumer data, labor data, economic forecasts, supply chain information, local data, and census data.

Set your framework, gather data, and populate it into useful information. What does this information tell you? The idea is to uncover opportunities and formulate a plan on how to capitalize on them. Conducting a market analysis doesn’t have to be difficult but it does have to be purposeful and strategic.

More information is available at https://www.OnStrategyHQ.com

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