Securing a Business
While conducting market research for securing a business we use the following structure:
- Market overview
- Trends analysis
- Analysis of 10 competitors
- Audience overview
- 10 interviews
- Secret shopping
- Porter’s Five Forces
We start with the web-research and research the industry, size of the market, market trends. Is the market growing or is it stable? What factors influence the market development?
Competitors’ analysis – we identify and analyze competitors in your segment. Besides the analysis of their pricing, services/ products we research their sales channels and marketing strategies. Additionally, we analyze testimonials, reviews, feedback from the users/customers of your competitors. It helps to evaluate their strong and weak sides.
– analysis of your audience needs, pain points, demographics, online presence, interests, and similar.
will help to evaluate Strengths,
Weaknesses, Opportunities and Threats to enter the market.
Based on the SWOT analysis we suggest a strategy to for your business development:
In order, to evaluate a new market, product category, or industry we are speaking to executives, consultants, trade magazine editors, journalists, industry association executives, technologists, professionals, financial analysts, distributors, dealers, business owners, and product users.
It is very important to have a conversation with your customers or potential customers to find out their reaction to your offerings.
At IntroMarket Research, while conducting interviews we use Design Thinking approach. It includes open-ended questions that let the actual individual lead the conversation. It helps to bring different points together.
- Expert opinions get a broad perspective about the industry development, trends, opportunities, problems and issues, unmet needs and wants, solutions, best practices.
is a part of advanced competitors analysis. This method allows us to measure your competitors’ quality of services, pricing offers, customer support, communications and sales strategies, and similar.
Porter’s Five Forces
is a Strategic Positioning Map of company’s competitive environment. At the end of the analysis, you will receive a strategic positioning map in comparison to your competitors, based on the top features that will be analyzed.