Market Analysis

What We’ll Cover Today

Understanding your market

Analyzing your competitors

Defining target markets

Pricing strategies

Positioning
What We’ll Cover Today
Understanding your market

Analyzing your competitors

Defining target markets

Pricing strategies

Positioning
 Questions to ask
 Is your market growing or shrinking?
 Is there room for one more company?
 Will you be bringing something different to
the market?
Do a BROAD search
Do a more specific search
Google Consumer Surveys
Google Consumer Surveys
What are industry blogs
talking about?
 Conduct primary research
Interview potential customers, vendors, association leaders, related businesses
Use your own knowledge of
your industry

Trends?
Pricing?
Competitors?
New technology?
 2006 – How I did it then
 Personal knowledge of industry,
competitors and pricing
 I knew website sales would continue
to grow in industry
 I knew I had an innovative product
 I didn’t aim too high
 2016 – How I do it now
 Industry data through associations
 Constant asking/pulsing customers,
prospects, and others
 Regular monitoring of competitors
 Collaborative learning/sharing with staff
 Annual SWOT and strategic planning
What We’ll Cover Today
Understanding your market

Analyzing your competitors

Defining target markets

Pricing strategies

Positioning
 Spy on your competitors:
What do they say about themselves?
How are you different?
Where can you research them?
Networking Events Websites Press Releases
Google Social Media Ask mutual contacts
 The more you understand
your competitors,
the more effectively you can
position your company!
 Competitive analysis
YOUR COMPANY COMPETITOR 1 COMPETITOR 2 COMPETITOR 3
Overview
Competitive
Advantage
Target markets
Market share
Marketing
Strategies
Products/Service
s
Pricing/Costs
Strengths
Weaknesses
Opportunities
Threats
What We’ll Cover Today
Understanding your market

Analyzing your competitors

Defining target markets

Pricing strategies

Positioning
Who buys from you?
Do they all look alike?
Or are they all a bit different?
 The more you understand
your different target markets,
the better you can structure
your products, services and
marketing efforts.
Target market examples

Men who like to go fishing

and live in Alabama,
Tennessee, or Georgia
and make at least $60,000
per year
Target market examples

Women between the ages

of 25 and 65 who live
within 30 miles of Decatur,
Alabama
Target market examples

Small businesses with at

least 5 employees and
revenue of at least
$500,000 per year
Target market examples

The HR Directors at major

industries in Decatur such
as BP and 3M
Target market examples

Government Contractors
in Huntsville
Understand the value and potential
of each of your Target Markets.
Which are the easiest to sell to?
Which are the most profitable?
Prioritize your target markets

1 2 3 4 5

What resources should you put into servicing or

growing each target market?
Establishing target markets
is the most efficient way
to maximize your
sales and marketing.
 Define your services &
message for each market

Should your services be packaged or marketed a bit

differently for different markets?
 Do this in Excel
AUDIENCE PRODUCT/SERVICE MESSAGE
General Business Branding, print We can help you be
design, web design, more strategic with
marketing & social your marketing so
media consulting your business grows
Economic & Web design, retail We can help your
Community recruitment guides, community attract
Development presentation the attention of site
Organizations materials selectors and
retailers
Existing Customers All services – with a Don’t forget we can
focus on new help you with a wide
services range of services

…and the …and the

List each
service/product you message you
Audience…
want to provide each want to tell each
 Next, determine the best way to reach each market

AUDIENCE PRODUCT/SERVICE MESSAGE BEST WAY TO REACH

General Business Branding, print We can help you be Networking, public
design, web design, more strategic with speaking, sales reps,
marketing & social your marketing so referral program,
media consulting you get results social media
Economic & Web design, retail We can help your Industry Tradeshows,
Community recruitment guides, community attract sponsorships,
Development presentation the attention of site referral program, e-
Organizations materials selectors and newsletters, blog
retailers
Existing Customers All services – with a Don’t forget we can Social media, Direct
focus on new help you with a wide mail, referral
services range of services programs, e-
newsletters, calls

…and the …and the …and the

List each
service/product you message you best ways to
Audience…
want to provide each want to tell each reach each
 Research your options
 Are there industry associations that allow
networking, tradeshows or advertising?
 What local events do women go to and
what local groups do they belong to?
 What magazines or newspapers do my
customers read?
 What websites do my customers visit?
 How do you choose?
 What can you afford?
 Spread out your visibility over time
 What can you consistently deliver? Is a
monthly e-newsletter realistic?
 Biggest rule: Have a presence in as
many places as possible within your
budget: a small ad four times is better than
a big ad once
Develop your 12 month plan and budget
Do date/pricing research for print ads, events. Then plug in around those.
Develop your 12 month plan and budget
Do date/pricing research for print ads, events. Then plug in around those.
 Build in Structure and
Accountability with Monthly
Marketing Meetings
 What happened last month? Did it yield results?
Should we do anything different?
 What is coming up? What do we need to
prepare?
 Anything anyone is seeing in the industry as an
opportunity or threat?
 Any customer feedback on products or services?
How I identified my
target markets

- then and now -

What We’ll Cover Today
Understanding your market

Analyzing your competitors

Defining target markets

Pricing strategies

Positioning
 Factors to consider
 Amount of competition
 Typical price ranges for your industry
 Cost of your materials or supplies
 Lower overhead as a startup could enable
lower penetration pricing to gain market
share, or keep pricing competitive and
build more revenue to finance growth
 What goes into cost model

Direct labor Direct Materials

What the
market will
bear

Factory Overhead Sales, General, Admin

 2006 – How I did it then
 I knew most industry pricing
 I belonged to an industry that provided
annual pricing surveys by market size and
size of agency
 I knew what the market would bear
 I used standard pricing out the gate for
design, penetration pricing for web.
 2016 – How I do it now
All of the above plus

 Direct analysis of all rates and pricing

based on current data
 Adjustments based on internal analysis of
profitability by service and industry + what
the market will bear
What We’ll Cover Today
Understanding your market

Analyzing your competitors

Defining target markets

Pricing strategies

Positioning
How can you differentiate to stand
out in your markets?
 Define your brand identity. Get
beyond your services list to what
makes you different – an elevator
pitch could capture this.
 Focus on talking about WHY
you are a better choice
 We can help you grow your business
 We can help you streamline operations
 We can help you expand your capabilities
 We can help you make better products
 We have the best customer service
 We have the most experience
 We have the lowest price (be careful with this)
 We are local
 Factors to consider
• strengths • experience
• competitor • customer
weaknesses service
• innovation • reliability
• target market • customer
• price feedback
• Industry trends • sales requests
 How I did it

2006 - 2009/10 - 2016

Positioning needs to be
revisited regularly!
 Customer
Rule #1: Surveys

Regularly Social Industry

Media Sources
pulse your
company with RESEARCH
market
research – Google Competitor
Research Research
PAY
ATTENTION! Internal
Data
 Rule #2: Customer
Surveys

ADAPT
QUICKLY! Social
Media
Industry
Sources

• New services
RESEARCH
• New products
• New marketing Google Competitor
Research Research
strategy
• New positioning
Internal
statements Data
 Bottom Line:
You don’t have to be perfect.
You just have to be better
than your competitors.
 Download this presentation at
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