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Follow these ve steps to evaluate the attractiveness of a new market opportunity and start
prioritizing your business growth initiatives.
Identify consumers segments that share common characteristics such as age, gender, education,
income, occupation, and place of residence, or softer variables such as lifestyle and values. Also
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consider consumer motivation. What "job" is the customer trying to get done? What barriers may be
constraining consumption?
Knowing who your key competitors are and assessing their strengths and weaknesses can also
illuminate speci c growth strategies and ways to di erentiate your products and services.
Otherwise, your organization could be trapped into thinking that a few percentage points
increase is enough, where there is actually much more potential. Market researchers are
experts at providing the overall objective picture and can help you step away from intra-
company thinking.
In a ve-year study, researchers analyzed the growth and performance of 1,850 corporations.
They found that the companies with the most sustained pro table growth had used a
systematic, disciplined approach to expand the boundaries of their core business into an
adjacent space. Some companies expanded from one geographic market to another, while
others applied an existing business model to adjacent segments.
Take Procter & Gamble’s Crest toothpaste brand as an example. In the late 1990s, Crest was
oundering, but Procter & Gamble revitalized the brand by moving into two other categories —
teeth whitening and brushing — with the introduction of Crest Whitestrips and SpinBrush.
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The company used the same channels to reach the same customers with the same marketing
framework and added more than $200 million of new sales for each new brand in one year.
Keeping your nger on the pulse of a market will help you to maintain a proactive approach
and pro tably outgrow your rivals by nding ways to expand outside your core business.
Technological developments
Government regulations
Geopolitical shifts
Economic indicators
Trade policies
Social and cultural norms
As an example, companies in the life science and healthcare sectors currently face a number of
potential disruptors that contribute to ongoing uncertainty, as noted by market research rm
Kalorama Information, including attempts to repeal and replace the A ordable Care Act, health
IT policies, and President Trump’s statements about drug pricing.
Other factors impacting markets include Brexit, rising out-of-pocket spending on healthcare,
and physician shortages. Any new business opportunity in these sectors will need to be
evaluated in the context of these factors and challenges.
“O -the-shelf” reports, such as those available on MarketResearch.com, can supply you with
much of the information you need for a comprehensive understanding of the customer,
competition, industry, and business environment.
In these reports, you’ll nd information on market size, market share, market forecasts,
information on regulations, consumer demographics, and much more. In addition, many
reports explicitly share analysis on key opportunities for future growth, next-generation
product innovation, and emerging marketing strategies.
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If you are researching a niche market that is not covered in a published report, you can also
commission a custom market research project to t your unique speci cations. Our expert
team of in-house analysts regularly assists companies with make-or-break decisions and
initiatives such as new product development, geographic market expansion, mergers and
acquisitions, competitive intelligence, voice of the customer, and strategic planning.
Additional Articles
What Is a Market Analysis?
5 Bene ts of Market Research Reports
Why Market Research Is Important for Strategic Decision Making
"Market Research Doesn't Help" and Other Myths
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