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Market analysis
- 2. !
“A goal without a plan is useless.” —Antoine de Saint-Exupery!
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- 3. 4 LEARNING
OBJECTIVES
1. what is market analysis
2. how to do a market analysis
3. applying it to your business strategy
4. tips
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- 4. © MB Piland Advertising + Marketing. All rights reserved.
MARKET
ANALYSIS
WHAT IS IT?
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geography
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economy
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people
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DEMOGRAPHICS
age!
gender!
ethnicity!
HHI!
education!
marital status!
occupation
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PSYCHOGRAPHICS
habits!
interests!
wants/needs!
attitudes!
barriers
- 13. “Keep your friends close and your enemies closer. “!
“My own business bores me to death; I prefer other
people’s.” —Oscar Wilde, Lady Windemere’s Fan!
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COMPETITION
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competition
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HOW-TO
DO YOUR OWN
MARKET ANALYSIS
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quantitative vs. qualitative
INTELLIGENCE
GATHERING
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INTELLIGENCE
GATHERING
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telephone directories
association/trade group databases
and research
catalogs
real estate reports
internet searches
surveys
Get creative!
INTELLIGENCE
GATHERING
- 23. “Designing your product for monetization first and people second will
probably leave you with neither.” —Tara Hunt!
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interviews
intercepts
observation
focus groups
yelp, Angie’s list, etc.
social media mining
INTELLIGENCE
GATHERING
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CRAFTING
STRATEGYPRACTICAL
APPLICATIONS
- 27. !
“Drive thy business or it will drive thee.” —Benjamin Franklin!
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PUTTING IT
TOGETHER
PRICING
PEOPLE
TRENDS
THE SWEET SPOT!
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PRICING:
what do prospects currently pay for
similar products/services?
what do key competitors charge?
what do you need to charge to break
even, to make a profit?
PUTTING IT
TOGETHER
- 30. © MB Piland Advertising + Marketing. All rights reserved.
BEST PROSPECTS:
where do they live?
where do they work?
where do they play?
which media do they consume?
where does media intersect in your
product/service buying cycle?
PUTTING IT
TOGETHER
- 34. !
“There’s no business like show business, but there are several
businesses like accounting.” —David Letterman!
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DOs AND
DON’TsPRACTICAL TIPS
AND RESOURCES
- 37. !
“In the business world, the rearview mirror is always clearer than the
windshield.” —Warren Buffet!
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- 38. © MB Piland Advertising + Marketing. All rights reserved.
DOs:
Review
Update/modify
Talk to customers/prospects
Listen to employees, suppliers, reps
Read
Network
!
The market is always changing; you’re
never done
TIPS
- 39. © MB Piland Advertising + Marketing. All rights reserved.
DON’T:
!
Rely on only one source !
Only listen to “the choir”!
Get too comfortable!
Rely solely on “facts” from wikipedia!
TIPS
- 41. Don’t just talk—listen, too
!
It’s not all about you—it’s a relationship:
conversation and building community
WEB+
SOCIAL
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- 42. !
“The big secret in life is that there is no big secret. Whatever your
goal, you can get there if you’re willing to work.” —Oprah Winfrey!
© MB Piland Advertising + Marketing. All rights reserved.