Making the right decisions today to positively impact your business tomorrow has never been more challenging. When you establish a customer-driven understanding of your marketplace through market landscape research, you can develop a roadmap that will help you focus on which directions offer the greatest future potential for success, and which navigation tools are required to help you achieve that success.
Our clients find a market landscape study can more effectively drive successful new market entries, better position product restages, and more accurately target under-served areas of the marketplace.
Achieving a meaningful landscape assessment centers on two key principles:
1. Start by listening those who make purchase decisions in that market
2. From their point of view, identify your opportunities for growth within the existing competitive environment.
Through decades of experience with industry leaders, Radius has developed 6 key steps which, if taken in a systematic manner, will provide you with critical insights into your marketplace; allowing you to optimize your resources around who to target, what offerings will motivate them, where to reach them, how to talk to them, and how to out-maneuver major competitors when pursuing them.
So, what are these key steps?
1. Start by understanding the competitive landscape, according to the buyer’s perspective. By knowing how decision makers ‘organize’ the market, that is, the products or services they consider substitutable for one another, and which are not interchangeable, we identify our closest competitors. The criteria decision makers use to organize the market gives us an understanding of what distinctions they make between products. With this step completed, we are now clear on who your closest competitors are and, how offerings are differentiated within the marketplace.
2. Evaluate yourself relative to your close in competitors. Now that we know with whom you compete, we evaluate your strengths and weaknesses in relation to your closest competitors. This allows us to identify where you have a competitive advantage and what potential barriers you may need to overcome to strengthen your position.
3. Identify areas of opportunity. A further assessment of the landscape is made to understand areas where you are not competing in a meaningful way with your existing offerings. This will illuminate where you are perceived to have no real entries in a particular space in the market, where buyers perceive weak competitive entrenchment across the board, and/or where a sizable proportion of your market is displaying interest and involvement with an under serviced area.
4. Assess your potential to develop products to meet these needs. The focus here is on identifying which benefits/needs are not being delivered by current offerings in an opportunity area of the marketplace. With this we’ll highlight those strengths that your brand’s equity embody that could be utilized to capitalize on areas of opportunity.
5. Identify your Target audience. With opportunity areas defined and strategies for capitalizing on these areas identified, here we’ll profile those decision makers who are most engaged with/interested in key areas of the market. This will allow you to target the right people and reach them where they are most likely be near you.
6. Determine what to say. To accomplish this final step we recommend including attributes in our assessment that articulate the benefits of the products/services in your category. Using these we can determine which communication points and messages resonate among the target audience we’ve identified above. The attributes that differentiate the various offerings within a group will guide us to a messaging strategy that distinguishes how you are perceived in this space.
Following these 6 steps will help you…
· Focus clearly on real opportunities
· Identify paths to capitalizing on these opportunities
· Establish a vision for attracting your target
Contact us if you’d like to learn more about how a market landscape study can fit with your long-term business planning.