Market Analysis is important for 4 compelling reasons

  • How competitive is the market landscape?
  • Who are our actual customers?
  • Is it risky to enter a particular market?
  • How successful has our branding strategy been?

What is market analysis?

1. It provides you with a map

2. Puts the customers at the centre of your planning

3. Market Analysis also looks inward

4. What’s your USP?

  • Product Intelligence — Some differentiate themselves by claiming to be as the highest quality product on the market. Others focus on ease of use, accessibility and availability. A BMW 5 series and a Renault Clio do the same thing, but they attract different customers.
  • Brand — How does your brand differentiate you from the competition? Does your brand resonate with the consumers you want to attract? What’s the story about your brand?
  • Audience — Some products and services can be focused on specific types of people. A particular group, type of person or age group. Like organic or vegan food you will find customers are often willing to pay more for your product for the experience.
  • Service — Some differentiate themselves by their service offering. It is usually associated with exceptional customer service. First Direct bank in the UK is an excellent example of this exceptional customer service. They are owned by HSBC who offer a more standard service but differentiate themselves differently. Any idea of how HSBC differentiate themselves? Let us know what you think.
  • Price — When it comes to price, there are two apparent differentiators here positioning themselves as the most affordable or the most expensive.In the UK supermarket sector, even though the lines are getting a little more blurred the supermarkets Aldi versus Waitrose immediately springs to mind.

In summary

About Octopus Intelligence

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