Sustainable growth and sustainability cannot be assured in today's market world. Technological innovation has shortened the product and service life cycle, modified market models and brought new entrants to the industry. This constant uncertainty means that new business opportunities need to be sought.
What is Market Opportunity Analysis?
A marketing analysis method for determining and capturing commercial appeal. It is part of the strategic planning or business planning process, and you'll need to study the competition and figure out potential profits and revenues before launching new goods or services. The projected demand for goods or services is one of the most critical variables considered and measured in market opportunity evaluation.
The most attractive market segmentation, opportunity growth rate, competitor and gap analysis, and what are the main points of sustainable differentiation are some of the interesting questions that people aim to address by market opportunity analysis. People want to figure out how to get into the competition and what the biggest parameters are.
How to Perform Market Opportunity Analysis?
You can perform a market opportunity analysis in two parts: (1) evaluate the market opportunities, (2) to determine the market attractiveness and the probability of success.
To Evaluate the Market opportunities:
First, in order to help you identify opportunities, you need to establish a framework. To achieve this goal, we must consider the management of the organization as well as the resources, effectiveness and capabilities of the company.
If the business priorities and areas of expertise are well understood, the next step is to analyze the industry to determine customer needs and how to meet the current business needs.
In order to determine the market outlook, the entire business model needs to be analyzed by defining customers and enterprises and other considerations, including brand value proposals, direct and indirect competitors, supply chains, current legislation and the overall environment.
To Determine the Market Attractiveness and Probability of Success
Can the added value provided convince the target customers?
Can we reach the target market through cost-effective media and market channels?
Can the processed resources and capabilities deliver added value?
Are these values better than competitors?
Will it succeed
Market Opportunity Analysis Template
Here is a Market Opportunity Analysis template created with Visual Paradigm's online strategic analysis tool. You can customize this template by modifying the text, color and font, and use it in your presentations and reports.
