Assessing growth potential in existing or new markets requires some common sense, critical thinking, the right data and solid analysis.
To get started you need to consider if you are asking the right questions when assessing market growth opportunities?
This simple assessment will help a company determine whether to invest time and resources in a new initiative:
• What is the current size of the market?
• What is the potential size of the market?
• How much of the market share do you have now and how much do you want?
• How well does our product fit into the current market?
• Can we create a new market for our product?
• If we are in the market already, what has made us successful and/or what has made us unsuccessful?
• What are the different segments of the market?
• Do we want to compete in all of them or only some of them?
• Who are the competitors in the market and why do customers buy from them?
• What do we need to do to get customers to buy from us?
Understanding the demographics of your customers and the marketplace, having a clear picture of the competitive landscape around you and having insight into current and potential customers are all things you need before you expand.
DMAI Analysts are available to help you gain a strategic perspective on your market. Let us know what we can do to help.