How Well Do You Know Your Competitors? Infiniti Research Reveals Why Competitor Analysis is Vital for Business
LONDON--(BUSINESS WIRE)--Feb 12, 2019--A well-known customer intelligence company, Infiniti Research, has announced the completion of their recent free supplement on market opportunity analysis. This downloadable supplement gives a comprehensive overview of what market opportunity analysis is and the key steps involved in the process.
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Steps involved in market opportunity analysis (Graphic: Business Wire)
Identifying future business opportunities is an integral element of any business plan. The absence of planning for identifying potential market opportunities can only guarantee short-term success for a business. An effective market opportunity analysis helps companies discover unmet customer needs, identify new target markets, and realize their competitive advantage. It also takes into account the company’s financial soundness, available technology, and the financial and competitive readiness to take action.
Steps involved in market opportunity analysis:
Research customers and competition
Customers and competitors must be analyzed at different levels using market research. This helps the company determine if the demand for a product/service is genuine and the feasibility of expanding into a new market. Customers with common characters such as age, gender, education, and income can be grouped together. Furthermore, knowing who the company’s key competitors are and assessing their strengths and weaknesses can also illuminate specific growth strategies.
Gain a top-level view of the market
In today’s dynamic and highly competitive marketplace, assessing the competitors and target competitors are not enough. It is vital for companies to attain a wider understanding of the markets as a whole and determine the potential market success. Doing so gives companies the right insights on the true potential of the market.
Explore adjacent opportunities
Industry experts from Infiniti Research have observed that companies with the most sustained profitable growth are those who use a systematic and disciplined approach to expand the boundaries of their core businesses to adjacent opportunities.
About Infiniti Research
Established in 2003, is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:
View source version on businesswire.com:https://www.businesswire.com/news/home/20190212005667/en/
CONTACT: Infiniti Research
US: +1 844 778 0600
UK: +44 203 893 3400
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING COMMUNICATIONS MARKETING
SOURCE: Infiniti Research
Copyright Business Wire 2019.
PUB: 02/12/2019 06:45 PM/DISC: 02/12/2019 06:45 PM