Market Opportunity Analysis: 5 Things to Consider for Future Scalability
Expansion is the sign of a healthy business. And with the aid of market intelligence services, business expansion is no longer a distant dream for emerging companies.
Recruiting more staff, expanding into new markets, and building industry reputation are all exciting developments that come with growth. But in today’s competitive market space, growing businesses face a host of different challenges. As the company grows, business leaders start realizing that there is no “one size that fits all” approach – every new opportunity and problem will eventually start demanding different solutions. What worked a year back may not work this year and may not be the best approach. Identifying and mitigating challenges associated with market entry is essential if the business is to survive. Effective leadership will help business leaders make the most of existing opportunities but leveraging market intelligence services can unlock the doors to a lucrative new market segment.
With the rising pressure to sustain profitability and brand image in the market, companies have started facing the need to outpace their opponents when it comes to retaining and acquiring new customers. There’s nothing more depressing to the stakeholders than slow sales or high competition. Companies of today need to be on their toes and constantly think about ways to attract, serve, and retain their customers. Consumers change with every generation and companies need to be agile enough to serve the market as it stands in any given year. Whether you’re in the healthcare, automotive, manufacturing, or retail industry, market intelligence services are still essential for survival. With that being said, let’s take a look at what is market intelligence below and how it can take your business to the next level. (more…)
Business growth strategies include the evaluation and assessment of new markets and products lines or suggesting new ways to reach existing markets and better meet the needs of customers. In today’s business environment, sustaining growth is a major challenge for companies. Scientific and technological advances shorten the life cycle of products and services, changing business models and giving the scope to new competitors to enter the market. This constant instability makes it important for every market player to seek new business opportunities. But the question that arises here is how to do market opportunity analysis in such conditions?
The first thing you need to do is, define a framework to help search for opportunities. To do this, it is important to understand the business direction of your company and to have knowledge of the strengths, resources, and capabilities of your company. Once you develop a comprehensive understanding of your company goals and areas of expertise, the next step involves analyzing the market and assessing the needs of your customers and how they are being met by companies. For an effective market opportunity analysis, it is necessary to evaluate the business model as a whole by identifying customers and companies and other factors such as direct and indirect competitors, brand value propositions, existing regulations, supply chains, and the general business environment. In this article, we have examined how to analyze these factors in detail:
Today, in this competitive business environment, constant growth and profitability are never a guarantee. With advancements in technology, life cycles of products and services keep shortening. Additionally, business models keep changing and new competitors enter from various industries. This persistent instability makes it very crucial for businesses to seek new market opportunities to grow and stay ahead of the competition. It is in this context that the real importance of market opportunity analysis comes into the picture. It helps businesses to examine various factors like direct and indirect competitors, brand value propositions, existing regulations, supply chains, and the general business environment. All these factors help frame winning business strategies and allow your business to flourish positively amidst the competitive environment.
With the help of the market analysts at Infiniti, we have highlighted a few reasons why market opportunity analysis is important for any business. But before delving into those factors, let’s understand a bit about market opportunity analysis in simple terms.
What is a Market Opportunity Analysis?
Market opportunity analysis is a tool to determine and access the desirability of a business opportunity. It forms a portion of the business strategy; wherein, before launching a new product or service, the market is analyzed to identify the anticipated revenues and profits from it. Forecasted demand is one of the most important factors that should be considered and analyzed during opportunity analysis. There are a few important questions that can be answered through this analysis. Therefore, these questions must be considered by businesses that perform market opportunity analysis:
- What are the most profitable segments of the market?
- What is the rate at which the opportunity is growing?
- What do competitor and gap analysis mean?
- What are the major sustainable differentiation points?
Why Market Opportunity Analysis is Important?
#1. Market opportunity analysis helps identify the needs of the customers and accordingly plan, design, and deliver the products or services to derive customer satisfaction.
#2. It helps the company to stay ahead of the competition due to the introduction of customer-oriented products.
#3. It also allows the firm to make optimum use of resources.
#4. It helps the business to accomplish goals like profit margin improvements and market share etc.
#5. It also enables an organization to extend and spread its business in new as well as existing markets.
To know more about how market opportunity analysis can aid in business growth
Perhaps the most important challenge faced by oral care products manufacturers is acquiring new customers. This outdoes the common thought that new customers lead to a growth in business, which, ultimately, is a good thing. A strong business growth is only a fraction of this issue. What is really at stake here is acquiring new customers within an overwhelmingly competitive market. Additionally, with all these realities, oral care products manufacturers believe finding and procuring new customers is something they can easily do with little effort. Regrettably, this can be one of the most difficult and frustrating tasks of growing a practice.
- The client: A leading oral care products manufacturer
An American multinational consumer goods corporation headquartered in Ohio, United States approached Infiniti to conduct a market opportunity assessment. The oral care products manufacturer was facing predicaments in profiling the competitors and reaching out to the potential market segments. The client also wanted to devise actionable strategies that would help them pursue new product spaces; thereby, expanding into new market segments. As a result, the client wanted to seek ways to understand the competitive landscape and carry out a robust SWOT analysis to improve their growth trajectory.
How Can Market Opportunity Engagement Help Oral Care Products Manufacturers?
Market opportunity solutions provide a holistic interpretation of the market in terms of the opportunities and risks and help organizations stay relevant in the competition. These solutions also help oral care products manufacturers in identifying new targets, realizing the competitive advantages, decision making, and help discover unmet customer needs. Furthermore, Infiniti’s market opportunity solutions deliver valuable insights into the oral care products market in terms of the competitors, market sizing, growth projections, and barriers to entry.
Summary of our market opportunity solution
The market opportunity solution experts at Infiniti Research followed a sophisticated assessment method, which involved considering various factors like customer requirements, technological advancements, geographical target regions, and future enhancement possibilities in the oral care products market. To further understand customer requirements, the experts compiled information across a wide array of proprietary sources.
The Solution Benefits and the Business Impact
Infiniti’s market opportunity solution helped the oral care products manufacturer identify opportunities to capture more value while adequately managing their market investments. The manufacturer also unraveled enterprise demand and competitive maneuverings and expanded their product offerings across niche market segments. Furthermore, the client devised better strategies to address the future needs of the customers in the oral care products market.
The Future of Oral Care
Managing customer attitudes has been one of the constant challenges faced by oral care products manufactures. As a result, oral care products manufacturers are trying to bring about positive experiences and change customer opinions by actively communicating with them and giving detailed information about the products and its benefits. Additionally, aesthetics and value for money oral care products are expected to become even more of a focal point for customers in the coming years.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the oral health care space
According to an industry expert at Infiniti Research “The heavy machinery equipment industry is a classic example of a cyclical market, with pronounced ups and downs and the potential for significant year-to-year swings in demand.” Click To Tweet
One of the biggest challenges heavy machinery equipment manufacturers face today is determining how best to implement Internet of Things (IoT) to achieve operational goals such as improving efficiency, reducing costs, increasing safety, supporting compliance, and stimulating product innovation. Additionally, groundbreaking technological advancements are propelling heavy machinery equipment manufacturing into a new age of automation. Machine learning, robotics, and artificial intelligence are poised to disrupt the industry in the years to come, and the continuous evolution of these technologies will shape manufacturing’s long-term future. Moreover, the primary challenge for heavy machinery equipment manufacturers is to decide what to automate and what not to automate in order to obtain the best value.
- The client: A heavy machinery equipment manufacturer
The client – an American worldwide manufacturer of heavy machinery equipment for a variety of industries including quarrying, recycling, construction, infrastructure, shipping, transportation, refining, energy, mining, and utilities. The client approached Infiniti to conduct a market opportunity analysis as they were facing predicaments in understanding the pain points and unmet needs in the North American market. Additionally, the client wanted to evaluate the market landscape in terms of the competitors, their current offerings, and accordingly devise effective go-to-market strategies to effectively reach out to their new potential target segments.
How Can Market Opportunity Analysis Help Heavy Machinery Equipment Manufacturers?
Today, it is indispensable for organizations to understand the competitive landscape and market attractiveness to gain an edge over their peers. Market opportunity analysis helps heavy machinery equipment manufacturers effectively connect products and services with their target customers. Market opportunity engagement also helps organizations comprehend the potential challenges and barriers to entry across niche market segments. Moreover, Infiniti’s market opportunity analysis helps companies gain accurate and actionable data to devise effective go-to-market strategies across the heavy machinery equipment market.
Summary of our market opportunity solution?
To help the client identify potential market opportunities and devise go-to-market strategies, the market opportunity analysis experts at Infiniti followed a sophisticated market analytic approach. The approached involved taking into account various factors like customer requirements, technological advancements, geographical target regions, and future enhancement possibilities in the heavy machinery equipment market.
Solution Benefits and the Business Impact
With the help of Infiniti’s market opportunity analysis, the heavy machinery equipment manufacturer identified the market landscape in terms of the key competitors, market drivers, and trends. The client also validated the potential market opportunities and gained insights on market size estimates. Furthermore, the client gained actionable insights into the existing pain points and unmet needs prevailing in the market.
The heavy machinery equipment industry is confidently looking toward the future and ready to embrace the transition into the digital era, with a stronger-than-ever focus on technology leadership and customer needs. Additionally, the industry will see major agreements, joint ventures, contracts, and partnerships in the near future. These strategies are further expected to aid the heavy machinery equipment manufacturers to create a large customer and partner base.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the heavy machinery equipment market.
Enhanced data-driven services, the use of light-weight materials, and rapid infrastructural developments for electric vehicles are key trends that are expected to impact the growth of the automobile spare parts market. Click To Tweet
Despite the global cooldown of automotive demand, the automobile spare parts market is expected to remain the main engine for volume growth in the auto industry. It is also one of the fastest growing sectors in the world. Factors such as the rising inflation and interest rates are expected to deter the purchase of automobiles, which, in turn, is expected to impact the growth of the global automobile spare parts market.
Though the global auto industry market poses a grim picture in terms of growth, it has a silver lining- with strategic planning and implementation of enhanced business plans, manufacturers and dealers of automobile spare parts can turn this scenario into a pool of new opportunities. However, to make the most of market opportunities it is essential to realign the business strategies and conceptualize ideas, which can bring about major disruptions in the market.
The Business Challenge
- The client: An automobile spare parts manufacturing company
To gauge the sales potential of their newly introduced automobile spare parts, a leading automobile spare parts manufacturing company approached Infiniti to help them conduct an in-depth market opportunity assessment. The client wanted to devise effective strategies to better position their products in the market and to closely track performance. They also wanted to identify bottlenecks, gauge the attractiveness of newer markets, and understand the growth potential of each new market segment.
How Can Market Opportunity Assessment Help the Auto Industry?
The relentless pressure to stay relevant in an accelerating marketplace makes it a necessity for auto industry players to invest in market opportunity assessments before entering newer market segments. To be successful and establish themselves in any new market, organizations have to adopt specific go-to-market strategies and business plans. Infiniti’s market opportunity solutions are designed to offer a comprehensive view encompassing every aspect of the market. It also assists them to stay aware of the market opportunities and challenges.
Summary of our market opportunity assessment
The solutions offered by Infiniti’s market opportunity experts helped the automobile spare parts manufacturer to gain a detailed industry outlook. It also offered relevant market information to gauge the sales potential of the newly launched spare parts.
Furthermore, to help the client gauge the market potential, the market experts at Infiniti conducted a detailed market opportunity assessment to devise executable strategies and achieve their goals in the target segments. The comprehensive approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the auto industry.
Solution Benefits and the Business Impact
With the help of Infiniti’s market opportunity solutions, the automobile spare parts manufacturer was able to enhance their overall growth strategies through systematic expansion into complementary product categories within the auto industry. They were also able to conduct an in-depth market opportunity assessment to identify the market potential for their product offerings.
With rapid transformations taking place in the global automobile landscape, it might be difficult for automobile spare parts manufacturers to stay abreast of the industry trends to gauge the attractiveness of their product offerings in different market segments. This, in turn, has increased the global competition and is forcing auto industry players to devise precise business strategies to drive growth in newer segments.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the auto industry.
The complexities of software and applications are increasing and there is a growing need for third-party integration. Additionally, testing is required on a constant basis, which might reach a dead point if automation is not implemented. Also, there is no scope for any error during testing and after the application is launched.
Furthermore, various devices and screen dimensions are rapidly altering. This has resulted in snags while testing and developing applications with the right dimensions. Such complexities are expected to increase in the future, and testers will have to find ways to get through these issues and build responsive web and mobile applications.
- The client: Software testing tools manufacturer
A renowned software testing tools manufacturer based out of the United States with a huge global reach was facing predicaments profiling the target customers and setting sales projections. The client also wanted to evaluate their key value proposition and gain a better outlook of the software testing tools market. With the help of market opportunity assessment, the client wanted to analyze the impact of new disruptive technologies in the market and find best possible ways to acquire potential customers.
How Can Market Opportunity Engagement Help Software Testing Tools Manufacturers
Market opportunity engagement can help organizations determine potential market opportunities and evaluate the unmet needs of the customers. Also, companies in the software testing tools market can efficiently monitor their competitive advantage and allocate adequate resources. Infiniti’s market opportunity assessment helps businesses evaluate the business environment in terms of the compliance and legal issues, economic conditions, and latest market trends. Furthermore, businesses can analyze the key competitors and create a new market profile to understand the different product and service attributes and its effect on the customer’s decision-making process.
Summary of our market opportunity solution
Infiniti’s market opportunity assessment experts carried out extensive research comprising quantitative and qualitative research with the leading stakeholders in the software testing tools manufacturing space to help the client identify potential opportunities. The experts also compiled information from a wide array of proprietary sources such as company presentations, paid industry databases, and industry forums to help the client discover better marketing practices.
The Solution Benefits and the Business Impact
With the help of Infiniti’s market opportunity engagement, the leading software testing tools manufacturer was able to expand their customer base and target different customer segments on the basis of their preferences. Furthermore, the engagement also assisted the client in identifying and addressing competitor threats, thereby analyzing potential market opportunities.
Technological advancements in the software testing tools manufacturing industry force the testers to enhance their skills and quality regularly. This is a definite challenge not only for the testers but also for an entire organization to address the advancements and technological updates in the coming months. However, the testing tools market players can knock down these challenges with their innovations and research.