Market Opportunity Analysis: 5 Things to Consider for Future Scalability
LONDON: Infiniti, a leading market intelligence solution provider, has announced the release of their new storyboard on market opportunity analysis and on how it has helped organizations meet their growth objectives by collaboratively transforming market information into a business advantage. With constant changes in market dynamics and policies, keeping up with the developments in the industry and exploring new opportunities have become crucial for businesses. While it’s tempting to rush to the market to transform your great business idea into a reality, the inability to carry out an effective analysis of market research opportunities can doom your business. Investing in a research campaign can easily help identify tweaks that might be needed for your product or service, saving time and money.
Keeping your finger on the pulse of your market will help you maintain a proactive approach and successfully outgrow your competitors by discovering new ways to expand reach outside your core business.
By leveraging market opportunity analysis, companies can gain a competitive edge over their direct and indirect competitors. Infiniti’s solutions for market opportunity analysis have helped companies evaluate potential barriers to market entry, analyze distribution channels, and assess markets’ willingness for new offerings. To help companies understand how we can help evaluate marketing opportunities, we have collated some of our recent success stories on market opportunity analysis and have also highlighted ways in which our market opportunity analysis framework has helped businesses become market leaders.
#1: Elevating sales and productivity with market opportunity analysis: Crippled by the lack of capital resources, expertise, and support necessary to assess marketing opportunities, a large conglomerate approached Infiniti Research to improve customer service and increase the performance of its marketing campaigns. With the aid of Infiniti’s market experts, the client was able to boost sales and expand their market reach to new, profitable market segments.
#2: Wondering what your customers really want?: If you’re still waiting to make a start to your business plans and determine your target customers, here is a step-by-step guide to conducting a comprehensive market opportunity research. Finding opportunities in a market isn’t a difficult task, but companies need to follow a certain procedure to ensure the accuracy of the information collated. Do it right and you’ll be surprised at what customer needs are currently unmet and how you can boost profitability through a scrupulous market opportunity assessment.
#3: Identify the path to rapid growth and expansion with market opportunity analysis: Recently, a major gourmet food company faced issues in terms of stagnant market growth and rising competition from new market players. They wanted to evaluate marketing opportunities in the industry. By recognizing the need for an innovative approach, the company partnered with Infiniti Research to identify potential areas for innovation with market opportunity analysis. This solution offered helped them to spread their business operations to new and niche market segments.
#4: Market positioning and perception analysis for new drugs: New products represent 27% of sales across all industries. It should, therefore, come as no surprise that businesses invest extensively in forecasting the lifecycles of their products. An international pharmaceutical major wanted to gain an in-depth understanding of the perceptions and market positioning of their new drug across target regions. Our market researchers equipped the company with qualitative and quantitative market opportunity insights to help spur sales, take better decisions, and identify new market opportunities.
#5: How to find the business opportunity that is right for you? : Entrepreneurs go through various dilemmas when they want to introduce a new product or service in a market. Should they offer products based on an unmet need or should they select an existing product or service from the market and offer it in another space? Well, this is where the real importance of market opportunity analysis comes to the fore. Infiniti’s market opportunity analysis helps frame winning business strategies and allows businesses to flourish in a market that is extremely competitive.
#6: Business streamlining for greater profitability: How do you make sure you are selling to the right people? Well, you need to clearly define your target market and evaluate marketing opportunities. But, do you still wonder if selling to the target market will have a two-fold effect on your business? If yes, read our success story on how we helped our client devise effective go-to-market strategies for the heavy machinery equipment market. Infiniti’s market opportunity research solutions offer accurate insights into target markets and helps identify customers’ needs to design and deliver products that will boost customer satisfaction levels.
#7: Crafting a bespoke experience for an automobile spare parts manufacturing company: While running towards a final goal is great, understanding, if you are on the right path along the way, is just as important! Our solutions for market opportunity analysis have made it possible for one of the leading automotive manufacturers to assessing the sales potential of their newly introduced automobile components. With an in-depth market opportunity assessment, the client was in a better position to market their products and drastically reduce time to market to drive higher sales per product.
#8: Medical devices startup meets their business goals: Infiniti’s market opportunity analysis helped a healthcare company to identify market entry barriers, market requirements, and gain a stronger foothold in the new geographical segment. Read this success story to know how the medical devices manufacturer was able to expand their business by gauging the growth potential of emerging markets in the Asia Pacific region with market opportunity analysis.
#9: Improving time to market for the consumer packaging market: With new trends influencing the packaging market, companies have been forced to make changes that will have a significant impact on their overall business value. By partnering with Infiniti Research, the client wanted to leverage market opportunity analysis to identify alternatives to improve their market share, which subsequently helped in better market positioning.
#10: Freight provider transforms its entire business system: Infiniti’s market opportunity solutions helped the client to identify potential areas to promote their services. The market opportunity solution also helped the firm in determining the market trends to evaluate their market saturation and penetration levels.
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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.