Market Research & Analysis – Identifying New Business Growth Opportunities

If you are looking to expand your market share then you need to identify new and untapped areas for growth.  You will need to do a deep-dive via a Market Analysis to research and identify untapped and upside sales opportunities to grow revenue and expand market share faster such as:

  1. Expand into a new market or segment with an existing solution (how much new investment required but no disruptions to the business)
  2. Expand into new verticals, horizontals, or geographies – how to execute without overinvesting in new resources (cost-effectively)
  3. Expand cross-sell opportunities to existing clients by adding a new product or with enhancements to the current offering
  4. Expand by targeting new buyers or personas
  5. Optimize selling efficiency and effectiveness to compete better in the industry with an existing product

Identifying these untapped and upside opportunities requires a comprehensive “greenfields market research” (i.e. greenfields because it lacks any imposed constraints).

Here is an outline what you will needed for a greenfields market analysis.

  • Market Size
  • Market Growth
  • Market Trends
  • Market Risks
  • Market Segments /Segmentation Analysis
  • Financials & Comparables Analysis of the Market Players
  • Industry Economics – cost structure and profitability (also financials & data analyzed in Excel)
  • Notable Untapped Market Opportunities
  • Analysis of the “A” or Ideal types of Accounts/Companies and Target Buyer Profiles – the “Who”
  • Competitive Analysis – analyze the competitors and apply the SWOT Analysis to the top ones
  • Successful Business Models, Differentiation Strategies and Go-to-Market Strategies
  • Successful sales strategies, distribution channels, emerging new channels and buying trends
  • Successful marketing strategies
  • Technological progress and trends – and for product-led companies like SaaS, assess where the offering fits on the Product Diffusion Curve
  • Overall success factors of top industry players
  • Porter’s five forces – specifically start to assess the threats and barriers to new entrants and the level of rivalry in the industry