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:
- Expand into a new market or segment with an existing solution (how much new investment required but no disruptions to the business)
- Expand into new verticals, horizontals, or geographies – how to execute without overinvesting in new resources (cost-effectively)
- Expand cross-sell opportunities to existing clients by adding a new product or with enhancements to the current offering
- Expand by targeting new buyers or personas
- 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