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This post was originally published in May 2019 and has been updated for accuracy and comprehensiveness.
In the last chapter, we discussed how to create buyer personas out of your customer data. By learning how to do a market analysis, we can step back and look at your target market as a whole.
In this chapter, we go over:
Learn how to build a strong brand experience with our downloadable guide.
A market analysis allows you to assess your target market and identify what your marketing messaging should address.
Unlike buyer personas, market analysis identifies key patterns and similarities within your buyers and prospect pool. Based on these call-outs, you can inform your sales and marketing messaging.
Keep in mind that performing a market analysis should not be a one-time process. Every time you launch a new product, test a new market, or even make drastic changes in your sales and marketing strategy, you should perform a market analysis.
The seven steps to performing a market analysis are:
As mentioned earlier, analyzing a market should be a continuous process — not just a one-time process in the early stages of your startup.
Ask yourself: “What does my marketing team want to know from this market analysis?” Some common questions include:
When performing a market analysis, it’s important to keep tabs on your top competitors.
We recommend downloading a few of their marketing assets from different stages of the sales funnel. That way, you get a 360˚ view of how they market their solution to your shared prospects.
During your investigation, ask yourself:
EBQ Hint: You can run your competitors’ domains through SEO tools — like Semrush. Typically, these tools can identify keywords and make educated guesses on who they are targeting.
You should have evaluated your current customers when you researched your buyer personas.
Using these conclusions, start identifying compelling trends and patterns.
For example:
Sometimes, your prospects want to convert but can’t immediately. You need to get a full picture of what external factors are preventing your prospects from converting.
Some common market conditions include:
In our experience, speaking directly to these conditions in your marketing material demonstrates your expertise — thus building trust and credibility within your industry.
Based on your findings so far, you can draw actionable conclusions and summarize your findings.
We recommend looking at both quantitative and qualitative data for the best market overview.
Example: Let’s say you’re launching a CRM for small and medium businesses.
For qualitative data, what are some of the most common pain points within your current customer base?
Once you have gathered those points, start listing how your solution can solve these issues.
Take stock of your current marketing material and ask yourself: “Does this accurately reflect my findings from the most recent market analysis?”
If not, you need to brainstorm ways to better your marketing assets. For example, you can:
As mentioned earlier, it is important to continually do a market analysis and find optimization opportunities. After all, change is the most predictable aspect of any industry landscape.
Without consistent optimization, you risk falling behind your competitors — thus decreasing your perceived relevance and trustworthiness.
Learn how to build a strong brand experience with our downloadable guide.
The seven steps to conducting a market analysis are:
We’ve touched on the importance of continually performing market analysis throughout the entire chapter, but we understand that this is a time-consuming process.
That’s why many business leaders choose to outsource a part of their marketing team. As your internal team conducts market analysis, our team can maintain your content cadence and ensure you stay top-of-mind for your prospects. Visit our Marketing Agency page to learn more about our full-service marketing services.
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