Where Did My Market and Customers Go?

Have you found that the Recession has changed a few things? You might have found it's had a rather profound impact on your marketplace and your customer base. So how can you identify where your industry is now and what your customers are likely to do next?

Macro reports are market research reports, which provide you with information about the wider environment within which you operate, relating to your industry. You are likely to find it brimming with useful information and intelligence on your category, the competition, your customer and developing trends, with very little upfront outlay.

Macro market reports are just one of the low cost tools at a business’ disposal for up to date market context and insight. They provide many useful details including:

·             Size of the market; so you understand the size of your potential sales opportunities;

·             Size of the industry; so you can decide on the % market share that you want to aim for

·             Trends in the sector; so you know which of your products and services are relevant to drop or promote

·             Details on key players; so you can determine how you want to position your business in the marketplace, know who your competitors are, clarify how your brand differentiates you, what you what to be seen to stand for, and who your target customers might be

·             And even identify new opportunities for innovation, which you can lead.

Furthermore, these reports provide solid, factual market figures which can provide a good rationale and background for wider business plans. For instance, the information provides good input into a SWOT analysis which in turn, provides a corner stone for future strategic planning. 

So for a low cost, high return investment, don't you think it's time to understand your market place a little better? 

Richard Wood, Insights & Intelligence Officer, Enterprise Marketing Solutions T: 01296 584834.