Market Exploration

How do you develop and define target markets?

What are hot industry trends in a market?

What opportunities potentially exist in the marketplace?

Sometimes it’s easier to expand into new markets with your current product or service portfolio than to develop new products. MarketVibes can guide you to assess a new market or category for your company products or services.

Learnings

• Identify new marketplace opportunities for competitive advantages.
• Understand a new market you wish to consider to assess its fit for your products / services.
• What are their wants and needs, and more importantly, what unmet needs exist today?
• Understand how you can best succeed in a new market.

Possible Methods

Secondary Research – Assumptions can lead to inaccurate business decisions.  Our clients often ask us to conduct Secondary Research as an initial step for a new market or category.  This type of information gathering can be helpful in understanding information readily available on the new market, products / services currently canvassing the market, trends driving the market, competitive players, and so on.  This type of information is a critical first step!

Qualitative Methods via Focus Groups, Triads or One-on-One’s – Discussions often help explore customer language, market hypothesis, behaviors and attitudes in an effort to understand the new market or category.

MarketVibes Contributions + Successes

MarketVibes has assisted several companies in understanding a new market or category.  We have helped a variety of companies in industries such as nutrition / healthy living, office furniture, residential furniture, automotive, consumer electronics, retail, healthcare, among others, to assess a potential new market and determine which markets to pursue or add to their company strategy moving forward.