Services

Competitive Market Analysis

A market is the convergence of service and program providers, and the customers benefiting from those activities and events. So a Competitive Market Analysis evaluates all of the factors that influence the interconnectivity of the service providers and customers.

Competitive Market reviews are often described as Business Ecosystem Mapping, where the critical forces within the market are outlined in a flow chart format. This process highlights the movement of revenues, information, interest, and influence among the various market contributors. Successful organizations incorporate Market Analysis and Mapping into developing the strategic plan, establishing the business model, and selecting services and programs to offer.

Developing a Market Analysis program requires research on many of the following market dynamics:

For the Service and Program Providers:

  • Define the various service providers, competitors, types of services and programs offered to the market
  • Pinpoint the “best opportunities” within the market space for acquiring new customers, requesting funding, securing sponsorships, and applying for grants
  • Outline the driving forces for success (whether it is your market reach, membership count, or financial gain), and the barriers or hurdles that prevent achieving the desired level of success
  • Profile the demographic data of your customers and clients (their location, individual income, organizational revenue, areas of employment, job position/responsibility)
  • Research the behavioral tendencies and preferences of customers:
    - How do customers select the services they want to utilize/purchase, or pick the programs they want to attend
    - How do customers assign value to a program. Do they want to hear about broad market trends or interact with market-leaders? Are they interested in discussing the hot new topic or reviewing an emerging market? Would they rather focus on a familiar area of business operation that covers their primary/proven target markets?
    - How do customers prefer to participate/take advantage of the opportunity (live meetings, lecture/panelist formats, small working groups, virtual webcasts, on-line communities)
  • Project the customers capacity to utilize additional services (whether the customer consumes more of the current service offerings, or accepts new services that are not currently offered)
  • Account for the impact of macro-economic trends (economic market conditions, budget constraints, new laws, socio-economic trends and values, demographic shifts, technology trends)

Unfortunately many organizations place the cart before the horse, by first defining a target market and then focusing on just that pre-determined space. However growth-oriented organizations analyze the entire market place, and find the best channel to deliver their services and programs. Those organizations adapt to market realities by changing their internal process or by selecting programs and services that take advantage of the best and/or most attainable opportunities available.

Taking a step back to re-evaluate and switch gears requires a commitment to and appreciation for Market Analysis. The review should be considered a strategic move, and not be seen as a reactionary effort. Many organizations believe that being content with the current status of operation or slate of services and programs supersedes the need to dissect external market dynamics or competition.

Beyond diagnosing the current market landscape, Competitive Market Analysis should factor in projections for future conditions.

  • How will the market continue to change and grow over the next 1-yr, 3-yrs, and 5-yrs
  • Will the market space become more competitive (increasing the price sensitivity of customers) or become more consolidated (as a result of mergers and acquisitions)
  • What will motivate and influence the current customer in the near future
  • Which macro-economic factors and trends will most impact the organization
  • How effectively have you mitigated market risks and competitive threats
  • How well is your organization positioned to grow and adapt to the anticipated changes

VMG Service Offerings
Competitive Market Analysis

VMG is committed to working with organizations to develop a competitive market analysis program that:

  • Conducts an internal review and strategic analysis of the long-term strategic planning, current market positioning, realms of influence, program and service assessment, near-term/adjacent opportunities, and strategic growth into new markets
  • Outlines the key players, competitors, market drivers, barriers to success, macro/external influences, market conditions and trends, and risk assessment
  • Defines your customer segmentation by customer demographic, customer preferences/values, and customer behavior and motivations
  • Utilizes satisfaction surveys and opinion polls
  • Assesses changes in customer expectations