The process of researching a market in order to build a solid understanding of the current landscape, market analysis is essential to success in business. That’s according to Jeff Nock, a management consultant in Iowa City, Iowa, as he reveals more about the process.
“Any successful company or brand must have a rock-solid understanding of the landscape in which they’re doing business,” suggests Nock, founder of Prescient Consulting, LLC, based in Iowa City, Iowa.
The same companies and brands, he says, must also maintain an up-to-date analytical look at both their customers and competitors. “Successful market analysis processes allow brands and businesses to fully understand and appreciate both the opportunities and threats facing them,” explains Nock, “and how their customers and the competition are likely to respond or react to the products or services which they’re offering.”
Market analysis is defined as the study of the attractiveness and the dynamics of a particular market within a particular industry. Through such studies, the strengths, weaknesses, opportunities, and threats of a company or brand can be identified. Accordingly, appropriate business strategies can then be put in place.
The market analysis process, according to management consultant Jeff Nock, often addresses inventory, the purchase of stock, workforce expansion, workforce contraction, facility expansion, promotional activities, and the purchase of capital equipment, among various other key factors.
“From in-depth research deep dives employing a team of specialized professionals to more simple approaches utilizing more freely available data, the market analysis process can range hugely in scope and scale,” reveals the specialist.
In any instance, however, market analysis should, he says, always touch on a number of key points.
These, Nock advises, should include market size, competitive analysis, market growth analysis, market trends, market profitability, segmentation and demographics, and success factors. “Where appropriate, distribution channels should also be explored,” he adds.
According to Jeff Nock, market analysis should precede and ultimately underpin any successful business plan.
Without a crystal clear understanding of the market, Iowa businessman Nock says it’s impossible to plan how best to tackle the competition and reach potential customers. The most successful market analysis studies, he suggests, should also seek to consider a mix of both primary and secondary sources.
“The broader a business or brand’s mix of sources,” the expert adds, wrapping up, “the more reliable and detailed an understanding they’ll be able to build up via their market analysis efforts.”
Based in Iowa City, Iowa, founder and CEO of Prescient Consulting, LLC Jeff Nock boasts a demonstrated history of growing nonprofit organizations, startups, and established companies alike. Skilled in business and strategic planning, sales, marketing, and leadership development, now-established Iowa resident Nock also holds a master’s degree in management from Colorado’s Regis University and is a specialist in helping companies achieve their growth goals.