Market opportunity analysis using simple guerrilla research techniques can help you make market decisions quickly.
Because this can be a great starting point in the ‘go’ or ‘no-go’ decision process, use these techniques to help get you started.
Collecting Unbiased Customer Data
First of all, you need to understand that business is a social process. What you need to know is still in people’s minds, rather than published on the web.
Consequently, to do this successfully you will be spending more time dialoguing with people and less time on the internet.
However, you need to allocate a small percentage of your total research time to web searches to develop a baseline understanding of what is already available.
Market Opportunity Analysis: The Internet Part
To begin, establish your beachhead by searching the web for current products and substitutes in the targeted market space. Also, you want to understand marketing and sales channels since they are a key source of competitive advantage.
You can often find summary information by doing these searches.
- ‘financial analysts [industry] or [product] or [competitor]’.
- ‘market research [industry] or [product] or [competitor]’.
- ‘Hoovers-Bloomberg-Manta [industry] or [product] or [competitor]’.
- ‘Market trends [industry] or [product] or [competitor]’.
- ‘Industry news [industry] or [product] or [competitor]’.
- ‘Experts [industry] or [product] or [competitor]’.
Because if something about your subject has been written, blogged, tweeted, YouTube’d or podcasted you will find it with these searches.
In conclusion, this approach is a lean thinking low-cost starting point but not intended to replace more traditional market research methods, which we strongly advocate as well.
- Create a discussion guideline
- Create a list of potential customers
- Talk to 100 people that might be potential customers for your product
For more details on these steps, please view or download the paper. This paper includes:
- A detailed guide for finding market information
- A 5-point model for strategy development
- A simple process for arriving at an unbiased decision