In the MARKET phase, you should increase your understanding of the current situation of your company’s marketing and your company’s market. After this, a vision of the change taking place in the market must be create.
Here we answer the questions:
- What are we doing and who are we targeting with this moment’s marketing? What kind of results has it brought?
- What is the competitive situation in the market?
- Has the competitive situation changed or is changing?
- How crowded is the market?
- Which target groups do we Slovenia Phone Number List want to address in the future?
- What is their level of product awareness?
- How will the purchasing behavior and purchasing criteria of the targeted target groups change in the coming years?
- Which trends guide our industry and in which direction?
- What kind of technologies could we use in our marketing?
Competitor analysis
What are the competitors doing? How should your company be marketed so that you stand out from the competition and communicate your competitive advantage better than the rest of the market?
A good competitor analysis creates three different views: a. what the main competitors are doing, b. what the market’s competitive situation is like in general, and c. what kind of marketing your company should do in order to beat the competition and stand out in the market in the right way.
Competitor analysis reveals which things are the intrinsic values of your industry, what kind of target groups a certain competitor is targeting, what are Phone Number IT the main messages of the competitors, what things can differentiate your company from the competition, how the competitors sell their services or products via the Internet and in which channels they do marketing and how.
The market’s maturity level gives the best picture of the market’s situation. It divides the market into five different levels according to the competitive situation, for which you can get more detailed information from the picture.
Very often the market is in stage 2, 3 or 4. An example of a stage 5 market can be found, for example, at HubSpot. They coined the term inbound marketing and started talking about their marketing automation platform supporting inbound marketing . In this case, they completely distinguished themselves from other marketing automation tools, because only they could get a tool suitable for inbound marketing.
