Market Insights and Research

During this phase , we collect and analyze data to better understand the behaviour, preferences, and needs of a target market/s. Delving deeper into market sizing will define your addressible market, and it’s expected growth over a given period. An important part of this phase is developing a taxonomy relevant to your business. The benefits of market research and insights are numerous. Firstly, market research will help your businesses identify new opportunities in given market or markets. By understanding the needs and preferences of your target market, new products or services can be developed to better meet those needs, or identify areas where you can differentiate from competitors. Through this anlaysis additional information is gained about communication channels and messaging that resonates with your customers helping generate better sales and marketing results. Another important deliverable under this phase is monitoring preformance of competitors and their products and services relative to yourswhich helps you define your competitive advantage in your chosen markets.