Market & Competitive Analysis
One of the most common questions we receive from small business owners is, “How do I make sure we’re reaching the right customers?” The best way to do this is through targeted, data-driven market and competitive research, also known as a market scan. The team at AV Consulting has in-depth experience advising companies across the country through this analysis and has access to local market data we can use to bring out new insights for your business.
Market research will inform you on the demographics surrounding your location -- potential customer age, gender, income, and family size. This allows you to segment the local population into different groups that you are able to better target. Once you have identified certain groups who match the target customer described in your business plan, you can refine your research with more economic data. Income by household, annual consumer expenditures, spending by category, and brand preferences just to name a few. This helps you paint a clearer picture of what your local market looks like and enables you to make more strategic decisions to reach those customers in the future.
Competitive analysis will inform you on what your competitors are already doing to reach those customers you just identified. Are they better located based on travel patterns? Is their pricing structure more in line with your target customers’ spending habits? Is their medium of communication better suited for the surrounding demographics’ age and media consumption habits? Being able to assess your competitors’ businesses allows you to put a more critical eye to your own and supercharge your business’s offering.
A market and competitive analysis can not only inform you on the characteristics of your customers and competitors, but it can also help identify potential allies in the marketplace. Strategic partnerships with complementary businesses can be key to expanding revenue through referrals and community associations. Getting to know your local landscape better can assist in narrowing the list of possible partners and highlight the economic opportunity involved.
Contact AV Consulting today for a market or competitive assessment to help bring new insights to your local business and uncover new areas for opportunity.