Tracking trends within your market is a vital component in gaining insight into the future needs of your customers and assisting future planning. A number of trends can have an impact on your business spanning technology forecasting, socio economic, market forecasting. Some examples of trends that would impact your business include:
- technology
- global finance
- legislations and regulations
- ageing workforces
- engaging the next generation
- connectedness (e.g level of emphasis on service and support)
- consumer behaviours (e.g attention span, information overload, unreachability, demand for variety)
- shifting demographics
- market sizing (demand for product/service)
newfocus works with major market trends (Global, National, and Local) that will impact your organisation’s sustainability and profitability. Many of these you may not have given enough attention to yet, and some may not have been considered.
newfocus can assist your business in identifying what trends are impacting your business and how those trends will impact. We can also assist you with implantation strategies to turn these potential threats into commercial opportunities. newfocus will work with your organisation to:
- Design methodology to evaluate which trends will impact your business
- Conduct executive workshops to build awareness of likely trends, and to get ownership from the team
- Work with internal analysts to establish the impact and develop strategy
- Specialist Trend Research to assist you to identify the impact of trends and develop a strategy
Our consultants undertake the research with contextual knowledge of the trends and understand those that impact on the research and base their work on research and data, not abstract-futures-thinking or pop-psychology. We can help you take insights and embed them in your decisions and communicate them to staff.
Market sizing
Understanding the size of your potential market is necessary to business and marketing planning, whether you are entering the market or looking to expand. Knowing the market size will be crucial to successfully growing your business and identifying if and where there is opportunity for your product or service within this market.
There are two main elements to measuring market size:
Market volume: What is the total size of the market? -The first step in market sizing is identifying your value proposition in order to define the market. Then we can quantify the market – the number of products sold or total revenue within this market (on a global, national or local scale). This will help you to establish if the time and effort required to invest into this market will be profitable.
Market potential/opportunity (accessible market size): Identify how much of this market, and which segments within will likely be interested? – This stage is imperative to defining your target segments within the wider market, e.g demographics or geography, in order to gain an idea of your realistic potential share within the market. Investigating the appeal and demand of your product at this stage will assist in identifying where your target market lies.
How we can help:
newfocus can assist your business in understanding the size of your market:
- explore market volume
- identify market opportunity and determine accessible markets
- assist in refining the best value proposition
- determine penetration within the market (appeal and likely uptake)
- competitor analysis (price points, market share etc)
- identify marketing opportunities (e.g targeted within specific segments)
Partnering market sizing and trends could assist in predicting future market growth or decline.