Strategic analysis aims to identify and model market patterns, trends, and relationships with a view to understanding the key success factors and defining brand strategy.
Market analysis offers a quick way to find vacant market niches, choose the most attractive target market, and get a better understanding of the end buyer of a product. Put simply, the strategic department at Louder gathers information about a specific market and its consumers and then analyzes this data from every angle. Market analysis is a multi-phased process:
- Analysis of the market situation, growth curve, and sales potential, assessment of market trends with a view to predicting and identifying growth prospects.
- Analysis of market demand and key consumers, study of behavior and requirements of the target audience for the product, and overall perception of the product category.
- Identification of the key market players and competitive analysis of each player (product mix, prices, communications, channels, and positioning). Identification of the competitive advantages of market players and key communications to consumers, description of the image profile of competitors.
- Analysis of market segments with a view to finding vacant market niches and new sales channels.
When done expertly, analysis helps to identify key success factors. These factors serve as a groundwork for building a brand strategy.