Conduct market research to identify potential industries for diversification
Content
Conducting market research to identify potential industries for diversification is essential for staying ahead of the curve. It requires in-depth analysis, but it leads to discovering new customer segments. Can be time-consuming and costly.
Tools
| Name | Description | Pricing | Ease of Use |
|---|---|---|---|
| 6sense | 6sense is an advanced marketing tool designed to empower marketing pr… |
Paid Only
|
Moderate
|
| Ahrefs | Ahrefs is a leading SEO toolset designed to empower marketing profess… |
Paid Only
from $99.00/mo
|
Moderate
|
| Amplitude | Amplitude is an advanced analytics platform designed to provide marke… |
Paid Only
|
Moderate
|
| Euromonitor | Euromonitor is a leading market research tool that empowers marketing… |
Paid Only
|
Moderate
|
| GfK | GfK is a pivotal marketing tool that empowers professionals with data… |
Paid Only
|
Moderate
|
Objectives
| Name | Description |
|---|---|
| Customer Acquisition | Customer Acquisition is the process of attracting and converting new … |
| Enhance Brand Reputation | Enhancing brand reputation involves cultivating a favorable perceptio… |
| Lead Generation | Lead generation is a vital marketing objective that focuses on identi… |
| Sales | The marketing objective 'Sales' focuses on increasing revenue through… |
| Trust and Loyalty | Trust and loyalty are crucial marketing objectives that underpin long… |
Demographics
| Name | Description |
|---|---|
| Entrepreneurs | Entrepreneurs are typically characterized by their innovation, risk-t… |
| High-Income Earners | High-Income Earners are characterized by their significant financial … |
| Middle-Income Earners | Middle-Income Earners represent a crucial segment of the consumer mar… |
| Professionals | Professionals are a diverse group typically aged 25 to 55, marked by … |
| Small Business Owners | Small Business Owners are a vital demographic characterized by their … |
Promotes
Sectors
| Name | Description |
|---|---|
| Aerospace and Defense | The Aerospace and Defense sector encompasses the development and manu… |
| Communication | The Communication sector encompasses a broad array of services and te… |
| Construction | The Construction sector is a cornerstone of global economic developme… |
| Education | The Education sector encompasses institutions such as schools, colleg… |
| Financial Services | The Financial Services sector is a vital part of the global economy, … |
Strategy
| Name | Description |
|---|---|
| Data-Driven Marketing Strategies | Using data to guide marketing decisions helps target the right audien… |
| Market Expansion Strategies | Growing your business by entering new markets involves research, adap… |
Sub-strategy
| Name | Description |
|---|---|
| Big Data Analytics Strategy | Using large amounts of data to understand customer behavior and impro… |
| Customer Insights Strategy | Understanding customer behavior and preferences to tailor your market… |
| Data Analytics Strategy | Leveraging data to make informed business decisions, improve performa… |
| Predictive Analytics Strategy | Using data and algorithms to forecast future trends and behaviors, a … |
| Diversification Strategy | Expanding your business by introducing new products or entering new m… |
Technologies
| Name | Description |
|---|---|
| Analytics & Data Tracking |
Channel
| Name | Description |
|---|---|
| Content | Content marketing is all about creating and sharing valuable content … |
Quick Facts
Channel
Content
Advertising Type
Direct Mail
Difficulty Level
Intermediate
Estimated Cost
Medium
Time to Impact
Short (Weeks)
Tags
B2B
Pros
- Informed Decision-Making: Helps businesses make informed decisions by identifying new markets with high potential.
- Risk Mitigation: Reduces the risks associated with entering new markets by providing valuable insights.
- Competitive Advantage: Offers a competitive edge by uncovering opportunities before competitors.
- Customer Insights: Provides deep understanding of customer needs and preferences in different industries.
- Resource Allocation: Ensures efficient allocation of resources by targeting high-potential industries.
- Strategic Planning: Assists in strategic planning and long-term business growth.
- Market Trends: Keeps the business updated with current market trends and shifts.
Cons
- Time-Consuming: Can be a lengthy process requiring significant time and resources.
- Costly: Often requires substantial financial investment, especially for comprehensive studies.
- Uncertainty: Results may not always guarantee success in new markets.
- Complexity: Involves analyzing vast amounts of data, which can be overwhelming.
- Specialized Skills Required: Requires expertise in data analysis and market research methods.
- Resource Intensive: May divert resources from core business activities.
- Changing Variables: Market conditions can change, rendering research outdated quickly.