Management development specialist and business consultant Jeff Nock, from Iowa City, Iowa, talks market analysis key factors and best approaches.
Having recently spoken at great length about topics ranging from the importance of evolving culture within a company to brand consulting strategies, Jeff Nock, a highly successful business consultant from Iowa City, Iowa, talks market analysis and shares several of his favorite approaches to the process.
“Market analysis is the process of researching a given market to build an understanding of the landscape,” explains Nock, founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa. Market analysis, he says, is essential if an individual or organization is to succeed in business. “In order to succeed, a company or brand must establish a solid understanding of the landscape, business-wise,” suggests management development specialist Nock.
From maintaining an up-to-date analysis of both their customers and their competitors to establishing how the two parties are likely to respond to new products or services, successful market analysis processes, he says, allow individual entrepreneurs and businesses of all sizes alike to properly understand and appreciate the opportunities—and the threats—facing them. “Only then,” says Nock, “can the most appropriate business strategies be put in place.”
At its core, market analysis is the study of the so-called attractiveness and dynamics of a particular market, according to Jeff Nock. “Market analysis is the study of the attractiveness and dynamics of a particular market within a particular industry,” adds the expert.
Coupling market analysis with periodic SWOT analyses, the processes may be combined to as accurately as possible uncover the strengths, weaknesses, opportunities, and threats of a business or brand, as well as their competitors. “Accordingly,” adds Nock, “appropriate and effective business strategies can then be implemented, or existing strategies adjusted.”
From tackling inventory and the purchase of stock to workforce and facility expansion, workforce contraction, promotional activities, and investment into equipment, market analysis involves addressing several key factors, according to the Iowa-based business consultant. “The market analysis process can range massively in both scope and scale,” reveals Nock.
Essential factors to address, however, Nock says, should consist of market size, market trends, market profitability, market growth analysis, competitive analysis, segmentation and demographics, and what he calls success factors. “Where necessary, distribution channels should be explored, too,” he adds.
For startups especially, market analysis should both precede and then ultimately underpin their business plan, Nock believes. “Without this, startups face an immediate uphill battle,” he explains, wrapping up, “often inadequately equipped to take on the competition and reach the best customers.”
A graduate of Regis University in Denver, Colorado, Jeff Nock is the founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa. Renowned for helping early-stage and mid-cap companies to achieve their visions and growth goals, Nock and his stellar group of partners have now assisted more than 250 companies in building and executing successful strategic and business plans. To find out more, visit https://prescient.us/.