Understanding Markets

We have just finished putting together industry-specific, country market maps for a client. A lot of effort and research has gone into them, but – what a level of understanding when you then look at them in detail!

Market Maps come in many guises. We consider them an important element in our work, whether we are carrying out strategic reviews, market segmentation or value and supply chain analysis. Together with competitive landscapes, where we plot our clients next to their competition within a market and competitive attractiveness matrix, we find that market maps help us to focus attention on key elements within the market space. For our clients, the graphic representations help with the visualisation of the power play in the markets.

What are Market Maps?
We prefer to look at them as playing fields, where we highlight the terrain, understand the strategies and the power struggles at play. We have developed our own unique methodologies, tools and presentation for market mapping. In our work, market maps help us identify key customer and consumer insights, and ensures we have full awareness of the the total market place.

Leaving a lasting impression

How good is your social branding? Are you influencing enough of the right people? Are you using social media to determine your ongoing strategy?

Some 83% of companies worldwide use social media, but fewer than half of those have teams that use social media to influence proposition (service or product) design, creation, or strategy.

In a recent Forrester report, it appears that 72% of consumer product strategy (CPS) professionals claim that social media will enhance their existing capabilities of using customer input to shape product strategy. They talked about how social co-creation is an important opportunity for consumer product strategy (CPS) professionals — and it’s something that some, but not all, of those companies who are active with social media use.

In a discussion on the topic among Before and After 6 business network members, it was obvious that social branding was the topic of the day. Apart from leveling the playing field, it allowed companies to carry out a form of dialogue with clients, colleagues, friends or simply “followers”. Linkedin, Twitter and facebook topped the list of social networks in use, although there was a difference in opinion on their effectiveness within the target markets, especially for service providers such as lawyers and accountants. In fact, many saw it as an extension of their business networks and networking initiatives. Whatever their industry though, it was the undoubted decision that social media cannot be ignored from a branding perspective.

We are currently working with clients to help them navigate the social branding arena. We help them build their brand, determine their positioning and extend the brand online with relevant pages and groups targeting their markets. In this way, at least they are harnessing the phenomenal reach of this medium, even though it may still be early days for them in terms of active conversions from followers to clients.

Market Accents