Market Opportunity Analysis
A market opportunity analysis is critical if you want to attract more of your ideal customers. Understanding their desires and concerns will help you craft content that converts.
Analysis Goals
When you don't have a solid understanding of your customers and their needs, it's challenging to "speak their language."
Consider this: a lot of content is created for small business websites without a specific purpose.
When you spend the time creating a great piece of content, you want it to achieve something.
For instance: a new client contact, a sale or even just a positive impression of your brand.
You will maximize your chances of success when you can answer the following questions:
- Who are my ideal customers?
- What are their challenges and goals?
- What does my business offer that is unique?
A market opportunity analysis provides answers to these questions and it helps you focus on creating content that gets results.
Elements of a Market Opportunity Analysis
Customer Research
Rather than guessing, it's best to hear directly from your customers about WHAT they needed and WHY they decided to do business with you.
Customer Personas
A Persona is just industry jargon for a profile. The purpose of a Persona is so that when you write content you have a very clear idea about WHO you're writing for.
Customer Journey
What social media platforms do your customers use? How did they find out about your business? Knowing this helps identify future marketing opportunities.
Competitor Analysis
An in-depth understanding of your customers provides a competitive edge, but you can go a step further by finding gaps in your competitors' strategies.