Why Market Analysis? Most people don’t look over the edge of a cliff and jump on blind faith; hoping to hit the ground in one piece. Instead, a person that is looking to get from the cliff to the ground safely conducts a careful assessment of the conditions to determine the probability of a successful decent. After all, who just wants to take the plunge when the possibility of certain death could exist…not me! I have too much to live for.
In my line of work, I meet people daily who jump (not literally) blindfolded with their hands tied behind their backs. They jump hoping that they will somehow defy the laws of physics and land safely with two feet firmly planted on the ground. Unfortunately, more times than not there is a tragedy waiting on the other end instead. The Chinese philosopher Confucius said, “Success depends upon previous preparation, and without such preparation there is sure to be failure.”
This elite group of daredevils are people just like you and me. People who masterfully let their goals and dreams take the place of common sense. For arguments sake, we will call these people the “KnowBetters”. They have the next big thing and they need to open a store, office or distribution center. They call their local realtor because they found the perfect place, pour their life savings into this exciting new venture and six months later call me to figure out why their champaign dreams put them on the bus to bankruptcy.
The answer is simple. KnowBetters are so highly trained in the art of having all the answers that they lead themselves off the edge of the cliff. They avoid investing in areas that require expertise because after all– they know better.
The solution is simple. Agencies, like The Morganelli Agency, conduct customer and market analysis prior to taking the jump. Most commonly, our clients mistake the analysis with the demographic report that they receive from the real estate professional/site selector who is responsible for getting them into their new space. My agency provides a detailed analysis of everything from the type of people that are in the marketplace to the way that they consume media, eat, work, shop and play. The investment in the analysis has benefits that go far beyond the start of the venture. When there isn’t a fit for the client’s business in the market they are shopping, it saves them a considerable amount of heartache and that slow journey to a tragic end. When there is a fit, clients find that intimately knowing their market enables them to have near one-to-one conversations with their prospective customers; ending in an elevated customer experience and expedited sales cycle.
If you are already in business and have typed yourself as a KnowBetter, it is never too late to analyze your business. We can use your customer data (addresses, spending habits, etc.) to profile the current customer base and utilize that data to enhance your marketing, advertising and customer communications in a way that resonates. Please don’t end up a #knowbetter, contact us today to get started on your Customer Analysis or Market Analysis.
Written by: Tom Morganelli, CEO