HIIT 4: Map Your Market

Studying your market is one of the most crucial aspects to mapping out your brand. It lets you know if you’re aiming at the true centre or if you’re way off.

When done regularly, it keeps you on your toes, wards off any arrogance and enables new ideas and experimentation to spur growth.

Knowing your market and weighing your risk regularly is crucial - ‘if you want to grow and avoid one of the biggest disruptive threats to your future – your success.’ (Yves Doz - Emeritus Professor of Strategic Management at INSEAD).

Mapping your market tells you:

• If your product/service/brand is ready for the market.

• If the market is ready for you.

• How the market evolving (and therefore how your product/brand/service should to).

• What the market is looking for.

• The challenges you could potentially face.

• If you’re about to miss the mark.

Once you’ve got a good handle on your market intelligence, ask yourself:

• What is your current market position and market share? For example, are you the largest company? A smaller player? Middle of the pack? A regional leader? An upstart? A newcomer?

• What market position do you want to achieve? Who do you want to be?

• How much awareness is there of your brand in your marketplace?

• What is the market forecast for the industry you’re in?

• How much are you willing to invest in brand awareness to increase your market share and position?

• What priorities will you set as a business/brand to overcome any market challenges?

I strongly recommend reviewing your market annually, identifying any challenges and opportunities and adjusting accordingly.