Market analysis helps organizations define who their customers and prospects are, and what they want from the organization. Typical elements include: market size, market growth rate, market profitability, industry cost structure, distribution channels, market trends, and key success factors.
This sounds easy enough, but what many organizations are finding is that not all customers are created equal. In a typical customer database, there’s a bell curve happening with some customers delivering much more value to the organization on one end – and some customers delivering very little value to the organization on the other (or even costing the organization money).
So using a simple, equitable definition of customer often masks the true story. What organizations are increasingly doing is refining their definition of their most valuable customer. Although the specific metrics differ from industry to industry, and often even within industries – the driving motivator is the same: identify and define the metrics for lifetime value of a customer, and then find more prospects who match that specific target set who are most likely to become valuable customers in the future and communicate with them across marketing and advertising channels in an integrated way.
Market Analysis – Build your Prospect List
Two critical, but often overlooked, data inputs into an accurate market analysis are a way to build an accurate, detailed prospect universe, and then a simple way to evaluate thousands of media vehicles for “best fit”.
Welcome to the LogicLab Media Marketplace:
- As an integral part of the process, Merkle Inc’s National Consumer Database (with thousands of variables about 98% of the adult population in the US), LogicLab creates a prospect universe from the client’s very specific target set definition.
- Then the LogicLab mediaLibrary provides on-demand access to evaluate thousands of media vehicles across channels to create a list of the vehicles most likely to deliver that specifically defined target set
LogicLab: the future of media planning and buying in market analysis.
Market Analysis the Smart Way by Steve