To modernize your market evaluation strategy, you'll need to follow three key imperatives: organize around business questions, answer those questions by using metrics that reveal root causes, and combine insights for clear direction. Following these imperatives can help you crystalize your strategy and gain share.
1. Organize around business questions
Planners want clear answers to their business questions, such as:
- Where's our greatest growth potential?
- Does the market support this investment into a new service?
- How should we prioritize competing opportunities?
When you think about evaluating your market, directly answer these questions. The key is to find the information that will directly support these questions—either through external research or data analysis. When sharing your insights with other stakeholders at your organization, summarize your analysis into key takeaways. Most executives don't need (or want) all the information that's available to make a decision.
2. Use metrics that reveal root causes
When answering business questions with quantitative support, it's important to remember that not all metrics are created equal. To modernize your market evaluation strategy, use metrics that reveal root causes, or in other words, reveal the "why" behind your organization's market position. For example, market share may tell you how you're currently performing. However, it doesn't tell you how you got there—or what to do about it.