Given the scenario of fluctuations in the global economy, it is essential that entrepreneurs are prepared to identify and take advantage of opportunities, and, at the same time, face the challenges that arise.
In this context, market mapping is an essential tool for companies to better understand the environment in which they operate and, therefore, make more assertive and strategic decisions.
Therefore, in this article, we will explore how market mapping can be applied efficiently, the main techniques and tools used, and how this practice can contribute to business success. Check it out!
What characterizes a market mapping?
Through strategic market analysis, companies from different segments can identify growth opportunities and develop actions that increase their competitive advantage. One of these strategic actions is market mapping.
Market mapping is a technique for analyzing the environment in which a company operates, in order to understand the trends, opportunities, challenges and competitors that affect its business.
This technique is based on data collection and analysis, with the aim of identifying insights and information relevant to strategic decision-making. The market mapping process involves several steps, such as:
Definition of the target market;
Gathering market information;
Analysis and interpretation of data;
Identification of trends and patterns;
Preparation of future scenarios, among others.
A practical example that we can use to explain the use of market mapping would be a retail chain that wants to expand its business to a new region. In this case, the company russian phone numbers can use market mapping to identify consumption trends among the local population, identify regional products that are in high demand, analyze the competition, and check the infrastructure and logistics of the region.
Based on this information, the company can make strategic decisions, such as choosing the most appropriate product mix, defining competitive prices, selecting the most efficient distribution channels, among other actions that can guarantee the success of its expansion.
5 steps to create an efficient market mapping
To help structure the process in your company, we have listed below seven essential steps for creating an efficient market mapping that will help you make more assertive strategic decisions. Follow along:
1. Know your target audience and use the customer journey as a reference
It is important to use the customer journey as a reference to understand the stages that customers go through from the moment they get to know the company until they make a purchase and become loyal.