Opportunity Mapping Market Research
What is Opportunity Mapping?
Many companies face the age-old problem of how to stay current. Opportunity mapping provides the answer. This strategy looks at the company to identify the goals it needs to reach. It also looks at the market to see what consumers need. It then shows what opportunities exist that will be good for the business. Another great thing about this strategy is that it enables management to see creative paths, which companies can use to make solid plans. These plans help the company reduce risk, increase profits and gain a larger market share. Opportunities are everywhere. Being able to identify them gives companies an edge.
Why is Opportunity Mapping Important?
To thrive, you need to be able to see what the market needs. You must also stay ahead of the crowd and meet the needs of customers before your competitors do. When a company has a goal it would like to reach, knowing how to achieve it is critical. Opportunity mapping allows these things to happen, and happen well. It helps companies to see the best ways to tackle the goals they would like to reach. In fact, it helps make the business a success. It also aids in staying ahead of the market, keeping old customers happy, and gaining new ones.
Key Job Titles
Opportunity mapping is quite a specific area. Still, there are a few jobs within the field. Many of these jobs require a bachelor’s degree in marketing, research, or analytics. Some other related areas are statistics, economics, business, and IT. Key careers include:
- Market Research Analyst
- Marketing Analyst
- Data Analyst
- Data Scientist
Why Businesses Need Opportunity Mapping
Businesses need to survive the ups and downs of the market. Their survival involves taking risks while keeping customers happy. It also consists of meeting the targets that the business sets. Companies need detailed plans of the opportunities that exist. These plans help to guide them to success. Without opportunity mapping, companies have to go through trial and error. This path leads to wasted money, resources, and time. They will also miss good ways to meet their goals that are not obvious to the naked eye. A good business has to know what is going on in the market around it. It cannot leave things to chance, so they need this strategy.
Key Success Factors
For opportunity mapping to be successful, it has to be accurate. It is vital to ask the right questions. Only then can you get the answers the business needs.
Another key to success is knowing exactly where the business should be heading. With well-defined goals then one can identify the best prospects. The analysis also needs to be able to understand the customer base.
The final key factor is a strong team. This team must consist of people who are well versed in your industry. The field calls for skilled, open-minded, and thorough people. You can have opportunity mapping as part of your business department. You can also hire consultants when needed to conduct an analysis. Good timing for finding opportunities is essential for success as well.
About Opportunity Mapping
Opportunity mapping involves plenty of research, including qualitative, quantitative, and strategy research. These methods give different ways to understand the market, the customers, and competitors. Qualitative research goes in-depth, while quantitative research provides stats and rich data. The latter can take the form of interviews, surveys, and focus groups. It can also use field trials and observation.