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Understanding Market Drivers
Successful market strategies must be based on a solid knowledge base of
customer needs and behaviors. Chartic helps companies develop this
understanding, enabling companies to better serve existing markets and to
evaluate potential expansion areas. Chartic has developed specific
capabilities and tools to support these activities, including:
Market Analysis
Most companies have ideas of potential adjacent markets – ideas that
range from a hunch that there is money to be made, to a customer request
for a complementary product. However, before committing significant
resources they need a clearer and more focused understanding of the
market. Some companies can even find that they don’t really understand
their existing markets, often due to a combination of indirect
distribution channels and evolutions in market dynamics.
Chartic provides overviews of new and current markets, and evaluates
their attractiveness. We have the experience and skills to quickly grasp
new markets and identify issues that warrant further investigation, such
as:
- Changes in industry
structure or competitive environment
- Emerging customer segments
- Evolving customer demands
- Emerging technologies
- Economic and geopolitical
developments
- Changes in industry
profitability
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Primary Market Research
Many companies lack sufficient understanding of their key customers’
needs and behaviors – and are therefore unable to develop effective
market strategies. Chartic has extensive experience designing and
administering a wide range of primary market research methodologies to
help our clients gain fresh market insights, including:
- Why does the customer use
the product or service; what underlying need should it fulfill?
- How well does the offering
meet this need? What gaps or unmet needs exist?
- How is the offering being
used, and how might it be used in the future?
- What are the purchasing
criteria – spoken and unspoken?
- Who makes the purchasing
decision, and who else influences this decision?
- What channels are being
used and why?
- How are customer needs
changing – and what is driving these changes?
To
thoroughly understand these issues, we build on available secondary
research with a range of primary research tools. Most engagements include
in-depth qualitative interviews. When appropriate to the study’s
objectives, we complement this with quantitative research tools, such as
conjoint analysis, scale-based surveys, and economic value analysis.
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Value-Based Market Segmentation
By segmenting customers effectively, companies can offer products that
are targeted at each segment’s specific needs, increasing sales and
margins. Our Value-Based Segmentation© methodology allows us to
uncover the distinct needs of key market segments. It measures and values
the opportunity in meeting each specific requirement for each market
segment. Armed with this analysis, we then work to define and develop the
solutions that provide both the greatest value to target market segments
while optimizing ROI.
In order to be effective, these segment characteristics must be specific
enough to inform the company on how to best serve each segment. Once the
right segmentation framework is defined, our clients can develop
strategies that target each segment with the optimal mix of product
features, services, pricing, channels, etc.
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