1. Competitive analysis
Take a look at what your competitors are offering on the marketplace. Who are they targeting? Which products are popular and why? Create a shortlist of your top competitors and study their techniques.
This isn’t an opportunity to copy someone else’s product, but to see what works well and how you can build on that success. Offer something your competition doesn’t and aim to be the best in your space.
2. Industry analysis
Next, look at your industry as a whole to discover hot topics and products. You can do this by looking at the latest industry news on authority blogs and media outlets, as well as keeping up to date with what industry leaders are talking about. This is your opportunity to find new growth opportunities to get ahead of future trends in the market.
3. Customer analysis
Finally, a customer analysis allows you to think like a consumer. Having your buyer persona mapped out will help with this step. What are consumers currently struggling with? What products are they searching for? Talk to consumers in social media groups and your current network to gain insights into what you can offer that’s both needed and sought after.