Market Landscape Analysis & Insights
Prior to launching a new product or innovation, it’s critical to understand the market landscape and all the customers, or stakeholders, within that market. Market landscape analysis is the first step in market development. It’s where we identify the key stakeholders, and uncover the true needs, barriers, and opportunities in the marketplace.
Once defined, landscape insights lay the foundation for market development planning and, ultimately, inform the market development strategy.
Market Mapping: Identifying Stakeholders
& the Issues They Care About
Markets are complex, adaptive ecosystems made up of many different audiences. We refer to these various groups as stakeholders. For example, in the healthcare and pharmaceutical spaces, stakeholders include patients, as well as healthcare providers, hospitals, insurance companies and payers, advocacy groups, medical associations and more. Each stakeholder has its own incentives – ranging from financial to altruistic – as well as market regulations, standards and practices that guide their perspectives and engagement on the issues that shape the market.
The goal of market mapping is to understand the interplay of these various stakeholder groups and the issues they care about, as well as identify barriers or opportunities in the current environment that can, and should, be addressed prior to launching a new product.
We achieve this by answering the following questions:
Who are the major players in the market and what are they trying to achieve?
What are stakeholders most concerned about? What changes are they trying to create, and on what issues?
How has change happened in this market or in similar markets, and how could that serve as a model – or a cautionary tale – for the changes we are pursuing?
Market Development Strategy & Planning
We place an emphasis on market development planning because it works. It gets the whole organization working to move the market in the same direction. Without it, market development strategies can lack focus, cohesiveness, and come up short in terms of results.
Bringing people together, aligning on goals, and making sure we are addressing the true needs and opportunities of the marketplace – that’s the cornerstone of market development planning, and the key to implementing market development strategies and campaigns that succeed.
Market Shaping Strategy
Market shaping is the execution of the plan, including the implementation of campaigns, the engagement of external stakeholders and metrics that evaluate the resulting changes in the market.