Know your market and make better decisions

6 ways you can benefit from a Market Map (Infographic)

Market mapping looks threatening to many people. Let me help you get clear about the benefits you can gain from a Market Map.

Your benefits of a Market Map from smartmarketmap.com

Improve your market insight and expertise

This one is the most obvious benefit: As you work on your Market Map, gather and organize market information, you will gain more insight and clarity about what’s going on. Your knowledge is a valuable asset in itself. Nurture it to prepare yourself for future challenges.

  • You will get to know new people and organizations related to your market.
  • You will run into new ideas that might answer questions you haven’t even asked before.
  • You will broaden your view by learning about other perspectives you haven’t thought about yet.

Better understand the most impactful connections

You can either take a snapshot of the market or watch it over time. I believe you should do the latter because only then will you understand the underlying connections that influence your market. While a snapshot doesn’t reveal sequences and progressions, you can discover more relationships if you start watching a market over time.

Have an early-warning system for significant market changes

Markets change.

Position yourself as an expert and thought leader

If you want to position yourself and your company as industry experts and thought leaders, you’d better be one! The market won’t respect you for being the last to hear about an event or a new trend.

Provide detailed information to convince others

You might have the position to command some people. However, in many cases, leadership is preferable. Or the only way possible. In that case, you should gain respect by walking the path I described in the previous benefits and convince others with detailed and profound information.

Increase decision-quality by providing substantial information

Winning others for your strategy shouldn’t be just for the sake of it. You should be convinced it’s the right strategy. And how could you? Well, because market mapping can help you work out the best possible plan by providing the basis for your market-related decisions. It’s a method in your best interest because it will help you come up with profound choices.

Now, it’s up to you

As you can see, gathering market information is essential to ensure high-quality decisions. I’m pretty sure we agree on that without any discussion, right?

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Karsten Richter

Helping you gather and use insight for content, sales, and strategy. SaaS veteran + Ph.D. in communication science. Building a unified inbox at picasi.com..