Are you overwhelmed by the number of market players?

A cake with a piece already missing
Take a closer look at who you have to share the cake with.

You’re not alone in your market.

Others are trying to get their share of the cake.

So, you’d better watch out for what they do.

If you’re in a red ocean market, choose some relevant competitors to look at. You should start with a few market players to gain experience in gathering insight. As you get going, you can still expand your view.

Choose your most important competitors and some competitors that show the market’s diversity. That’s enough for now.

If your market is a blue ocean?

In that case, you even be able to watch them all. That will help you notice when the waters are turning red.

Let us know in the responses how you decided which competitors to watch.

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No time to gather market information?

A woman with no clue
Not having enough time is really not a good excuse ...

It’s true: Taking a closer look at the market takes some time.

But not looking at the market is a waste of time.

You’re wasting time walking in the wrong direction!

You’re wasting your precious resources.

However, we understand that you’re busy.

That’s why you should focus.

Instead of trying to see the whole market, better focus on the market players that are the most relevant to you.

Start with them.

You can still expand your Market Mapping after finding out it’s not as time-consuming as you thought.

But if you don’t have the time to look at your market, you should realign your priorities.

Seriously.

How do you decide which market players to focus on? Let us know in the responses.

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Are you overwhelmed by the number of market players?

An embarrassed woman
Prepare yourself well to save yourself from embarrassing situations.

Have you ever experienced a poorly prepared salesperson?

It’s cringeworthy.

They didn’t close the deal, right?!

If you want to be recognized as a well-prepared partner, look closely at your major accounts and prospects. Follow their channels and make sure you know and understand what’s going on. They will appreciate your effort and answer with the same respect you show.

Because business relationships are human relationships too. Everyone looks for appreciation. And by showing interest in your contacts, you prove your appreciation.

If you’re selling to or working with key accounts that allow for tailored Market Mapping, take your time. It’s worth every minute you invest.

Please share your stories about well or poorly-prepared people in the responses. How did they shape the situation?

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No time to gather market information?

Woman juggling too many balls at once
If you don’t focus your attention, you might drop some balls …

There’s too much going on in your markets.

Don’t try to catch all the balls of information.

Instead, we recommend turning on a filter to focus on what’s most relevant:

  • Which topics are crucial for your business?
  • Which topics keep your customers awake?
  • Which topics have the potential to change your business?

These questions can help you reduce the clutter.

Skip what’s less important and keep your focus.

How do you select the topics to focus on? Let us know in the responses.

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Are you overwhelmed by the number of market players?

A boy picking cherries
Cherry-picking can help you focus your resources on what’s important.

There are so many market players in most markets.

  • Businesses selling products or services.
  • Customers
  • Business associations
  • Regulatory authorities
  • Investors
  • Media outlets
  • Thought leaders

They all want to be heard.

They all wrangle for attention and influence.

But: They are not equally important to you.

Look at your strategy.

Who will most probably influence your way the most?

Identify them.

Then watch them.

Closely.

Make sure you don’t miss any relevant updates about them.

Be fully aware of what’s going on.

That increases your chances of realizing your strategy.

When was the last time being up-to-date helped you succeed? We would love to hear about your experience in the responses.

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No time to gather market information?

A foot dipping into the water
Diving or toe-dipping — make your choice how to watch your market

Twitter is vibrant.

TikTok is cool.

LinkedIn is serious.

But: Where can you find your audience?

Where do they hang out?

Where do they look for what you have to say?

Because if you want to know what’s relevant to your market, what your target group is thinking about, and what’s relevant to them, you better go where they are.

Identify a handful of channels and sources to have an eye on. Dive deep and watch them closely rather than only dipping a toe into many waters.

Keep in mind to look at analog sources too. Events and printed material can be valuable sources of information.

What channel do you choose for your target group and why? Let us know in the responses.

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Karsten Richter

Karsten Richter

Together with my team, we help professionals become confident decision-makers and recognized market experts through Market Mapping at picasi.com.