Know your market and make better decisions
Watch these 2 topic types to understand your market (Infographic)
Market Maps are an efficient method to gather and organize market information for better decision-making. If you add conversations, you create a living source of knowledge. Your market map will be approachable at any time and show the market’s structure and the latest development relevant to your business.
This article will teach you about the two types of topics to have an eye on frequently. They reflect the status quo and future developments you should evaluate regarding their impact on your strategic goals. Watching the market’s topics will help you stay up-to-date about your changing environment and enables you to act rather than react.
Is this article relevant for you?
If you want to know what your target market is thinking and talking about, I recommend reading this article. You will find out what types of topics to follow to recognize relevant changes early.
The graphic shows you what I’m talking about.
Let’s dive into the details
Yes, this time, the list is short. In this case, I can only identify the types you should be aware of but not specific issues as they depend on your niche. That’s why this article is a little shorter. A quick read but still relevant.
I distinguish basic topics that are timelessly bound to the market from upcoming trends that indicate change.
Evergreen topics — Basic topics
This broad category covers topics that can help you understand the status quo and slow changes that only show up over time. Recognizing reports and the coverage of bread and butter topics raises the chances to identify upcoming changes early on.
In practice, you could look out for comparisons regarding
- products and services;
- technologies or procedures relevant to the market;
- vendors or providers serving the market;
- information sources, such as publications or events;
- organizations impacting the niche.
Another basic topic can be trends in the sense of an early indicator for upcoming subjects. If you happen to find new relevant matters, they belong in the trends category for further investigation.
As always, you have to select the right topics according to your market and your business goals. Find the subjects that are most relevant and avoid the minor ones to keep the workload handy. Thoroughly following the general communication in your niche will support your understanding of the market and serve as an early indicator for relevant change.
Dive deeper — Upcoming trends
The basic topics can help you spot new trends. If you believe they will become relevant, you should define them as a separate category. That allows you to gather more information and keep it accessible for future access.
After identifying an upcoming trend, you should check the different market players you already identified [Link] and their respective channels for relevant information. That way, you can learn about the trend and capture the market player’s position in only one step — a smart way for efficient information retrieval.
This section aims to make late-breaking information available for you always to make the best-informed decisions.
Do you want to learn more?
Continuously gathering market information on relevant topics is the fifth important step on your way to a market mapping pro. If you want to discover the other steps, check out my other articles on this topic.
Step 1: Identify the goals you want to support
Step 2: Get to know the market players
Step 3: Products and services on the market
Step 4: Watch those who influence the market
Step 5: This step :-)
Do you want to apply your knowledge right away?
After going through the list, you should understand the value of a Market Map for your business. It can deliver the most recent information about market changes that are relevant for your future decisions.
However, limit your topic list to those that promise the most benefit. You can’t follow every source and issue anyway, so strive for the right balance between general information and relevant trends. Keep it handy to get going and elaborate your Market Map over time. That will save you time and increase your efficiency.
Let me know how it works for you in the comments.
