Our final stage of market analysis is of the broader market factors, including political, economic, social and technological considerations.
Whilst it is your business, audience and competitor analysis that may shape your short term prospects, it’s the broader market factors that are likely to shape the long term. For example:
Political
What is the political climate and how could this affect your business in three years from now? Brexit is a classic example of this, but there will likely be a variety of political factors that could impact your particular business/industry in the long term.
Economic
What are the main economic trends and how will they effect your business in the future? In times of recession some brands will benefit and others will suffer.
Social
What are the social considerations we should be aware of, whether it’s changes in fashion, health and fitness, music or the environment? How are they likely to impact demand for your products and services?
Technological
Like it or not, every market is being disrupted by technology. We need to be aware of developments on the horizon and ensure we are well placed to turn them into an advantage.
Other important areas of research involved in our market analysis include:
Your Business
Your Audience
Your Competition
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