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How much do you really know about the market terrain you’re planning to conquer next?
Venturing into new business territories requires more than just a good hunch. A full target market assessment should be your first point of action, including a target market analysis and competitor analysis.
If you start with a market assessment and make data-driven decisions based on the outcomes, it’ll directly impact your bottom line. Studies have shown that businesses that make a habit out of conducting market research are significantly more likely to increase their revenue over the last 12 months (76%), compared to those who only conduct market research sporadically (65%).
Market assessments go beyond finding gaps in the market. When done right, they can reveal strategic routes to take, help you reduce costs and optimize your messaging. So, how do you conduct a market analysis the right way? That’s exactly what we’ll cover in this article.
A market assessment is a thorough analysis of key factors that shape market dynamics, including market size, market share, consumer behavior, and competitive landscape. It helps you gauge market potential, identify target customers, and anticipate challenges and opportunities. This knowledge empowers you to make informed decisions regarding product launches, strategic choices, or other business challenges.
In other words, a market assessment is made up of a range of smaller assessments of specific elements of a market, based on the goals of your research – but more on those later. Let’s look at which basics you should always cover, and how you can add on to them for a more in-depth market analysis.
Understand how your target market ticks
Get an up-to-date understanding of your target customers with market analysis. And make winning decisions that put you ahead of your competitors.
Once you’ve laid the foundation for your market assessment, it’s time to add building blocks that help you answer the specific questions you have.
Want to know more about how you can make your market assessment a success? Check out the first-hand advice from these twenty trusted experts.
A market assessment isn’t simply about collecting data; it’s about getting specific knowledge that gives you a competitive advantage in your market. This will enable you to create a strategy that aligns perfectly with your business goals and the market dynamics. You get to know all the external factors at play, so you can tap into your business’s strengths. But how do you make sure you collect the right data?
For any market analysis, preparation is key. We’ll walk you through the must-do steps of conducting a market analysis, while keeping the focus on gathering actionable insights.
First, determine which questions to answer in your market analysis? Because a market assessment is best done when it’s targeted at solving a specific question, whether that revolves around industry trends, marketing shifts, customer buying habits or if you need a comparative market analysis.
The more targeted your research is, the more accurate and actionable the results will be. Here are some example questions you can draw inspiration from.
Here’s how you make sure every part of your resources, human or monetary, is put to good use:
You’ve got your end goal, you’ve got your crew, and you’ve got the tools. Now it’s time to map your research strategy with military precision. Here are some things to lay out in this research blueprint:
This step is where your planning hits the pavement. Depending on your objectives, you’ll tailor your market research methods accordingly. Here’s how to make sure your market research delivers the insights you need:
Now that you’ve gathered a mountain of data, it’s time to sift through it to find the gold. These best practices help you analyze with practical precision:
Here’s how to make sure your strategies are not just plans on paper but driving forces for real growth:
Take the first step towards better market insights. Get started with a demo for Attest today, and have results within days.
Before entering a new market or when adapting to market shifts, it’s crucial to have a clear picture of just why a market analysis is so valuable. Here are just a few reasons you should never skip market research when seizing potential business opportunities.
Navigate risks and seize opportunities: Even with research done, there’ll be risks in market expansion. But understanding these risks beforehand helps you create robust strategies and prepare for potential challenges. At the same time, you can also act quickly on openings for growth.
Refine operations for new markets: What works in one market, won’t necessarily work in another. Market analysis can show you exactly how to tailor your operations to new market demands.
Build stakeholder confidence: You’ll need reliable data to build your case when presenting expansion plans to stakeholders. A thorough market analysis can help you to demonstrate growth potential based on solid data, which can be key in securing the necessary backing and investments.
Stay competitive and future-proof your business: You’re entering the market once, but you’ll have to stay relevant forever. Continuous market analysis is vital for keeping pace with market trends and competitor actions.
VP Customer Success
Sam joined Attest in 2019 and leads the Customer Research Team. Sam and her team support brands through their market research journey, helping them carry out effective research and uncover insights to unlock new areas for growth.
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