You’ve often heard it in every business how-to training guide and field manual out there: understand your market. Market analysis is a key part of any industry because this is where the profits are made and the goals are set. But it’s not enough to just know you have to monitor the market by the stock prices or the emergence and decline of your competitors. When you survey your arena, where are your customers? What are their needs? Where are your competitors? Are there any overlooked or underdeveloped areas that no one is paying attention to? What can you take advantage of? How is your company’s positioning? All this and other insights can only occur to you from making a market map.
This should be a part of your essential strategy. These Strategy Map Templates will give you an idea of how to go about it, especially if the concept is new to you.
A map is used for navigation and strategic positioning. For any kind of map to be effective, it has to be complete, accurate, up-to-date, and it has to be as dynamic as the terrain it represents.
Site Map Templates won’t change all that quickly because these deal with real estate properties that don’t move—or at least, they develop and shift very slowly.
The time factor in the live marketplace is another game altogether. With every rise and fall in stock prices, every emergence of new players and exit of old ones, every upgrade and upper hand, every customer trend, and unexpected product innovation, the face of the market changes.
How do you go about mapping it, then?
These sample market maps should show you the different ways you can do it. It should be immediately clear how they will then fit into your overall marketing strategy.
Use these free resources as they are or to inspire your own market map.
These market maps are to help you gain an understanding of the terrain, whether in the physical or digital marketplace or the mental and emotional makeup of your target audience. Any strategic mind can instantly see the value of having such maps.
But when it comes to protocol, you may want to use Process Map Templates to strategize your own internal business workings. Your overall strategy won’t be complete without this, so check them out from our archives.