Everyone loves Facebook, and so does Joe. He’s a financial analyst in an investment banking firm having a penchant to start a business and he’s on the lookout for the right opportunity to offload his life savings into his dream business venture. Joe is a happy consumer of Facebook and nearly a third of his waking hours are spent on this socio-site. One day Joe had his ‘eureka’ moment: ‘Why shouldn’t I start a business like Facebook?’ He did the math and realised that Facebook makes more than a billion dollars every year and even if he were to be the ‘second’ best amongst the social sites in the world, he would make at least half that number in less than 5 years time. Joe is excited about his new-found idea and started searching the internet for an Indian IT company that will create a social site for him, just like the Facebook.
Joe picks Insight as a potential solution partner. How would we at Insight go about engaging someone like Joe?
We start by asking him some routine questions about the social web market :
…We found that companies like Qzone, Habbo, Twitter and MySpace are websites like Facebook and have more than 150M registered users. Have you considered these companies as your competitors?
…Which demographic or psychographic profiles are you targeting for your social network?
….What will be the unique selling proposition of your social network?
A quick market scan reveals that in the phase of Facebook’s dominance, most social networking sites are embracing a ‘double niche’ strategy – focusing upon clear customer segments and service categories. LinkedIn, for example, targets professionals aged 30-55, and offers professional and career networking services. He aims at a specialist gaming network of 16-29 age group audience. How would these data shape your market strategy for launching your social network into the market?
When do I opt for Insight’s Market Landscape Analysis?
- When you’re thinking of expanding your business into new market
- When you have the investment ready for your business idea
- When your customer starts comparing you with competition
- When you’ve been to an industry conclave and get signals that “things are changing under the ground”
- When you sense the need better understanding of your target audience
- When you need help with your ‘elevator pitch” with potential investors
Joe may not know the answers to such questions right away but Insight helps him find them.
Insight will help him see the market landscape with clarity and make informed decisions based on crucial market information for his product launches, targeted messaging, new market strategies, etc.
Insight provides the following services under the Market Landscape analysis for our clients:-
Through our Market Landscape analysis we give you that “outside-in” perspective to help know your market inside-out. We offer a range of other services through our unique RadicalRootingTM approach whereby we ensure that we make business sense by helping you get a sense of your business.
* Insight aids in creating targeted, objective and measurable questionnaires and also in the analysis of completed questionnaires. However, Insight does not undertake survey administration and collection services.
** Insight Consultants’ value-adds on existing internal reports or studies done by assessing and making recommendations based on verified data.