Market Scoping: Uncover Your Profit Opportunities and Threats

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Working on launching a new business or even a new product within an existing business framework is hard!  Before putting in all the effort, wouldn’t it make sense to do some (or a lot!) work to ensure there’s the payoff you are planning on? Customized Marketing Plans can help a small business work through this process as part of an overall plan, or the small business can do this as a stand-alone exercise.

Market scoping looks at key external business factors BEFORE you spend your money at launch.

We like to layout the full market scope in grid format to visually see the size, value, segments and trends of the business I’m operating within. An ounce of research before launch is worth a pound of creative solutions after the fact.

When undertaking a market scoping exercise, the following points are developed in specific detail…

  • Market Size, Value, Segments. Current and Future Trends.
  • Establish All Key Players, Understand Their Offer
  • Identify Opportunities and Threats Based on Your Scoping

Market Scoping is critical step to become fully aware of the segment you’re operating in.

Two specific benefits are that it:

1) Safeguards your business decisions and investments BEFORE writing that check and investing at launch and,  2) Is a great way to identify market segments that are underserved and where you can lean in with your product and marketing to make the money you deserve.

About the Author David Hutchin

David is an experienced marketing executive and partner at Custom Marketing. He's run marketing campaigns in the US and across the world, living over 10 years in both Europe and Latin America. His decades of experience building marketing plans and campaigns for companies such as Warner Bros and FOX, allows him to work quickly with clients to get them real results. David has a BA in International Relations from UCSB, an MBA from Boston University and is fluent in Spanish. He lives in Los Angeles with his wife, 2 kids, and his pug Luna.

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