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June 2017

Pencil on a yellow background Business Problem solving advice from experts. for an article by Octopus Intelligence. We isolate your problems, reduce risk and uncertainty and deliver intelligence-led answers and innovative solutions. Dedicated to help you win.

Business Problem solving advice from experts

By | Problem solving

In this article, we look at business problem-solving advice from experts. As humans, we have a default to find simple solutions to our problems. However, outside influences and our own biases hinder the simplest of problems. In business, finding the simple answers to problems are the result of focusing on the fact and challenging what other people think. You know those commonly held opinions.

As you will know too well, finding the answer to the problem is the easier part. Many simple solutions are challenging to implement. 

The easy answers are why Apple, Airbnb and Uber are successful. If, of course, with the latter two, you don’t determine profit margins when defining success. The simple answer will not usually be easy to develop and deliver to customers, so we have taken business problem-solving advice from experts. When you first look at a problem, the answer may seem complicated. Still, it is essential to keep an open mind and look for the easy to do and easy to understand solutions to the problem your potential customers face every day. Easy to follow so your future customer gets it straight away.

The Desire for Simplicity

 

We have default to find simple solutions to problems. But, outside influences and our own biases hinder the simplest of problems.

Interesting research from Google in 2012 suggested that simple sites were more attractive to readers than clever cutting edge ones. Also, customers expect to see a style they have traditionally seen from similar industry players. The reason is that the website consumers prefer played on their past experience and their cognitive fluency.

Just the facts

 

Challenging the status quo and the commonly held opinions is not only the secret why impartial Competitive Intelligence is successful, but when it comes to problem-solving, you focus on the facts. You should isolate the fundamental truths of the problem and build your conclusions off of what you know to be true—and not relying on opinions or assumptions. Or guesswork as it commonly called.

Finding workable solutions can only be useful when you put these ideas into action. A simple solution won’t necessarily be easy to implement, and many hours of creation is required to ensure a new product or service delivers the desired customer solution.

Execution

 

While delivering a new solution is not easy, the end product must resonate with the customer. And the best way to do this is to reduce the complexity they experience in their day-to-day lives.

Achievement boils down to secure execution of a simple problem-solving idea.

These companies provide simple solutions, but what has helped these companies beat their competitors is to deliver a quality customer user experience consistently.

Summary

 

In this piece entitled Business Problem solving advice from experts, we suggested that simple solutions are not easy to create and deliver to customers. A problem-solving solution may require many weeks of work, snagging and testing before it’s ready. But by creating an easily adopted end product, you can create something with lasting impact.

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What is market size analysis? Our policies for an article by Octopus Intelligence. We isolate Octopus Intelligence logo your problems, reduce risk and uncertainty and deliver intelligence-led answers and innovative solutions. Dedicated to help you win.

What is market size analysis?

By | Intelligence Analysis

In this article, we offer our thoughts on market size analysis.

What is market size analysis?

Market size analysis is the process of estimating the demand for your product or service within a particular market. So, market size estimation is an essential component of any strategic marketing planning.

Market size analysis allows you to understand the size of a target market and in turn, enables you to evaluate the opportunities waiting for you, and accurately plan your marketing approach and investments. Market size analysis allows you to assess the potential strengths and weaknesses of that marketplace and implement effective strategies to improve your following competitive advantage.

Analysis should include a list of organisations you could consider as competitors in the market, assess how much market share they hold and determine why they are in that market in the first place. Is it the primary market these competitors work in? Analyse how much are they going to fight to maintain their slice of the pie.

1. Define the market you are talking about

Defining the target market is the first thing that you have to do before doing market size analysis. Determining the market provides more certainty to your team and a baseline for your research. Define what the market is, and what is not the market.

2. Split the market into segments

If it is a huge market you are looking to move into, it is crucial to look at each target each segment separately, addressing their needs and demands. You may not have any customers to start with, and that’s why it is essential that you ensure to have an understanding of these sub segments before you expand your business.

3. Competitors in the market?

Determine who are your top three competitors and spend time assessing on what basis you can compete with them. What are the competitors offering? Are they similar to or better than yours? And, are going to offer something different?

Are your competitors in this market making a profit? Is that profit something you can better, and is it sufficient to bother? Are they expanding or scaling down? And what do their customers think of them? How can you distinguish my company from my competitors? What is their competitive advantage – and what can you do about it?

Are the Competitors in this market maintaining or increasing their market share? Once they know you have entered the market, what are they doing to about you? Will they reduce their prices, create new advertising, try and buy you out, improve their offering to take your competitive advantage away? Does the market size analysis include indirect competitors and indeed secondary markets your offering could take advantage of?

4. How much of the market can you win?

Top-down

A top-down analysis determines the total market potential and then estimates your own share in that market. This can help you develop strategies according to the market potential and can help you grow in the right direction.

Bottom-up

While bottom-up analysis estimates potential sales to determine a total figure of sales, this analysis evaluates where your products can be sold, competitive products sales, and the slice of current sales. Such analysis usually gives much more accurate results.

However, every poorly written market research report will state that the subject’s market is valued at around £2 or 3 billion per year. It’s a sign of lazy research unless backed up with reasoning. When looking at a market’s size, you should be realistic about the ability of your product/service breaking into this market. It is easy to say that the market size is £2 billion and we can get 5% over the next five years.

5. It’s not just about size, its what you do with it

However, you must remember that entering a market depends on more than just market size and potential growth. You have to look at the barriers and incentives for entry. Market size analysis could also include profiles of distributors, transport issues, people and political issues and a more thorough understanding of how to market in that particular market. Any market intelligence provider should be expected to offer the ‘what’, but more importantly, the ‘how’ and ‘why’.

In conclusion

It is very easy when entering a new market without analysing the competition and the actual size of the market open to you. Starting in a static market, you should be expected and be ready to face fierce competition.  Market size analysis will help you understand how the addressable market size could change and aid you to respond to trends positively.

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