Porter's 5 Forces: a visual model for easy competitive analysis
At the core of strategic thinking, this method helps to identify an organization's competitive advantages within its market, and create an appropriate strategy.
Got a revolutionary idea? Ready to launch your project? A market analysis is strongly recommended. The Market analysis template is just what you need to get well prepared. It includes essential methods to analyze your target audience, market and competition.
This template follows other Klaxoon templates, with each step specifically adapted to conducting thorough and qualitative market research as a team.
Market analysis is the essential phase before writing a business plan in this great challenge that is creating a company, a product or a service. It is intended to examine the project in detail, to compare it with its environment, its target and its competitors to find an appropriate, viable solution and guarantee its success.
Easy to use, be it face to face or remotely, with this Market Analysis template you can work as a team to get a bird's eye view of your business and perfect your project before writing your business plan.
Are you worried about forgetting a crucial step in your project management? Do you have a large team or have your team members never worked together before?
By following this ready-to-use template step by step you can conduct your market analysis as a team. At each stage, the specific templates help you to mobilize collective intelligence, do in depth research and consolidate your findings. This whiteboard also includes specific areas for brainstorming, ideation and summing up so the whole team can take ownership of this space before embarking on the project itself. Information is always centralized and you can even use it later to present your project.
With the Market analysis template, you will learn how to work as a team to validate your initial idea, anticipate potential risks, make the right decisions, fine tune your offering and effectively target customers. Which all goes to make your project launch a success!
First of all, invite all the members of your project management team to your Market analysis template and go live, using the integrated video conferencing tool, to brief them about how your market analysis will be conducted.
At each stage (project, target, market, competition, summing up), the whiteboard gives you two different spaces: several templates (up to you whether you use them or not), and a space for brainstorming and summing up. If you use one of the templates available, simply click on the link and then, once it is launched, place the URL in an idea, on your Market analysis template.
First step: define your project in a timed ideation session using the built-in timer, then create a SWOT matrix to identify the strengths, weaknesses, opportunities and threats for your project.
Second step: analyze the market to understand its dynamics and define its scope using a Pestel Analysis.
Step three: determine the characteristics of your target audience and identify the expectations and motivations of your future customers. To do this, you can create surveys with Klaxoon, in place of qualitative and quantitative research, and share them to get as many responses as possible from your target audience. You can also use the Persona and Value Proposition Canvas templates, and/or have a team brainstorming session.
Step four: identify and review your direct and indirect competitor profiles. To do this, use the Porter’s five forces template.
Step five: this is all about summing up. This is the time to draw conclusions and prepare your business plan, either by yourself, as for the other stages, or by using the Business Model Canvas template.
Once all the spaces are filled in on the Market analysis whiteboard, you will get a complete overview to help make your project launch a success. And, to go further still, you can create a Klaxoon Network to share and sync, with whichever members you want to invite, your Market analysis template and all the boards used to fill it.
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