Strategic Market Opportunity Assessment for Manufacturers

Farotech offers a unique service called a “gap assessment.” This assessment is a 5-10 week comprehensive analysis of your manufacturing company’s marketing approach to identify critical gaps and develop foundational marketing assets to scale campaigns.

Through this assessment, we aim to help businesses increase their leads and opportunities by 10x. In addition to identifying gaps and developing marketing assets, our team also creates and maintains a “Marketing Scorecard”, which identifies quarterly priorities and goals, reviews the competition, and establishes an ROI model that can scale as the business grows.

With these services, we help manufacturing businesses achieve their marketing goals and increase their overall success within the industry.

Occasionally, businesses approach us with current marketing strategies that lack both organization and a systematic approach to lead generation.

In conducting a market opportunity analysis, we analyze their industry, competition, and readily available options for improving lead generation and sales. This assessment will yield desired results that are concrete and data-driven.

Our goal is to boost your business’ success!

What is Farotech’s Market Opportunity Analysis?

A market opportunity analysis is a comprehensive assessment of a company’s marketing approach to identify opportunities for growth and improvement.

The opportunity assessment evaluates a business’s industry, competition, and target market to determine the most effective strategies for increasing sales and generating leads.
This analysis typically involves a review of the company’s marketing assets, messaging, and branding efforts.

The goal of a marketing opportunity analysis is to identify the most promising opportunities and provide actionable insights that can be implemented to increase a manufacturing business’ success in their market.

10 Key Components of an Opportunity Analysis

Here are some key components of a Market Opportunity Analysis:

1. Industry analysis: A thorough examination of the current state of the industry in which the business operates.
2. Competitor analysis: An evaluation of the strengths and weaknesses of the company’s direct competitors.
3. Target market analysis: A detailed analysis of the company’s target market, including demographics, preferences, and behaviors.
4. Marketing asset review: A review of the company’s current marketing assets, such as website, social media profiles, and marketing materials.
5. Branding analysis: A review of the company’s brand identity, including visual identity, messaging, and positioning.
6. SWOT analysis: A comprehensive assessment of the company’s strengths, weaknesses, opportunities, and threats.
7. Gap analysis: An evaluation of the company’s current marketing approach compared to industry best practices and benchmarks.
8. Lead generation analysis: An assessment of the effectiveness of the company’s lead generation strategies and tactics.
9. Sales analysis: An examination of the company’s sales process, including client acquisition and retention strategies.
10. Action plan: A comprehensive report outlining actionable insights and recommendations to improve the company’s marketing approach and drive growth.

A marketing opportunity analysis is a critical tool for businesses looking to expand their market share and increase sales. According to a report by McKinsey, companies that conduct a comprehensive opportunity analysis are able to identify potential new markets or untapped client segments, resulting in revenue growth of up to 10%.

Additionally, a report by Deloitte found that companies that use data-driven marketing to conduct opportunity analyses are able to achieve a 15-20% increase in marketing ROI.

By taking advantage of the insights gained through a marketing opportunity analysis, businesses can develop targeted marketing strategies that effectively reach their desired client segments and ultimately drive business growth.

Research

Farotech will conduct a thorough market opportunity analysis of your target audience using a variety of database tools. Specifically, we will utilize LinkedIn and other relevant resources to identify the most relevant verticals, buyer personas, job titles, and other key demographics that represent your ideal client.

By understanding your target audience, we can develop more effective marketing campaigns that resonate with their unique needs, preferences, and pain points, ultimately leading to increased engagement, conversions, and sales.

We would use these tools to quantify how many potential leads there are throughout the country (or international) within the geographical region that you serve.

To develop an effective marketing strategy, it is crucial to analyze market trends, competitive landscape, and client needs.

By conducting a thorough analysis of market trends, we can identify emerging opportunities and potential threats to your business.

Understanding the competitive landscape will help us develop a strategy that differentiates your brand from others and highlights your unique value proposition.

By analyzing client needs, we can identify pain points and preferences, enabling us to develop more personalized and relevant marketing campaigns that resonate with your target audience.

Through this analysis, we can develop a marketing strategy that effectively positions your business in the market and drives growth.

In conducting a business analysis, we aim to identify areas of the business that may benefit from improvement or expansion. This involves examining the current product line and identifying opportunities for upselling and cross-selling to increase revenue and client engagement.

By analyzing sales data, client feedback, and market trends, we can develop a targeted approach to expand the business and drive growth.

SEO

One of the key components of a successful search engine optimization (SEO) strategy is the use of targeted keywords that are relevant to your industry. By identifying the right keywords, you can increase your website’s visibility in search engine results pages and attract more qualified traffic to your site.

Farotech conducts research on the potential traffic volume for these keywords, as well as the level of difficulty to acquire them. By analyzing this data, we can develop a comprehensive keyword strategy that drives relevant traffic to your site and improves your search engine rankings.

Paid Advertising

In addition to SEO, paid advertising is a highly effective way to drive traffic and generate leads for your manufacturing business.

As part of our comprehensive marketing strategy, we will conduct extensive research to identify potential traffic generated through paid advertising channels such as Google Ads, social media advertising, and programmatic advertising.

By analyzing the potential traffic volume, as well as the costs associated with each channel, we can develop a targeted paid advertising strategy that fits within your budget and drives results.

Similar to the process of identifying SEO keywords, this research will allow us to optimize your paid advertising campaigns to maximize their impact and drive meaningful ROI.

Cold Email Blasts

Farotech will analyze your current marketing email list to assess whether it meets your needs.

Building an email list involves contacting potential target audiences. We will also provide guidance on how to divide the list into hyper-specific target groups.

The aim is to deliver the correct message to the right client at the right time.

Associations and Connections

If you’re looking to expand your business and increase your client base, partnering with other businesses can be an effective strategy.

At our company, we understand the importance of building relationships with other players in your industry. That’s why we offer a service where we’ll identify what associations belong to your industry and you might be able to partner with them.

By doing so, we would identify businesses and vendors that operate in the same industries you’re trying to market to form partnerships and share leads.

This approach can lead to mutually beneficial outcomes for both parties involved, such as increased exposure and access to a wider audience. Ultimately, forming these partnerships can help your business grow and thrive.

Our Market Opportunity Analysis Implementation Plan

When it comes to implementing new strategies or taking advantage of potential opportunities, having a solid plan in place is essential for success.

At Farotech, we don’t just provide recommendations and leave you to figure out the rest on your own. After identifying opportunities for growth or improvement, we work alongside you to develop an implementation plan for each recommended opportunity, including a detailed action plan, budget, and timeline.

This plan outlines the specific steps that need to be taken, who is responsible for each task, and when they need to be completed.

We believe that having a clear roadmap for implementation is crucial for achieving your desired outcomes, and we work closely with our clients to ensure that every detail is accounted for.
Contact us here to begin a sample gap analysis!