- Kevin Smith
A critical task in planning your marketing is to identify growth opportunities. These usually come in the form of financial performance and market share, which we’ve discussed in a previous video.
Your Market Growth has a direct implication on your competitive position. The growth of your product or service signals market acceptance and a potential competitive advantage. This is especially true if your growth outpaces that of your competition.
In fact, an aspect of Market Growth that you should be focused on is whether your growth is faster, slower, or on pace with the market as a whole – since the answer could have an impact on your marketing plan, channels, or even your audience.
The process to determine your Market Growth is a straightforward one, but – like Market Share – it’s a key part of the foundation for many other metrics that we’ll touch upon in this Ad Math video series.
Once you determine your Market Growth number, use the information you have from industry trades and your competitive research to identify (and compare against) your competitor’s growth.
Now, as they say with stocks: past performance does not indicate future results. However, your Market Growth number should provide you with a pretty good indicator of how things are going in your market so that you can plan and adjust your marketing approach accordingly.
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Lastly, if you have a marketing metric that you’d like us to break-down in an upcoming video let us know by adding it in the comments below.