A Blueprint for Rapid Market Understanding & Goal Setting
When you’re launching a new business, gaining a deep understanding of your market quickly is essential for success. The world moves fast, and so do consumer behaviours, tech innovations, and economic shifts. Businesses that adapt rapidly are the ones that stay ahead and drive growth.
But how do you cut through the noise and develop sharp insights into your market, make smart decisions, and minimize risks? We turned Fiona Wylie, founder of Brand Champions—a SOS marketing consultancy known for helping brands hit the ground running. Here’s her expert guide to getting a handle on your market and setting goals that will get you where you need to go.
Fast-Track Your Market Research
Start with a strategy – Every successful business needs a clear game plan. Fiona emphasizes the importance of aligning on your company’s purpose, mission, and business model right from the start. Ask yourself: What are we offering? Who needs it? And what value do we bring to the table?
Here are Fiona’s tips for researching quickly but effectively:
Develop Quick Personas – Create basic customer profiles to understand who you’re serving.
Observe Your Audience – Spend time analyzing the behaviors, needs, and preferences of potential customers.
Survey and Analyze – Run a short survey within your target audience to capture key insights.
Leverage Existing Data – Tap into historical data for insights that reveal trends in your industry.
Study Competitors Closely
Competitor analysis is a must. What are your competitors doing well? How are they engaging the market? Use tools like social listening platforms to uncover trends and tactics that you can adopt or improve on.
Tip: Set up real-time alerts to stay updated on competitors’ moves and market shifts that could affect you.
Harness Data for Informed Decisions
Data-driven insights are your superpower in today’s fast-moving business landscape. Fiona suggests incorporating advanced tools like AI-driven analytics and customer relationship management (CRM) systems from the start. These tools can help you track customer behaviours, forecast trends, and optimize your strategy in real time.
Bonus Tip: Use real-time data to adjust your goals on the go. This agility keeps your company responsive and competitive.
Set Goals That Propel You Forward
By now, you’ve likely heard that setting specific, challenging goals leads to higher performance—and it’s true! Here’s how to nail your goals:
Define SMART Objectives – Focus on goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. This cuts through ambiguity and speeds up your planning.
Prioritize and Delegate – For teams, clear ownership of each goal speeds up progress. If you’re a solo founder, set realistic steps and consider future delegation.
Goals aren’t just about revenue; new businesses need clear objectives for everything from brand growth to customer engagement.
Keep Adapting
Markets don’t stay static, so neither should you. Track key performance indicators regularly to stay aware of any dips or shifts. Fiona advises gathering feedback from customers and making adjustments as needed.
Empower your team to act quickly when changes are needed, and reserve budget room for pivoting if things don’t go as planned.
About Fiona Wylie, Founder of Brand Champions
With over two decades of experience, Fiona has led strategic initiatives for brands like British Airways, Nestle, and Pfizer. Named a “Rising Star” by Marketing Week, she launched Brand Champions in 2018 to provide strategic marketing and resource support for brands navigating high-stakes challenges.
