The Ultimate Guide to Business Analysis Models for Lean Market Research

In brief

Conveying the outcomes in a clear and digestible way is an ultimate goal of lean market research. In this framework, business analysis models bring a high value. Indeed, their main goal is to transform complex insights and evidence into a graphical and highly structured business content. Consequently, business analysis models are heavily used among professional reports of market research. This post is about The Ultimate Guide to Business Analysis Models for Lean Market Research.

This post aims at sketching in a practical way the main business analysis models that can be used for a lean market research report.

Analyzing Strengths & Weaknesses

SWOT analysis

Let’s start the Guide to Business Analysis Models for Lean Market Researchby the SWOT analysis.

SWOT analysis stands for Strength, Weakness, Opportunities and Threats.

It summarizes the internal and external advantages and limitations of the studied business.

SWOT Analysis is a very common and famous business analysis model.

Most analysis

Comes then the MOST analysis.

MOST analysis stands for Mission, Objectives, Strategy and Tactics.

It’s an Analytical technique.

MOST analysis is a Strategic tool which is very helpful for planning.

It Summarizes the objectives of a business and the strategy on how to achieve them.

PESTLE analysis

Then comes PESTLE analysis. PESTLE Analysis Stands for Political, Economic, Social, Technological, Legal and Environmental.

It Summarizes the ecosystem around a given business.

PESTLE Analysis is Widely used in market research.

Porter 5 forces

Also one can note the PESTLE analysis. Porter’s 5 forces Focuses on competitive advantage and threat.

The 5 components of a Porter’s 5 forces business analysis model are

• Threat of new entry: Which contains an assessment of the level of threat for a business to be challenged by new entrants to the market
• Threat of substitutes: WHich assesses the risk that a business is encountering regarding the substitution of its product or service by other ones that do not compete necessarily in the same market: For example the replacement of paper magazines by Youtube videos.
• Buyer’s power: Which is an assessment of the bargaining power of buyers, generally, the more there is competition the bigger the power of buyer is and vice versa.
• Supplier’s power: Which assesses the power of suppliers. For instance the more there are suppliers the less is their power. Examples of suppliers are software developers for a digital business.
• Competitive rivalry: Which assesses how big and fierce is the current competition of the market regarding the same type of product or service that the studied business is offering.

Analyzing products and services

Analyzing products and services is an important component of the Guide to Business Analysis Models for Lean Market Research.

Mindmap of product features

Among this business analysis models category, let’s take the example of Mind Map of Product Features.

Indeed, Mind Map of Product Features is A visual technique aiming at clarifying, organizing and simplifying complex concepts and ideas.

This is because It’s performed in a subjective and non linear way.

It aims at representing in a simplified way the complex architecture of that targeted product or service.

It’s usually used for simplifying the communication between different teams.

It can be used in the framework of market research as well in order to represent complex products and services in a simplified way.

Analyzing systems and processes

Activity diagram

In addition, among this category, let’s take the example of an Activity Diagram.

Activity Diagram Describes dynamic aspects of a system or a concept.

Activity Diagram is a sort of a flowchart that summarizes the relationships and flows between the different components and steps of a given activity.

Use case diagram

Additionally, use case diagrams are a Graphical representation of different possible interactions of the user with the surrounding ecosystem.

It’s Usually performed for different types of users.

Use case diagrams are Usually accompanied by other types of business models and process charts.

User interface wireframe

Also one can note User interface wireframe. User interface wireframe is a skeleton representation of the user interface of a desktop software, mobile app, webapp etc.

Generally it’s meant to be simplistic and low fidelity oriented.

User interface wireframe is Highly valuable for communicating between different teams and presenting an initial overview of a digital product.

Sitemap

Sitemap comes Often in the format of an XML file.

A Sitemap Summarizes in a bird view the general architecture of a web site.

It Contains metadata about the constitutive pages: dates, number of visits etc.

A Sitemap Provides a strategic overview of a web site.

Data flow diagrams

This business analysis model targets usually information systems.

They Summarize how data is flowing between the different components of a digital system.

They Allow the identification of bottlenecks and possible optimization paths of a digital process or product.

Process flow

Process flow Summarizes the interactions between the different components of a given process.

It’s Typically used for optimizing the flow of information, data, material etc.

Process flows can be applied for illustrating the processes in Restaurants, fast foods or factories for instance.

Analyzing stakeholders

Stakeholder map

In this framework, let’s take the example of Stakeholder maps.

A stakeholder map is a Visual representation of the different stakeholders of a project, process or a product etc.

It Allows a simple identification of the relationship and links between the different stakeholders.

A stakeholder map is Used for optimizing the communication and interactions between and with the stakeholders.

It’s Usually represented in two axes: Interest and Power as represented by the figure.

A stakeholder map is Segmented into: Meet their needs, key players, least important and show consideration.

Analyzing stakeholders

Threats and opportunity matrix for stakeholders.

Threats and opportunity matrix for stakeholders is Similar to SWOT analysis but focuses on the stakeholders.

It Lists the SWOT components for each of the stakeholders.

MuSCoW analysis

This method Aims at prioritizing actions and decisions.

MuSCoW method Stands for:

• Must have (Mu)
• Should have (S)
• Could have (Co)
• Will not have (W)

Miscellaneous models

BCG matrix

In this framework, let’s start by the BCG Matrix Analysis.

BCG Matrix Analysis stands for the Boston Consulting Group Matrix.

It’s a Graphical representation that summarizes the current status of a product.

The BCG Matrix Aims at clarifying what actions should be taken regarding a given product: Sell, invest more, abandon etc.

Product Life Cycle Analysis

LCA or Life Cycle ANalysis aims at assessing environmental impacts during the whole life cycle of a product.

It Documents the overall environmental signature of the product.

Product Life Cycle Analysis is Taking increasing importance in an increasingly environmentally aware world.

Ansoff matrix

Ansoff matrix is Also called the product/market expansion grid.

It Aims at planning the strategies for growth.

Ansoff’s matrix Presents for different strategies with an assessment of the corresponding risks.

Heptalysis

Heptalysis Analyzes 7 main factors that should be taken into account before starting any new business or product.

It Focuses on risk analysis.

The final result of an Heptalysis is represented in the framework of a radar chart like depicted by the figure.

STEER model

STEER model stands for Socio-political, technological, economic, ecological and regulatory.

This model Focuses on the risk assessment related to a new investment.

CATWOE model

CATWOE stands for: Customers, actors, transformation, world view, owner and environmental constraints.

This model Focuses on the stakeholders view and its impact on the global business strategy.

De Bono’s Six Thinking Hats

De Bono’s Six Thinking Hats Analyses different yet complementary ways for thinking.

This model aims at Anticipating the impact of different thinking ways and mindsets on the conducted project.

The Five Whys model

The Five Whys model is an iterative technique based on asking why questions until unveiling the true deepest reasons.

This model Aims at determining the root cause in order to explain and master the corresponding effects.

The VPEC-T model

The VPEC-T model is a thinking framework like mind maps.

It Simplifies translations from business needs to IT solutions.

This model Unifies the different views of different stakeholders having the same goal but different perspectives.