Business People Club

Search All Topics !

How conduct a market analysis on your business?

0 like 0 dislike
315 views
by Butcherry
How to conduct a market analysis on your business?

Please log in or register to reply to this post.

1 Comment

0 like 0 dislike
commented by Dingopher
The term "market analysis" is often confusing to entrepreneurs, especially for people who focus on a specific niche or market segment.

In fact, many small business owners don't understand the process or complain that conducting a market analysis is too complicated or too expensive and wonder why or if it is necessary.

What is market analysis?

In the most basic terms, a market analysis is an assessment of:

- A particular problem or opportunity in a market.
- The needs of the target market relating to the problem or opportunity.
- Ideas for marketing a particular product or service that fills the needs of the target market.

When should you conduct a market analysis?

- When you are starting a business.
- When you are entering a new market.
- When you are considering a new product or service.

Why should you conduct a market analysis?

- To minimize business risks.
- To understand the problems and opportunities.
- To identify sales opportunities.
- To plan your marketing/sales approach.

The process of conducting a market analysis can be divided into
three parts:

Part 1 - Understanding Market Conditions

This gives you basic information about your entire market -- the size, the competition, the customers.

Part 2 - Identifying Market Opportunities

This gives you more targeted information about potential problems or opportunities in the potential market, and includes information about growth, current and future trends, outside factors and more information about specific competitors.

Part 3 - Developing Market-Driven Strategies

Here is where we get into what market research does for you. It helps you to pinpoint opportunities to grow your business. By understanding the market and knowing what opportunities are available you can create a marketing strategy that leaves your competitors in the dust!

Here are 10 questions that can help you get started:

1. What is the market I want to reach?

- Who are they? (Basic Demographics)
- What is their biggest problem in relation to this market?
- Are their needs being met by the products or services provided in this market?

2. Who is my competition in this market?

- Are they successful in this market?
- Are they marketing a similar product or service?
- What is the market share of the three biggest competitors in this market?

3. Is there room for growth in this market?

4. What is the size of this market?

- Is there room for growth?
- Is the industry growing? Stable? Saturated? Volatile? Declining?

5. How is my product or service different from the competition?

6. How can I reach this market?

- How is my competition currently reaching this market?
- Is it the most effective way?
- What are the alternative ways of reaching this market?

7. What are the business models of my competition in this market?

- Are they effective?
- Is there a way to do it differently or better?

8. What do customers expect from this type of product or service?

- What are the core competencies of this product or service?
- What would make the product "new" "different" or "better" for the customer?

9. How much are customers willing to pay for this product or service?

10. What is our competitive advantage in this market?

Knowing the answers to these questions will not only help you figure out if there is a need for your product or service, it will help you figure out the best ways to reach your customers, price your products or service and ultimately make more sales!

Related posts

0 like 0 dislike
0 comments 257 views
Conducting A Market Analysis On Your Business

The term "market analysis" is often confusing to entrepreneurs, especially for people who focus on a specific niche or market ... , price your products or service and ultimately make more sales!

by TrainedGuy
0 like 0 dislike
1 Comment 264 views
0 like 0 dislike
1 Comment 246 views
How to market your business for free?

How to market your business for free?

by Finderpros
0 like 0 dislike
0 comments 258 views
How To Effectively Market With Video On The Web

Online video publishing has indeed taken the Internet by storm in recent years, making the use of video for marketing, promotion ... video communication through video publishing & sharing on the web.

by HairyFoal
0 like 0 dislike
1 Comment 239 views
0 like 0 dislike
1 Comment 321 views
How to Choose A Domain Name That Floods Traffic To Your Website?

How to Choose A Domain Name That Floods Traffic To Your Website?

by Madept
0 like 0 dislike
1 Comment 297 views
Branding- How to Create A Name Your Customers Trust?

Branding- How to Create A Name Your Customers Trust?

by ForceSoldier
0 like 0 dislike
1 Comment 262 views
0 like 0 dislike
0 comments 591 views
How to advertise your landscaping business?

Regardless of whether you are just venturing out into the business world or already have a successful company, budgeting your expenses ... just as much as the dew on a beautifully landscaped lawn.

by Conjursa
0 like 0 dislike
1 Comment 244 views
How To Build Your Home Business with Networking?

How To Build Your Home Business with Networking?

by CheeryGrin
0 like 0 dislike
1 Comment 266 views
How to Effectively Brand Your Small Business?

How to Effectively Brand Your Small Business?

by GreedySmile
0 like 0 dislike
1 Comment 236 views
How to Create Your Own Small Business Press Kit?

How to Create Your Own Small Business Press Kit?

by FatKomodoDragon
0 like 0 dislike
0 comments 265 views
5 Great Ways to Reach Your Target Market

There are many ways to reach out and find the people you are trying to attract for your business. Here are just a handful of ways ... use to find the content in your blog and draw others to it.

image
by GardenParrot
0 like 0 dislike
1 Comment 262 views
0 like 0 dislike
0 comments 186 views
How to guide on marketing on the internet

If you are new to the net and interested in making money ethically then this article will educate you in the various ... author may be contacted at anhharrisandsons@primusonline.com.au Happy netting.

by AmazingKitty
0 like 0 dislike
0 comments 207 views
Turn Your Web Site into a Lead Generation Machine

With a few simple steps, you can turn your web site into a lead generation machine. Here's how: Hook - Get your audience ... lead generation tools in the world won't help you get new clients.

by Sassassin
0 like 0 dislike
0 comments 210 views
10 Profitable Reasons To Add A Discussion Board Or Chat Room To Your Web Site

1. You'll be able to communicate with your visitors. They'll begin to trust you and get to know you on a more ... also join other people's affiliate programs and make commissions advertising them.

by Butcherry
0 like 0 dislike
0 comments 390 views
Build a strong business with strong customer relationships

Most businesses spent time attracting customers to a product or service, trying to win their trust and then ending the whole process with ... with them. If you neglect them, they will go elsewhere.

image
by Cybora
0 like 0 dislike
0 comments 183 views
Business Tools to Help You Run a Successful Business

When setting up a business, even the best prepared among us will struggle to do everything and remember everything. It is very unlikely ... to get the right tools will pay off time and time again.

by VirtualAssassin
0 like 0 dislike
0 comments 192 views
Selling Second-Hand Goods Online: A Lucrative Business

The internet has virtually changed the way we certain aspects of our lives. It has changed the way we view where we get the ... you are selling so that you can be noticed by prospective buyers.

by FlamboyantChomper
0 like 0 dislike
0 comments 187 views
Promotional Items As Keys To A Successful Business

Advertise your business through promotional items to boost your profits. Learn how to create and fully utilize your promotional ... the wonders of promotional items in advertising and marketing.

by CharmingChamp
0 like 0 dislike
0 comments 333 views
Business Cards : Does Your Business Information Stick?

Everybody that has ever been to a meeting, can recall the all familiar "passing" of the business cards. This powerfull marketing ... on content, but how you plan to present this vital information.

image
by Camella
0 like 0 dislike
0 comments 221 views
3 Must-See Keys For Expanding Your Business

1. Team Up No one knows your market like you! What are the main characteristics of your target audience? Find someone ... teaming up for joint promotions, and discovering new markets to reach.

image
by MammothMoth
0 like 0 dislike
0 comments 247 views
7 Ways To Advertise Your Business For Free

. Free directories: directories are perfect for customers that are searching for a particular topic. What's great about them is ... for a recipe swapping group when you are advertising shaving cream.

image
by ShowDolphin
0 like 0 dislike
0 comments 220 views
Key Employees can and will leave your Business, are you prepared?

Very few businesses can claim to be prepared for the loss of key employees. Quite often it is an unexpected and unplanned for ... of the problems that occur when key employees leave your business.

by nicejone
0 like 0 dislike
0 comments 254 views
Make Your Business Interesting Through Posters

The image that you send off to your potential customers speaks highly about you and your company. That is why it is important that ... so make that message and design simple, brief and to the point.

by Camella
0 like 0 dislike
0 comments 293 views
What an Automated Web Site Can Do for Your Business

As your Internet business grows, your free time will dwindle. Site changes will become time consuming and stressful. Automate your site ... . Don't waste days of your life making manual changes.

by Catnip
0 like 0 dislike
1 Comment 237 views
What are the Benefits of promoting your business with promotional magnets?

What are the Benefits of promoting your business with promotional magnets?

by Octopuppy
0 like 0 dislike
1 Comment 254 views
What are the marketing mistakes to avoid when promoting your business?

What are the marketing mistakes to avoid when promoting your business?

by nicejone
0 like 0 dislike
1 Comment 290 views
How to research on my target market?

How to determine what my target market is?

by C-Lion
0 like 0 dislike
1 Comment 246 views
How to market on facebook?

How to promote my business on facebook?

by Caribooboo
0 like 0 dislike
0 comments 377 views
How To Advertise And Build Brand-Name For A Product Online

According to the research of authors Al Ries & Laura Ries, there are 22 immutable laws of branding to build a product into world- ... don't you try to speech-up your business by online advertising?

image
by HuggingDuck
0 like 0 dislike
0 comments 270 views
How to write a Killer Ad?

Copywriting is an essential element in the marketing of any product. More so, in a shrunken global village. Whether it's online ... consider these factors and you'll copy up with a Killer Ad.

by MagicalCyborg
0 like 0 dislike
1 Comment 246 views
0 like 0 dislike
1 Comment 228 views
0 like 0 dislike
1 Comment 243 views
How To Avoid Getting Your Adsense Account Terminated ?

How To Avoid Getting Your Adsense Account Terminated ?

by Celestiger
0 like 0 dislike
1 Comment 272 views
0 like 0 dislike
1 Comment 216 views
0 like 0 dislike
0 comments 164 views
0 like 0 dislike
1 Comment 228 views
0 like 0 dislike
1 Comment 197 views
0 like 0 dislike
1 Comment 236 views
How Can You Lure Consumers Into Loving Your Brand?

How Can You Lure Consumers Into Loving Your Brand?

by Monkeyno
0 like 0 dislike
1 Comment 242 views
How To Sky Rocket Your Google AdWords Revenue?

How To Sky Rocket Your Google AdWords Revenue?

by Octopuppy
0 like 0 dislike
1 Comment 247 views
0 like 0 dislike
1 Comment 233 views
Connect with us:
...